Scottish man used Twitter to launch $1.6m stock market scam, says US jury

James Alan Craig, 62, tweeted bogus posts about two tech firms, causing their shares to crash before he tried to buy the stock at deflated prices

A Scottish man has been indicted by a federal grand jury in San Francisco for using Twitter to make bogus claims that drove down the stock prices of two companies, in an effort to profit from illegal trading.

James Alan Craig, 62, of Dunragit, Scotland, was charged with one count of securities fraud. A similar charge was filed by the US Securities and Exchange Commission in a related civil case.