Fake News Posting Online Fined

A California man paid $25,000 to settle a civil complaint that he posted a fake news report to a website to profit by $350 on a stock trade…

Nikolai Safavi sold shares of SINA, a Chinese Internet company, short at $42, according to the SEC….When the price of the stock continued to hover above $42, he wrote and posted what looked like a Reuters story on a Yahoo! Finance message board saying that SINA had received a “Market Underperform” rating in a newly issued Goldman Sachs research report, the regulatory agency said.

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