Scottish Man Faces 25 Years in U.S. Jail Over Stock Tweets
- U.S. says tweets tanked stocks, allowing con-man to profit
- Scam blamed for more than $1.6 million in shareholder losses
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A Scottish man who allegedly set up a Twitter account with a handle resembling Muddy Waters Research was charged by the U.S. with stock manipulation for posting a rumor of a fraud probe that halted trading in Audience Inc.
Prosecutors said James Alan Craig, of Dunragit, Scotland, bought 400 shares of the Mountain View, California-based sound technology company in January 2013 after posting fake tweets and later sold them at a profit as part of a scheme that caused more than $1.6 million in losses for shareholders.