Hi all; Day Trader Gets Nailed for posting false PRs:
Day Trader Settles False Postings Charges
Yahoo news, August 8, 2001
Fred Moldofsky, a Texas day trader accused of posting fake press releases on the Internet claiming Lucent Technologies Inc. (NYSE:LU - news) would not meet earnings projections, agreed to settle fraud charges, federal securities regulators said on Wednesday.
Moldofsky, a Canadian citizen, agreed to a final judgement permanently enjoining him from future securities violations, the Securities and Exchange Commission (news - web sites) said.
He did not admit or deny the civil charges brought by the SEC, and he will not have to pay a fine based on his sworn inability to do so, the regulatory agency added.
In March of this year, Moldofsky was separately convicted by a jury on criminal charges of securities fraud for the Lucent postings and is scheduled to be sentenced in September, the SEC said.
In a civil suit filed in New York, the SEC claimed that Moldofsky had posted on a Yahoo! Finance message board at least 20 fraudulent press releases saying Lucent would not meet analysts' earnings estimates for the quarter ended March 31, 2000.
The postings were made on March 22 and 23 of last year, the agency added.
...
dailynews.yahoo.com
Also see:
SEC looks into fake Lucent profit warning
The U.S. Securities and Exchange Commission said it's investigating a fake profit warning designed to look like a release from Lucent Technologies that was posted on a Yahoo message board. "We are aware of the situation and are looking into it," SEC enforcement director Richard Walker said.
...
yahoo.cnet.com
But looking through the SI Lucent thread for March 22 and 23, I couldn't find a copy of the actual fake Press Release.
-- Carl
P.S. Thanks to Croaker_frog on Yahoo for the link:
messages.yahoo.com |
