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Busted! Guy who used Twitter to manipulate stock market indicted


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This story’s too big for 140 characters: Fake Twitter accounts used to manipulate the U.S. stock market led to the indictment of a 62-year-old Scottish trader by the U.S. Attorney for Northern California.

The man, named as James Craig in the indictment, is accused of creating two bogus Twitter accounts under the guise of market research firms. He then used the fraudulent profiles to tweet misinformation about publicly traded stocks, allowing him to buy up shares when prices plummeted.

Craig’s alleged scam reportedly cost shareholders $1.8 million, although he himself is said to have been unsuccessful in profiting from the shares that he purchased.

Craig’s Twitter accounts impersonated market research firms Muddy...