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.
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