16 Defendants Sued for Stock Market Manipulation in ‘Dreams Does Not Sleep’ Telegram Group
A natural gas company in Borsa Istanbul (BIST) experienced extraordinary volatility between July 27 and November 5, 2021, due to speculative shares and guidance, resulting in a total of 26 million 331 thousand 631 pounds in transactions. The Istanbul Chief Public Prosecutor’s Office has prepared an indictment, notifying the Capital Markets Board (CMB) Presidency about the matter.
According to the indictment, defendant Hasan Oak began trading shares of a natural gas company on June 11, 2021, through social media, leading to increased activity in the stock market between July 27 and November 8, 2021. The Capital Markets Law was invoked in relation to these transactions, prompting an investigation by the CMB.
The indictment details how false and misleading statements were used to manipulate share prices, resulting in substantial profits for the defendants. The defendants, including Hasan Oak and others, were accused of creating false expectations among investors through social media channels, causing a surge in trading volume.
Despite the defendants’ efforts to manipulate share prices, a decline in the company’s stock value was eventually observed, leading to losses for investors. The indictment also highlights the role of the defendants in manipulating the market and profiting from their actions.
The defendants face charges related to market manipulation and violation of the Capital Markets Law, with potential penalties ranging from imprisonment to fines. The trial of the defendants is set to commence soon, as the case moves forward in the judicial system. Investors impacted by the manipulation of share prices are expected to receive justice through proper legal proceedings.
