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Tuesday, April 02, 2024 11:36:37 AM
"Do you recall the SEC investigation & findings that drove that big run?"
Yes!
Social media and stock-pumping
Federal officials have taken a special interest in stock-pushing on social media since retail traders on the subreddit WallStreetBets powered a 1,600% surge in the shares of video game retailer GameStop in January 2021. Exact same time frame of the run 12 cents and yes VXIT was one of those stocks.
The matter is not entirely in the rearview mirror, though. Gallagher still faces a parallel civil suit filed by the SEC over as many as 60 stocks, which he allegedly pumped and dumped to reap a total of $3.4 million. Unlike the U.S. Department of Justice, the SEC can’t have offenders thrown in prison for securities violations, but it can seek penalties and disgorgement. Rosen said Gallagher is fighting those allegations.
https://www.businessofbusiness.com/articles/twitter-penny-stock-pusher-alex-delarge-pleaded-guilty-to-fraud-here-are-the-details-of-his-crime/
SECURITIES AND EXCHANGE COMMISSION,
Plaintiff,
-against STEVEN M. GALLAGHER, a/k/a “Alexander
Delarge 655321,”
Defendant.
Case 1:21-cv-08739 Document 1 Filed 10/26/21 Page 31 of 31
56 VXIT 4/29/2021 9/9/2021 $111,336.50 PG 31 of this Document which lists the 60 stocks he was pumping. VXIT is listed
https://www.sec.gov/litigation/complaints/2021/comp25248.pdf
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