WASHINGTON (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 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)
