SEC sues California trader for social media fraud scheme
15/03/2021 20:59
WASHINGTON, March 15 (Reuters) - The U.S. Securities and
Exchange Commission (SEC) on Monday charged a California-based
trader for allegedly spreading false information about a defunct
company via Twitter, while profiting by selling his own holdings
of the company's stock.
The SEC alleged Andrew L. Fassari, or @OCMillionaire on
Twitter, tweeted false statements about Arcis Resources
Corporation ARCS.PK during December 2020, shortly after
purchasing over 41 million shares of the stock, the SEC said in
a statement.
(Reporting by Chris Prentice
Editing by Chris Reese)
((christine.prentice@thomsonreuters.com; +1 (202) 843-6464;))