Official Site

PJ Matlock

Day trader and founder of the Atlas Trading community. My side of the case, in my own words.

2024

A federal judge dismissed the indictment before trial

Trials held. No evidence has been tested.

Convictions. The presumption of innocence stands.

2025

Fifth Circuit reversed only on narrow, procedural grounds

About

Who I Am

Day Trader

I trade my own money and share my own views. I'm not an investment adviser, I don't manage anyone else's money, and nothing I post is financial or trading advice.

Atlas Trading

A Discord community where traders talk through their own ideas. Everyone makes their own calls with their own money.

Other Work

Outside of trading, I work on products and businesses.

Case Update - October 2026

The Government's Case Has Fundamental Problems

In 2022, the DOJ brought charges. In 2024, a federal judge threw them out. The government appealed, and the Fifth Circuit sent the case back on narrow procedural grounds. No trial has occurred. No evidence has been tested. No jury has heard a single fact. The government still has to prove its entire case, and the core legal issues that led to dismissal in the first place have not gone away.

Upcoming court dates

Feb 11, 2027Hearing on evidentiary and trial exhibit issues
Apr 29, 2027Pretrial conference
May 3, 2027Jury trial

Read Full Case Status

Already Dismissed Once

A federal judge reviewed the government's indictment, found it legally deficient, and dismissed it before trial in March 2024.

No Trial, No Evidence Tested

The Fifth Circuit reversal was procedural. Zero witnesses have testified. Zero exhibits have been admitted. The presumption of innocence stands.

Materiality Is the Real Battleground

The Fifth Circuit resolved one narrow element. It did not address whether any statement was actually false, material, or made with intent to defraud. Those are the questions that decide this case.

This Affects Everyone

If the government's theory holds, any retail trader who posts a bullish take and later sells could face a federal indictment. The line between fraud and free speech matters.

In the Press

Coverage of the 2024 Dismissal

Third-party reporting, quoted as published. Full sources and court documents are on the Case Status page.

“Securities Fraud Charges Dropped Against Social Influencers…”

March 2024 dismissal coverage

variety.com

“$114M Discord Stock Case Tossed Ahead Of Jury Trial”

March 2024 dismissal coverage

Law360 (PDF via fordobrien.com)

“Discord Stock Case Dismissal”

Legal analysis of the dismissal

dynamisllp.com

I maintain my innocence and I will fight this in court. The government's theory turns ordinary market speech into a federal crime. That should concern every person who participates in public markets, posts about stocks online, or believes that sharing an opinion is not a felony. The facts and the law are on my side, and when this case is fully litigated, I believe that will be clear.

PJ Matlock