SEC sues California trader for social media fraud scheme

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.

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