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Judgment Entered Against ARCS Stock Tout
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SEC Gains Judgement Over California Man for False Stock Tweets
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How cultish social media accounts fuel trading in penny stocks In the world of online trading forums, prices can soar on plummet on momentum alone
about 2 hours ago Hannah Murphy, Philip Stafford
The rumbustious world of trading shares over the counter is the lesser known of the US equities markets. Photograph: iStock
“ALERT!!!”, shouted a Twitter post on February 3rd by a user called Alexander Delarge, whose profile picture is the sociopathic protagonist with a similar name from A Clockwork Orange.
The message was a bombastic plug for a little-known penny stock called MedX Holdings, a “brands and acquisitions” business looking at the emerging cannabis industry.
SEC accuses trader of using Twitter to hype stocks with false claims
The Securities and Exchange Commission (SEC) has announced charges against a California man accused of using Twitter to spread false claims about a ‘defunct company’ after purchasing millions of shares. This alleged ‘pump and dump’ scheme, according to the SEC, involving the tweeting of ‘false statements’ about Arcis Resources Corporation (ARCS), which was involved with the cannabis market.
The SEC detailed the case on Monday, March 15; the complaint was filed in federal court on March 2, but was only unsealed this week. The matter involves Twitter user “@OCMillionaire” (Andrew L. Fassari), who is accused of using tweets to spread ‘false statements’ about ARCS.
Litigation Release No. 25052 / March 17, 2021
Securities and Exchange Commission v. Andrew L. Fassari, No. 8:21-CV-00403-JVS-ADSx (C.D. Cal. filed March 2, 2021)
The Securities and Exchange Commission announced fraud charges and an asset freeze and other emergency relief against an Irvine, California-based trader who used social media to spread false information about a defunct company, while secretly profiting by selling his own holdings of the company s stock.
According to the SEC s complaint, which was filed in federal court in the Central District of California, during December 2020, Andrew L. Fassari used the Twitter handle @OCMillionaire to tweet false statements about Arcis Resources Corporation (ARCS), a defunct Nevada company with publicly traded securities. Specifically, the complaint alleges that, on December 9, 2020, Fassari began purchasing over 41 million shares of ARCS stock shortly before tweeting false information about ARCS to his thousands of Twitter followers,
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