Interesting reading from this morning's WSJ.
This message has the relevant excerpts. I'll post the whole article in next message:
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From this morning's WSJ…
SEC Targets Stock Promoters
In a Sweep of Internet Fraud
By JASON ANDERS and CARRIE LEE
THE WALL STREET JOURNAL INTERACTIVE EDITION
… SEC's investigation targeted online investment newsletters and Web sites that touted stocks in exchange for cash or stock from the companies they were promoting. The SEC requires stock promoters to disclose whether or not they were paid, how much they were paid and the source of the compensation.
In many cases, the promoters failed to adequately disclose that they were being paid, the SEC said. In others, the SEC alleged, they provided false information about the companies they promoted. … He said of the 23 cases brought, five involved posts on Internet message boards and 20 involved the use of Web sites to tout securities. He said that 19 cases involved the use of online investment newsletters, which sometimes included dubious research reports…
… A spokeswoman for Silicon Investor (www.techstocks.com), a popular Internet discussion forum, said the service has received about 10 subpoenas in the last few months from the SEC. "That's certainly a lot higher than we used to get, which was about one every six to 12 months, and even then they weren't always from the SEC," said company spokeswoman Jill McKinney...
From TMess' Web Site:
In the Private Room SA will invite guest companies to make a presentation on their business and future plans. Although SA will be remunerated for this services this is not an endorsement or a solicitation to buy or sell the stock of the featured company. Also in the future SA will consider receiving remuneration from companies, who ask for us to do a research on their company and put forward our findings to our web site users.
Fire up that shredder, D'OH! Sounds to me like the SEC should be visiting your burrito stand any moment. Think of us fondly when you're wearing that nifty orange jumpsuit and spearing roadside litter on the Garden State Parkway…
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