The United States Securities and Exchange Commission (SEC) has received a judgment against a trader who published false information on Twitter and another social media channel while buying and selling securities.
According to the SEC’s claim, Andrew L. Fassari used Twitter to publish fake data about a defunct Nevada firm to boost the price of the company’s stock.
It is important to note that the complaint has a piece of information that by the end of the previous year, the accused started buying over 41 mln shares of Arcis Resources Corporation (ARCS) stock shortly before publishing false data about ARCS to his followers. He also mentioned that ARCS was reviving its operations and developing its company.
