Scam exposed.........
(Dec. 16, 1999) -- On Wednesday, December 15, 1999, the U.S. Securities and Exchange Commission (SEC) and the United States Attorney for the Central District of California announced that it had charged three individuals with manipulating the price of NEI Webworld, Inc. (OTC: NEIP) by posting false information about the company on Internet message boards.
Beginning in November, the three individuals, all of whom were in their 20s, bought approximately 97% of the company's stock at prices ranging from $0.05 to $0.17 per share. After opening around 50 accounts with Internet message board services, the individuals posted more than 500 messages stating that NEI was an imminent takeover candidate. This information was completely untrue. Though NEI was in bankruptcy, messages claimed the company was a "fast mover" with a target price of "$5-$10" per share. The messages fueled investor interest and caused the stock price to go from $0.13 to a high of $15 between November 13 and 14. On November 15, the individuals sold their stock, securing profits of approximately $364,000.
I'll bet they're having fun now! <g>
KZAP |
