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SEC reports new stock scam
Posted By Barry Ritholtz On August 19, 2004 @ 2:13 pm In Finance | Comments Disabled
A new scam is going around, according to this  SEC press release.
Here’s how the pump & dump scam work: They leave a voicemail — “breezy, intimate messages” — sounding as if a female caller mistakenly believes she has dialed a girlfriend, who then pretends to confide inside information she has learned from “that hot stock exchange guy I’m dating.”
Suckers here the message, and go out and buy a worthless, highly touted pump and dump stock.
The SEC is asking investors who receive these kinds of calls to let them know the company being touted, the exact date and time the call was received, the number called, and the number from which the call was made, if available. E-mail the information to Enforcement@sec.gov, or call the SEC at 1-800-SEC-0330.
The creativity of these dirtbags is un-ending . . .
SEC Press Release 
Article printed from The Big Picture: http://www.ritholtz.com/blog
URL to article: http://www.ritholtz.com/blog/2004/08/sec-reports-new-stock-scam/
URLs in this post:
 Image: http://sec.gov
 this: http://sec.gov/news/press/2004-113.htm
 SEC Press Release: http://www.sec.gov/news/press/2004-113.htm
 SEC Investor Alert: http://www.sec.gov/investor/pubs/wrongnumberscam.htm
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