The Securities and Exchange Commission charged Robert W. Murray, a mechanical engineer in Virginia, with fraud for manipulating the stock price of Fitbit (FIT) - Get Report with a phony regulatory filing.
Murray is accused of purchasing Fitbit call options minutes before a fake tender offer that he orchestrated for Fitbit was placed in the SEC's EDGAR system. Fitbit's stock spiked on November 10 when the filing became public knowledge and Murray sold his options for $3,100.
The U.S. Attorney's Office for the Southern District of New York also filed criminal charges against Murray.
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