SEC cracks down on stock scams
SEC, the US Securities and Exchange Commission, is now trying to put an end to the stock scams by closing down trade in 35 so-called Penny Stocks. Forbes, Lisa Lerer doesn’t have high hopes on this putting an end to stock spams:
The federal government made headlines on Thursday by cracking down on dozens of penny stocks whose prices had been manipulated by mass e-mailers.
But while the Securities and Exchange Commission made a splash by unveiling “Operation Spamalot”, it is unlikely to end spam. In the face of increased enforcement, warnings and federal laws, spam is not only continuing, but flourishing. And there’s no reason to think the SEC will be able to do anything to stop it.
Read on at:
forbes.com/home/security/2007/03/08/sec-spam-stock-tech-security-cx_ll_0308spam.html
Added: Here is the SEC press release:
www.sec.gov/news/press/2007/2007-34.htm
August 7th, 2007 at 4:28 am
I wish the SEC would crack down harder on internet bulletin boards, newsgroups, and chat rooms in the same way. That’s where much of this kind of penny stock, pump-and-dump “action” is going these days.