Yet again we see this in the Fintwit verse, following on from the previous Warrior Trading case, we now have another SEC case against a group of very well known Fintwit Furu's who sold dreams to their followers disguised as nightmares as the only ones benefiting (allegedly) was the Atlas crew themselves.
Bloomberg called it the "Boiler rooms of social media".
The Department of Justice announced the indictment of eight men, spread around various US states, in a $100 million social-media stock scam.
Yes you read that correctly $100+ million !!!
Unreal, we don't really know what to say here but here goes. It is a known fact 95% of people fail at day trading, now do you really believe this kid, "Zack Attack MFERS" is in that top 5% of people, against all the professionals, mathematicians and other professionals people who are involved in stock trading. Not a chance. Please if you are looking to learn how to trade, go to a professional, someone with experience, a proven track record with actual qualifications.
We just picked this one, as it was an easy example. However, according to the SEC filing and TheVerge; "The conspirators include Edward Constantinescu (who went by Zack Morris on Twitter and currently has 500,000 followers), Perry “PJ” Matlock, John Rybarczyk (who went by “The Stock Sniper,” with 267,000 followers), Gary Deel (“Mystick Mac,” with 143,000 followers), Stefan Hrvatin (“Lade Backk,” with 150,000 followers), Tom Cooperman (“Tommy Coops,” with 129,000 followers), Mitchell Hennessey (“Hugh Henne,” with 237,000 followers), and Daniel Knight (“Dan, Deity of Dips,” with 170,000 followers). Knight ran a podcast called Pennies: Going In Raw that was co-hosted by one of the alleged fraudsters and, according to the SEC, promoted the others as expert traders."
As a general rule, that will do reader well in future is that if someone is using lifestyle to sell you on a financial product, it is likely a scam. If you can really trade with high accuracy, and make large sums of money almost at will, that is the only sales pitch ever needed. Live demos, live verified results, strategy guideline with backtesting and mathematical validation. And no offence, if you had that you would be selling it to Goldman, or other Hedgefunds for many millions not on Twitter for $49. If you are using Lambo's, private jets, to sell a financial product - 99.5% it is a scam.
If you want to see the trajectory of someone who can actually do what these Atlas chumps say they can do, read the book "The Man Who Solved the Market: How Jim Simons Launched the Quant Revolution".
This is a great story of what it really takes in time, data, computing power and intellect to make vastly outsized returns in high frequency trading.
Definitely not this ....
