SEC Accuses '@OCMillionaire' Of $900K Twitter Hype Scheme
By Dean Seal (March 16, 2021, 8:57 PM EDT) -- The U.S. Securities and Exchange Commission has taken action against a California-based stock trader who allegedly pulled a $929,000 profit with a fraudulent hype campaign on Twitter for a long-defunct cannabis company.
A complaint unsealed in California federal court on Monday alleges that Andrew L. Fassari published dozens of false or misleading tweets in December about Arcis Resources Corporation, a Nevada corporation that hasn't been registered with the SEC since 2015 or conducted business since at least 2016.
Fassari, who has more than 13,000 followers on Twitter under the name @OCMillionaire, helped Arcis' share price skyrocket more than 4,000% by claiming...
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