Why is wallstreetbets private?

Just got this message from a mod: "In an official document sent to us today, it's been brought to our attention that several "penny stock" promoters from the message board "www.reddit.com/r/wallstreetbets" have been charged with manipulating micro cap stocks and creating the false appearance of market interest. Some red flags have been raised on your account. This message board is currently undergoing preliminary SEC investigation into the fraud of several users to take precautionary measures to protect the integrity of the U.S. Market Exchanges. Your recent post history has prompted the SEC to temporarily privatize you from the subreddit. The SEC's lawsuits focus on alleged fraud in the sale of the stocks of WallStreetBets members, including AVXL, AMDA, NBG, TBEV and the proposed initial public offerings of Interactive Information Solutions and StockNet. In at least two cases, officials from the penny-stock firms provided blocks of stock to the defendants at a discount to be used in the fraud scheme, according to the SEC. Six current members of this online community are among the defendants in the SEC suits. Fourteen defendants in the SEC cases are also defendants in the criminal case. 76 users are current undergoing preliminary investigation with 312 members temporarily barred from the board. As stated, your post history has raised red flags and you are, until court verdict arrives, barred from the board. To appeal this ban, receive more information on the investigation or ask general questions the SEC has opened a temporary hotline which can be reached by dialing 1-985-655-2500. More information will be made available on the SEC website under "ongoing investigation" and entering the case #BG834-M2994D-M00-N. You will have the ability to enroll for email updates. You will no longer be contacted via Reddit as your account has been flagged and yellow washed ISP server-side. We will be posting updates to our website."

Ya I've never posted anything on that sub, I just read it for kicks.

/r/stocks Thread