Va. Man Charged With $100M Fitbit Stock Manipulation Fraud

Law360, New York (May 19, 2017, 7:38 PM EDT) -- Manhattan federal prosecutors on Friday charged a Virginia man with orchestrating a $100 million stock manipulation scheme using shares of Fitbit, in which he posed as an officer of a Chinese company and tendered a sham offer for all of the wearable technology company’s outstanding stock.

Robert W. Murray, 24, of Chesapeake, Virginia, was arrested and charged with securities fraud and wire fraud for filing a bogus tender offer with the Securities and Exchange Commission to buy all outstanding Fitbit stock at a premium, causing a bump...
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