The SEC filed securities fraud charges against Scottish trader James Alan Craig based on false “tweets” authored by Craig which caused sharp drops in the stock prices of two companies. Craig created fake twitter accounts designed to look like the twitter accounts of well-known securities research firms. His false tweets, claiming that the target companies were under investigation, caused the share price of Audience, Inc. to fall 28% and the share price of Sarepta Therapeutics, Inc. to fall 16%. Craig bought and sold shares of the two companies in a largely unsuccessful attempt to profit from the sharp price swings. SEC
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