Man Gets 2 Years for $100M Fitbit Stock Manipulation Fraud

Law360 (March 9, 2018, 10:28 PM EST) -- A 25-year-old Virginia man was sentenced Friday in New York federal court to two years in prison for orchestrating a $100 million market manipulation scheme that quickly drove up the price of Fitbit Inc. stock, netting him about $4,000.

Robert Walter Murray admitted to falsely purporting to be an officer at a nonexistent Chinese company, Shanghai-based ABM Capital Ltd., and filing a phony tender offer with the U.S. Securities and Exchange Commission, according to an announcement from U.S. Attorney Geoffrey S. Berman.

“Hoping to take a...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.