Erin Clark, 16 March 2021
Fool’s gold? The SEC alleges that a stock manipulator sucked investors into a worthless company by claiming it was about to become a big player in cannabis.
If you’ve been following the ludicrous saga of trading in GameStop shares, you’ve probably heard about how short sellers try to profit by manipulating stocks to fall in price.
But that’s not the only way people try to play the market.
The Securities and Exchange Commission just unveiled fraud charges against a trader allegedly trying to profit by manipulating a stock higher.
He’s Andrew Fassari, a 33-year-old Orange County resident. According to the SEC, he staged a vigorous campaign in December using the Twitter handle “OCMillionaire” to suck penny-stock investors into shares of Arcis Resources Corp., which had been defunct for years.