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[$$] SEC Accuses Virginia Man of Participating in Fitbit Stock-Manipulation Scheme

The top U.S. securities regulator said that a second person was involved in a 2016 scheme to file a fake takeover notice of Fitbit Inc. to manipulate its stock price. The Securities and Exchange Commission said Wednesday it filed civil charges against Mark E. Burns, a 30-year-old resident of Norfolk, Va. He couldn’t immediately be reached for comment. The SEC said that Mr. Burns and his colleague Robert W. Murray bought call options on Fitbit stock and then filed a sham notice that a Shanghai-based company intended to launch a bid to takeover the fitness-tracker maker.