It doesn't matter of he doesn't have insider info. You can still be charged with pumping and dumping. I remember years ago the SEC went after a teenager for pumping stocks on Yahoo message boards and dumping as the price went up. He didn't have insider info, but used social media 20-25 years ago to pump stocks. He didn't go to jail but was forced to pay huge fines. Kitty knows exactly what he's doing. |
Where's the "dump" if he holds his call options to expiry? The other side will need to deliver the shares. |
I see you Nikki. |
So you think he won't sell for a profit after his uses his social media influence to pump the price? Yeah, suuure. |
Did he? |
Yes, I do think he won’t sell. He’s in it for more than the money. But I’m sure dcum wouldn’t understand. |
In other news, our very own Nancy Pelosi, has a dedicated "fan club" of Reddit traders watching her every move, and watching the trades placed by her DH. Nancy gets access to insider information on companies, and lo and behold, her DH buys the stock. This should be illegal, and probably is illegal, but she's getting away with it. But sure, go after a young man who happens to be a stock influencer, but has broken zero laws. ZERO laws. As he told Congress, he "likes" the stock. Incidentally, a couple of weeks ago many trading platforms including Etrade "broke down" the morning when Gamestop stock rose to $80. That was no accident. That was an intentional effort to stop the Gamestop price from skyrocketing any higher. What does the SEC do about this? Are you kidding. The SEC is 100% part of the problem. |
Fun fact, insider trading by Congress is totally legal. |
I don't believe that is correct. "Insider Trading Sanctions Act of 1984 - Amends the Securities Exchange Act of 1934 to permit the Securities and Exchange Commission, whenever it appears that any person has traded in securities while in possession of material nonpublic information, to seek an order in a district court action requiring the violator, or anyone who aided and abetted the violation, to pay a civil penalty of up to three times the profit gained or loss avoided as a result of the unlawful transaction." https://www.congress.gov/bill/98th-congress/house-bill/559#:~:text=Insider%20Trading%20Sanctions%20Act%20of%201984%20%2D%20Amends%20the%20Securities%20Exchange,action%20requiring%20the%20violator%2C%20or |
| He likes the stonk. Leave him alone. |
A stock skyrocketing and crashing in one day, on zero material news, is manipulation, and the SEC’s job is to prevent that. |
Hedge funds on the other side of the trade miscalculating their risk is not manipulating stock. |
You are clueless. |
This. Naked short selling by firms is the problem here, not public purchases. Roaring Kitty did cash out to the tune of $20M+. You can see his cash holdings via his posts on Reddit. |
| It's happening |