Published: 22 April 1999 17:32 GMT
An employee of telecom equipment manufacturer, Pairgain Technologies, has been accused of fraud by the US Securities and Exchange Commission (SEC).
Gary Hoke was arrested following allegations that he tried to manipulate stock prices by posting false reports that Pairgain was about to be takeover on the Internet.
Hoke allegedly posted the story of the buyout by an Israeli telco on a Web page designed to look like the news site operated by Bloomsberg News.
The SEC and the US attorney claim Hoke alerted potential investors to the news by placing a warning message on an investment bulletin operated by Yahoo. Hoke is also said to have provided a hyperlink to the false news story.
The civil lawsuit seeks to prosecute Hoke for violating securities laws.
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