Check this out, a very interesting WSJ article; Discusses Wall Street West, it's chief tout spout, Mr. Fleming & paid promoters on SI, Yahoo and MF.
Message 5321418
from the article:
Still, the U.S. Securities and Exchange Commission says the laws governing paid promoters still apply when those promoters venture into on-line message boards and chat rooms. The SEC requires stock promoters to disclose whether or not they are being paid, how much they received and who they received it from.
"If someone is being paid to promote a company, the rules still apply when they tout it on a street corner or a message board," says John Stark, the SEC's special counsel for Internet projects. "In my opinion, every message a promoter posts would have to include a disclaimer. It would have to be clear to anyone reading that message that this was a paid promoter."
Now with the SEC, having 80 people spending 1 hour per day monitoring the boards, one can easily conclude that the reaper approacheth. The wheels of justice grind slow, but they grind, with the force of a glacier, or so I hope. (in many matters ;-) ) |
