Is the Securities and Exchange Commission investigating 10 Democrats, including former President Joe Biden, for fraud and insider trading? No, that's not true: There is no evidence the SEC is investigating any of the 10 people whose images are included in the post. The claim originated from a satirical Facebook page that carried a satire disclaimer. The owner of the page is known for tricking conservatives into liking and sharing made-up content.
The claim originated in a Facebook post (archived here) published on December 1, 2025, with a caption that read:
Ten Democrats, including Joe Biden, are under investigation by the SEC for securities fraud and insider trading.
'There's a mountain of evidence against them.'
The thread of Democrat corruption is beginning to unravel.
This is what the post looked like on Facebook at the time of writing:
(Source: Lead Stories screenshot of Facebook)
Lead Stories conducted Google searches for "SEC investigation" with the name of each of these 10 political figures pictured in the post. This includes former President Biden, Sen. Cory Booker, former Transportation Secretary Pete Buttigieg, current Director of National Intelligence Tulsi Gabbard, former Vice President Kamala Harris, Sen. Amy Klobuchar, Sen. Bernie Sanders, California billionaire Tom Steyer, former Secretary of State Hillary Clinton, and businessman Andrew Yang. Every search returned nothing related to an SEC probe in each instance. The Google AI Overview results also noted in each case that there was no evidence of such investigations.
As seen in the screenshot above, the shared image showed a logo of "America's Last Line of Defense" in the middle that reads, "Nothing on this page is real."
The homepage of the America's Last Line of Defense Facebook account (archived here) mentions it is the "home of the Dunning-Kruger Times" and clearly states, "The flagship of the ALLOD network of trollery and propaganda for cash. Nothing on this page is real," as this screenshot shows:
(Source: Facebook screenshot taken by Lead Stories)
The page says it is run by "Busta Troll," which is the nickname of Christopher Blair.
Christopher Blair is a self-professed liberal from Maine who, for years, has run networks of websites set up to troll conservatives with made-up news items in order to get them to share his posts. A 2018 BBC profile called Blair "the Godfather of fake news," describing him as "one of the world's most prolific writers of disinformation."
The account is part of a network of satire websites and those pages display satire disclaimers and predominantly publish made-up stories with headlines specifically created to trigger Republicans, conservatives and evangelical Christians into angrily sharing or commenting on the story on Facebook without actually reading the full article, exposing them to mockery and ridicule by fans of the sites and pages.
Blair's stories have been widely copied by spammy, foreign website networks seeking to profit by spamming American conservatives with clickbait headlines.
