The US Securities and Exchange Commission (SEC) has charged a Californian trader for allegedly using Twitter to hype up stocks before dumping them for a profit. The charges, unsealed on Monday and filed in federal court in the Central District of California on March 2, accuses Andrew Fassari of fraud through the spread of “false and misleading” information. SEC has also obtained an emergency asset freeze and other emergency relief. According to SEC, Fassari, under the Twitter handle @OCMillionaire, used the microblogging platform to allegedly spread false tips relating to the stock of a company, Arcis Resources Corporation (ARCS). The Twitter handle is followed by roughly 13,000 users and was active as of March 8, 2021. SEC’s complaint says that on December 9, Fassari began purchasing over 41 million shares in the Nevada company before touting the stock on Twitter. Among the claims, documented in over 120 messages referencing $ARCS, was the expansion of operations, a CEO that had “big plans” for the company.
Mmp News Author, Medical Marijuana Program Connection, 03/16/2021 08:25:00