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Pastimes : Georgia Bard's Corner

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To: Binder who wrote (4130)	7/24/1998 10:42:00 AM
From: Janice Shell	Read Replies (2) of 9440

Excellent post! You've brought up some very important points. But... Also, CONVENTIONAL WISDOM dictates that a paid promoter is required to identify themselves as such. However, the only entity that a paid promoter is required to report anything to is the IRS... Not true: I don't have the reference at my fingertips, but the 1933 Securities Act does require promoters to make very clear their connection to the company every time they make a public statement about that company's stock. Section 17b? Something like that... A firm's IR or PR person cannot, for example, pretend to be a "investor" and start a thread here at SI on which he hypes the stock. There was a case of this some months ago: a truly idiotic contract IR guy started THREE threads for the stock in question, and hyped like crazy. Since his name showed up on the company's press releases, he was easy to expose. This was a clear violation of securities law. First he became angry, then he got himself suspended. Made a real fool of himself. The company is now using a different IR person.

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