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U.S. SEC obtains asset freeze to halt alleged penny stock scheme on Twitter -Breaking

by Mike Robinson

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© Reuters. FILEPHOTO: A screen showing the Twitter logo on New York Stock Exchange’s floor in New York City on September 28, 2016, U.S. REUTERS/Brendan McDermid

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(Reuters] – On Tuesday, the U.S. Securities and Exchange Commission (NYSE:) filed an emergency order and received an injunction and asset lock against an individual allegedly committing securitiesfraud through a scheme that manipulates stocks with Twitter.

According to the SEC, Steven Gallagher sent thousands of tweets to his followers encouraging them to purchase stocks Gallagher secretly owned. According to https://www.sec.gov/complaint, Gallagher sold the stock at exorbitant prices while continuing to suggest that other people buy the stocks.

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