Post by
cincoagain on Feb 02, 2011 2:14pm
maystealer, be careful...
your way of stock promoting could put you on thin ice. heres an example today in the news:
The U.S. Securities and Exchange Commission has launched a civil fraud case against eight people, including two Vancouverites, for spam-fuelled pump-and-dumps that generated $33.6-million in illicit gains. (All figures are in U.S. dollars.) In a complaint filed on Tuesday, Feb. 1, the SEC has named Angela Du and John Hui, who are both dual Canadian and Chinese citizens, as participants in a scheme that promoted several OTC Bulletin Board and pink sheets issuers with spam in 2005 and 2006. They and others dumped millions of shares and sent the proceeds offshore, according to the complaint....
Then, the promoters launched spam campaigns timed to coincide with news releases by the companies. The spam typically contained false and misleading information, as well as baseless price projections, the complaint states. As the spam went out, the defendants dumped millions of shares through nominee accounts they held with Mr. Berger. In most cases, Mr. Berger immediately wired the proceeds to foreign bank accounts, the SEC says.
The complaint describes each of the pump-and-dumps in some detail. With China Mobility, the SEC says that the company was the target of fraudulent spam e-mails from June, 2005, to November, 2006. The e-mails were typical stock spam, containing statements such as, "Watch this one early as the price SOARS like a HAWK!!!" They also made baseless price projections, such as one that listed a target price of $1.20 when the company was at 10.5 cents.