Stock Spam Nose-dive
I felt great last week when I got email from my contact at the SEC... letting me know of the launch of "Operation Spamalot"
Many of you may remember my 3-month series of articles and reports on "Pump & Dump Stock Schemes" which began with 60-Second Window #179, and then it continued in the User Group Network "SafeNet" department.
I was among many who had begun seriously tracking and reporting the pump & dump spammers, sending the reports directly to the SEC for investigation. Up until yesterday the amount of stock spam had skyrocketed to over 100 a day. Yesterday and this morning, the spam traps at UGN and Spam Cop have shrunk by over 30% -- and this morning, I couldn't find one stock spam among the 167 spams which arrived since about 9pm last night.
So you know I'm feeling good when the news hit...
> SEC suspends trading of pump-and-dump spam companies
> SEC rolls out Operation Spamalot, investigates 35 suspected firms
> The Securities and Exchange Commission has taken the drastic
> step of suspending trading in shares of 35 companies whose
> stocks have frequently been touted in mass spam campaigns.
> SEC officials said on Feb. 8 that the firms involved --
> none of which are household names -- have been the subject
> of repeated spam efforts meant to drive up trading of their
> securities and, subsequently, the value of the companies themselves.
> While the ban might seem unfair to the businesses involved,
> especially if their names and securities were merely selected by
> scammers looking for penny stocks to inflate in so-called
> pump-and-dump operations, SEC officials said that in each
> business's case, there were sufficient questions raised
> regarding the "adequacy and accuracy" of information being
> advertised about the companies.
Get the full story at www.infoworld.com
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