Twitter User ‘Alexander Delarge’ Charged for Hyping Penny Stocks

The man behind a popular Twitter account that promoted penny stocks was criminally charged for touting securities while simultaneously dumping shares, the latest sign that authorities are setting their sites on the social-media frenzy that’s invaded U.S. equity markets.

Steven Gallagher, 50, was taken into custody in Ohio Tuesday for running a pump-and-dump scheme that netted him more than $1 million through the Twitter handle, @AlexDelarge6553, according to a criminal complaint filed in federal court in Manhattan. Gallagher, who has touted at least 60 companies since the end of 2019, continued the manipulative conduct even after his brokerage firm closed ...