Word: stocking
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Dates: during 2000-2000
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Liar, beware. In announcing a settlement with the Georgetown crew--who neither admitted nor denied the allegations and promised not to violate securities law in the future--the SEC was showcasing a stepped-up effort to crack down on rampant Internet stock swindlers. With the Net now America's stock-tip central, boiler rooms have become inefficient relics...
Today one preferred technique of hype artists is ticker spamming. A number of legitimate services like Business Wire and the PR Newswire accept press releases for a fee and channel them onto the Net, automatically sorting them onto stock bulletin boards. This gives spammers a chance to float releases, which just might mention well-known companies in the text alongside the dogs they're hyping. "You go on Yahoo, [ask for] a news story on Microsoft, and you could end up with some manufactured handout touting shares that have no prospects whatsoever," warns Kevin Lichtman, creator of the Stock Detective...
...Georgetown caper underscores how investors can be duped by outright amateurs. Ringleader Colt, 24, attracted 9,000 subscribers to a website he called Fast-Trades.com according to court papers. He used the site to issue stock picks, eventually singling out four penny stocks in which he and his friends had bought up thousands of shares at rock-bottom prices...
...West Coast too. A pair of California pharmacy students and a friend, two of whom face a criminal trial next month, allegedly logged on to computer terminals at UCLA's biomedical library and planted more than 500 messages on a variety of hot websites to pump up the stock of NEI Webworld Inc., a bankrupt commercial-printing firm in Dallas...
Before doing so, the feds say, they bought 97% of the company's available stock for between 5[cents] and 17[cents] a share. The students then allegedly launched a final message-board barrage over one weekend last December, falsely reporting that NEI would soon be bought out at a much higher price. On the following Monday, the stock opened above $8 and climbed to a high of $15.50. The trio quickly sold out for a combined profit of more than $363,000. NEI tanked when investors realized that no takeover was in the offing...