Scottish man charged in alleged Twitter stock fraud

Twitter
(AP Photo/Marcio Jose Sanchez, File)

SAN FRANCISCO (AP) – A Scottish man faces a securities fraud charge after prosecutors say he manipulated stock prices using Twitter.

A federal grand jury in San Francisco indicted 62-year-old James Alan Craig of Dunragit, Scotland, on Thursday.

Prosecutors say Craig set up Twitter accounts that appeared to be associated with real market research firms, and posted false tweets that sent companies’ stock prices plunging. He is accused of then buying the companies’ stock and profiting when the price rebounded.

It wasn’t immediately clear whether Craig had an attorney.

Prosecutors say he caused shareholders to lose more than $1.6 million.

Copyright 2015 The Associated Press. All rights reserved.

KRQE.com provides commenting to allow for constructive discussion on the stories we cover. In order to comment here, you acknowledge you have read and agreed to our Terms of Service. Users who violate these terms, including use of vulgar language or racial slurs, will be banned. Please be respectful of the opinions of others. If you see an inappropriate comment, please flag it for our moderators to review.

Leave a Reply

Please log in using one of these methods to post your comment:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s