Man Settles Charges with SEC Over Fake News Story Online

A San Francisco man who posted a fake news story online claiming Goldman Sachs viewed Chinese Internet company SINA Corp. as overvalued, agreed to pay $25,000 to settle fraud charges, the U.S. Securities and Exchange Commission said. Nikolai Safavi, 40, who acquired a short position in the stock of SINA days before the Oct. 28 posting of a story purporting to be from Reuters on Yahoo! Finance discussion boards, settled with the SEC without admitting or denying any wrongdoing.