offenders used more than 15 websites, including those social networks, to "defraud the public investor to buy shares' manipulated
social networks Facebook and Twitter were used to recommend actions in a classic fraud known as "pump and dump" of about $ 7 million that was discovered during an investigation of traffic cocaine, U.S. prosecutors said.
Researchers discovered the maneuver in an investigation into alleged trafficking by stevedores and other 1.3 tons of cocaine, worth $ 34 million through the Port of New York and New Jersey, authorities said.
A statement from the U.S. Attorney's office in Manhattan pointed out that 11 of the 22 people prosecuted used more than 15 web pages, Facebook pages and annotations on Twitter to "defraud the investing public to buy shares that were being manipulated by participants in the conspiracy." Both
from Twitter and from Facebook declined to comment, reported Reuters.
None of these actions was identified in court documents that said they received more than $ 3 million in illegal profits by the defendants and that the losses to shareholders amounted to over $ 7 million.
Source: iProfesional.com
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