Disinformation and misinformation, spread over online social media, can be harmful to society. While there are a number of models that predict or explain the dynamic behavior of fake news dissemination over social media, the limited availability of datasets hinders the ability to fully test these models under a wide range of possible conditions. Simulation, however, offers a low-cost approach to evaluate models over many different scenarios. This paper proposes a novel approach for simulating fake news dissemination process on Twitter. Our approach combines a Multivariate Hawkes Point Processes with concepts from Agent-Based models, to generate realistic data that incorporates the core elements of Twitter including user networks, tweet type, user stance toward the news event, and time. The flexible and efficient simulation approach can capture a wide range of realistic behavior through a rich set of tuning parameters. We show how closely the simulated data can replicate real fake news events.