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Former Merrill Lynch financial adviser Cassandra Cummings, 47, who now manages 80,000-member Facebook trading group The Stocks and Stilettos Society, said she declined multiple requests in the last year to rally her group around a specific stock. It did not address stock market influence.Ī lack of closer scrutiny on the matter has left open the opportunity for potential manipulation. The current moderators said they struggled to moderate the WallStreetBets group as traffic surged, briefly causing technical errors at Reddit this week.Ī spokeswoman said earlier this week that Reddit would 'review and cooperate with valid law enforcement investigations or actions as needed.'ĭiscord, which hosts many trading discussions, said its rules bar users from engaging in 'any illegal behaviour.' Discord on Thursday said it was working with the 'Wallstreetbets' room team to moderate its new server, after removing the previous server over hate speech and misinformation. 'You'd have attempts for pumping up stock and I still to this day am not sure what the regulation was, but I never wanted to find out,' said Rogozinski.Īrchived copies of the forum showed a ban on 'market manipulation' topped its list of rules by April last year. When there were grey areas, he said they played it safe. He said he and other moderators removed illegal attempts to game the market, such as claiming to have insider information. The founder of the WallStreetBets Reddit community Jaime Rogozinski, who was a moderator of the group until April 2020, said he tried to draw lines on what to allow. Users who act as moderators make and enforce guidelines about what is permissible. GameStop Rides Elon Musk Tweet to See 50 Percent Surge in Extended TradeĪlthough Reddit has stated platform-wide rules - including no illegal content or soliciting or facilitating illegal transactions - the service relies heavily on community-based moderation.

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