Citizen of Scotland Indicted for Twitter-Based Stock Manipulation Scheme

A citizen of Scotland has been indicted for a Twitter-based stock manipulation scheme. “According to the indictment, [James Alan] Craig, 62, of Dunragit, Scotland, alleged set up Twitter accounts using names similar to real market research firms for the purpose of manipulating stock prices. Craig issued tweets with false and fraudulent information about publicly-traded securities, causing the price of the securities to rapidly decline. Craig then bought securities of the targeted companies through his girlfriend’s brokerage account and later sold them at a higher price per security. Craig’s actions are alleged to have caused of more than $1.6 million in losses to shareholders.”