From the SEC Digest:
INTERNET STOCK MANIPULATION ACTION FILED AGAINST JAMES SHERET, JR. AND GLENN CONLEY
The Commission today filed an Internet stock manipulation action against James Sheret, Jr., a resident of Bayside, New York, and Glenn E. Conley, a resident of Portland, Oregon. The Commission alleges that Sheret and Conley manipulated the stock price of 57 thinly-traded companies by touting the companies in numerous unsolicited e-mail messages, commonly known as "spam."
The complaint, filed in United States District Court for the Southern District of New York, alleges that the spams are prepared in a style and format making it appear that they emanated from or are endorsed by America OnLine, Inc. (AOL). In fact, AOL has no knowledge of the spams. The complaint further alleges that Sheret and Conley have sold their personal holdings in the stocks immediately after sending the spams, collectively realizing profits of approximately $330,000. The Commission seeks to enjoin Sheret and Conley from further violations of the antifraud provisions of the federal securities laws as well as disgorgement of their trading profits, plus prejudgment interest and civil money penalties. The action also seeks an order temporarily restraining Sheret and Conley from violating the federal securities laws and freezing their assets. [SEC v. James Sheret, Jr. and Glenn E. Conley, No. CIV 1411, AGS, USDC, SDNY] (LR-16451)
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