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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,
The Securities and Exchange Commission today announced fraud charges and an asset freeze and other emergency relief against an Irvine, California-based trader who used social media to spread false.