A Scottish man has been indicted by a federal grand jury in San Francisco for using Twitter to make bogus claims that drove down the stock prices of two companies, in an effort to profit from illegal trading. James Alan Craig, 62, of Dunragit, Scotland, was charged with one count of securities fraud. A similar charge was filed by the US Securities and Exchange Commission in a related civil case. The charges laid on Thursday mark the latest effort by US authorities to crack down on the use of social media to commit stock market fraud.
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ORIGINAL SOURCE: The Guardian