G1945V wrote: Graham, you said:
"Norm, the post was and is directed entirely to you.
I have made no comments regarding the company, only about you as a promoter that is misrepresenting." If that is what you meant why did you post the following link? https://www.osc.ca/sites/default/files/pdfs/irps/csa_20181129_51-356_problematic-promotional-activities-issuers.pdf
The linked article as I understand it deals strictly with the
issuer of the stock, misleading the investing public.
Yes this is directed to Norm, as he is the one posting this-as I stated in the post.
My reading of this OSC statement is the qualifier, ‘or on behalf of,”(1)would include stock promoters/pumpers that own the stock.
So its not directed just to the issuer, as I read and understand it.
I dont read it that they are employees, but if you own shares, you are a co-owner, thus promotion of the company, that could inflate the price, would benefit you…hence “on behalf of”
(1)
https://www.osc.ca/sites/default/files/pdfs/irps/csa_20181129_51-356_problematic-promotional-activities-issuers.pdf
There is also very direct reference to promoters on stock chat boards that are relevant:
"Pump and dump" schemes have two parts. In the first, promoters try to boost the price of a stock with false or misleading statements about the company. Once the stock price has been pumped up, fraudsters move on to the second part, where they seek to profit by selling their own holdings of the stock, dumping shares into the market.
These schemes often occur on the Internet where it is common to see messages urging readers to buy a stock quickly. Often, the promoters will claim to have "inside" information about a development that will be positive for the stock. After these fraudsters dump their shares and stop hyping the stock, the price typically falls, and investors lose their money.
Pump and dump schemes typically involve little-known microcap companies. For more information”
https://www.sec.gov/reportspubs/investor-publications/investorpubscyberfraudhtm.html
So yes, stating something that isn’t true to profit from it, to pump up the stock -is fraud.
In this case it is stated that : “Wars over buddy, you lost. Being recommend by NICE means VPT is now the standard of care for cardiac patients in the UK replacing expensive MRI imaging.”
This isn’t true, as I understand it.
So I dont think regulations around posting untrue statements are only for issuers, but a stock promoter that owns the stock (part of the company) But I am not a securities lawyer.
..and he still hasn't retracted his statement.
jmo
G1945V