Feds: Ohio stock trader fleeced Twitter users in pump-&-dump

KIFI

Published October 26, 2021 2:51 PM

By LARRY NEUMEISTER
Associated Press

NEW YORK (AP) — An Ohio trader in penny stocks has been arrested on charges alleging he repeatedly lied to over 70,000 Twitter followers to earn over $1 million illegally in what authorities are calling a new twist on an old stock manipulation game. Steven Gallagher of Maumee, Ohio, was charged Tuesday in New York federal court with securities fraud, wire fraud and market manipulation. He was arrested in Ohio. U.S. Attorney Damian Williams says Gallagher put a new spin on old-school boiler room tactics. Williams calls it a social media pump-and-dump scheme. It was not immediately clear who would represent Gallagher at an initial court appearance in Ohio.

Article Topic Follows: AP National Business

Jump to comments ↓

Associated Press

BE PART OF THE CONVERSATION

KIFI Local News 8 is committed to providing a forum for civil and constructive conversation.

Please keep your comments respectful and relevant. You can review our Community Guidelines by clicking here

If you would like to share a story idea, please submit it here.