A former social media influencer has been charged with running a 'pump-and-dump' stock fraud scheme, federal authorities announced. Michael M. Beck, known to his online followers as a savvy stock promoter, was indicted by a Los Angeles federal grand jury on multiple counts of securities and wire fraud, each carrying a potential 20-year prison sentence.
Accused of manipulating his substantial Twitter following and email list subscribers for personal gain, the Feds allege Beck bought up penny stocks, hyped them to his internet base under the handle @BigMoneyMike6, and then sold his shares as their value surged, pocketing at least $500,000 in the process. Once enticing his TeamBillionaire email group to purchase the stocks, thereby spiking trading volumes, Beck was offloading positions in the same securities, according to a statement obtained by the U.S. Attorney’s Office for the Central District of California.
The defendant, who is slated to appear in court on January 9, has yet to comment on the charges.
Assistant United States Attorneys Carolyn S. Small and Jenna Williams are leading the charge in the prosecution of Beck.
