SEC accuses trader of using Twitter to hype stocks with false claims The Securities and Exchange Commission (SEC) has announced charges against a California man accused of using Twitter to spread false claims about a ‘defunct company’ after purchasing millions of shares. This alleged ‘pump and dump’ scheme, according to the SEC, involving the tweeting of ‘false statements’ about Arcis Resources Corporation (ARCS), which was involved with the cannabis market. The SEC detailed the case on Monday, March 15; the complaint was filed in federal court on March 2, but was only unsealed this week. The matter involves Twitter user “@OCMillionaire” (Andrew L. Fassari), who is accused of using tweets to spread ‘false statements’ about ARCS.