SEC Charges Trader with Utilizing ''False Tweets'' to Manipulate Markets

The SEC charged a trader whose false tweets caused "sharp drops in the stock prices of two companies and triggered a trading halt in one of them" with violations of Securities Exchange Act Section 10(b) ("Manipulative and Deceptive Devices") and Rule 10b-5 ("Employment of Manipulative and Deceptive Devices"). The complaint seeks a permanent injunction against future violations, disgorgement, and a monetary penalty.