Manny, my view on it comes down to "What is manipulation?" It's much easier to talk about SEC regs and statutes than the rare case, as this one, of criminality. Most people don't understand the difference.
In terms of manipulation, I think that publishing a false and misleading post by someone who has built himself to be a super guru could be found to be within 10b-5. Again, facts and circumstances and there is no easy answer.
If a guru and his followers work together and all claim to buy in real time at a certain price, to create an image that they are "always winners" and have lots of power over a market, and should be followed, no questions asked, and it turns out that those posts are not true, then I could see some issues under SEC regs. Some dude who posts for the first time and has no following would be a different case. In between is a lot of grey area.
I don't want to get involved in debating the nuances. Again, it is IMO a facts and circumstances, totality, and not a rule of law upon which I am opining.
I do remember back in the days posters claiming that they had shorted at the top, like you, when I went to check, it seemed that the only way that could have happened was with a bookie, perhaps overseas. But, I'll defer to those who perhaps participated to respond to that factual issue in your question LOL. |
