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SEC Charges Broker for Manipulation Using Internet

By Mark H. Astarita, Esq.

Once again, the SEC is moving quickly. It is a welcome change, as they have always been known for closing the barn door after the horse has bolted.Only three weeks after an alleged fraud began, the SEC charged a securities broker with securities fraud for repeatedly creating and then distributing fake press releases to manipulate the stock prices of multiple publicly traded companies.The SEC alleges that the broker created press releases, including one that claimed that Google was buying the target company. He then  posed as an investor on Internet message boards, touting the announcements he had fabricated. In one instance, his scheme caused the stock price to increase by nearly 80 percent within a few hours of the issuance of his phony press release...continue to full post

Full post as published by SECLaw.com on October 26, 2009 (boomark / email).