Facebook, Twitter Used in "Pump and Dump" Stock Fraud

Facebook and Twitter social networking sites were used to tout stocks in a classic "pump and dump" fraud of about $7 million that was uncovered during a cocaine-trafficking probe, U.S. prosecutors said. Investigators discovered the fraud in a two-year probe of suspected trafficking by longshoremen and others of 1.3 tons of cocaine worth $34 million through the Port of New York and New Jersey officials said.