Prosecutors have alleged that Constantinescu, along with his seven co-defendants, embarked on a mission to manipulate the stock market by wielding the power of Twitter and Discord users. Through persuasive tactics, they encouraged others to invest in particular stocks, all while mischaracterizing the trading strategies of the companies involved.
A Shift in Prosecutorial Narrative
In response to the decision to drop Count 21 against Constantinescu, his counsel, Matthew Aaron Ford of Ford O’Brien Landy LLP, offered a fiery statement to Law360 on Thursday. “The government’s decision to drop Count 21 against Mr. Constantinescu signifies an admission that the government had misleadingly inflated the profit calculations alleged in the indictment by approximately $90 million,” Ford stated, referring to the charges that have made headlines. This revelation adds a burst of intrigue to the ongoing legal battle.
Ford continued, “We will not be surprised if we see the remainder of the charges against Mr. Constantinescu dropped in the coming months as the government comes to terms with the factual and legal deficiencies in its flawed case seeking to hold Mr. Constantinescu responsible for the Meme Stock and COVID trading phenomena of 2021.”
Meme Stock Trader Laundering Charge Drop : A Legal Challenge on the Horizon
Simultaneously, Constantinescu has submitted a motion seeking to suppress evidence. He alleges that the evidence in question resulted from an illegal general search that exceeded the scope of the two warrants granted to the government.
