False Tweets Trigger Losses, a Trading Halt and Fraud Charges

The SEC announced the filing of securities fraud charges against a Scottish trader whose false tweets caused sharp drops in the stock prices of two companies and triggered a trading halt in one of them.

Twitter (Photo credit: Wikipedia)

According to the SEC’s complaint filed in federal court in the Northern District of California, James Alan Craig of Dunragit, Scotland, tweeted multiple false statements about ADNC and SRPT
on Twitter accounts that he deceptively created to look like the real Twitter accounts of well-known securities research firms.

SEC complaint

Image of Tweets - 1

Image of Tweets - 2


SEC.gov | SEC Charges: False Tweets Sent Two Stocks Reeling in Market Manipulation



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