Broker's Facebook rant on biotech stock draws $5K fine

A stockbroker who took to his Facebook page to sound off in reaction to a critical online report last year regarding Arena Pharmaceuticals ($ARNA) has been fined $5,000 for the outburst via social media. The Financial Regulatory Authority said that Charles Matisi made remarks that were "exaggerated, not fair and balanced and omitted the material fact that he owned 10,000 shares" of Arena, which was having some trouble getting its new weight drug to the market, according to a report by the AP. Matisi also had 33 customers who were into Arena as well. Matisi's sin was calling out a writer on "another idiotic article on ARNA from someone who has no clue what she's talking about," adding that there was no safer weight drug around. Story

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