Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Pastimes : Business Wire Falls for April Fools Prank, Sues FBNers -- Ignore unavailable to you. Want to Upgrade?

To: Bill Ulrich who wrote (3481)	10/1/1999 9:42:00 PM
From: Don Pueblo	Read Replies (1) \| Respond to of 3795

Man, what a crock. I wonder how he got out of the studio after his nose grew.

To: Bill Ulrich who wrote (3481)	10/2/1999 2:29:00 AM
From: Intrepid1	Read Replies (1) \| Respond to of 3795

LOL! Funnier than Monty Python. etc.

To: Bill Ulrich who wrote (3481)	10/2/1999 8:37:00 AM
From: tonto	Read Replies (1) \| Respond to of 3795

I caution investors to read archived releases from scam companies. His bs insults the investing public's intelligence. we don't run across companies issuing false press releases via our service.

To: Bill Ulrich who wrote (3481)	10/4/1999 9:00:00 PM
From: Arcane Lore	Read Replies (2) \| Respond to of 3795

TB (Tom Becktold):We have a very effective policing program and we have had... we really have not had any problems with companies issuing false press releases on our system. Our company goes and meets with the companies that issue our news releases. We meet with them in person or develop relationships with these organizations via telephone. We also have an historical archive of news releases that they may have issued and we monitor any complaints that would come into us, that would be a red flag to follow up on those press releases. We will look at SEC actions if that arises. Generally, again, because the companies are policed by the regulatory agencies -- the SEC, the NASD -- we don't run across companies issuing false press releases via our service. If they do, generally if that were to happen the SEC would take action against that company so it's kind of a policing issue outside of our organization but again we watch for the accuracy of press releases in terms of making sure that the person sending in the news to us is authorized to do that. I wonder - does he also believe that because cities and towns have police forces, cities and towns are free from crime? Unfortunately the SEC probably is less of deterrent to securities fraud than the police are to crime. The SEC IMO is an overworked, understaffed and underfinanced agency that generally makes good use of its available resources but is woefully inadequate for the task that needs to be done. They are unable, for example, to even go undercover to detect fraud. If they do find it they are limited to bringing civil charges rather than criminal ones. Criminal charges require the intervention of either the DOJ and/or state regulators- agencies which themselves often have their own resource problems. Even when the SEC brings civil enforcement actions and is successful (fortunately, they usually are) in obtaining either a consent agreement or a decision against the scammers, all too often any monetary penalties are waived because the scammers have sworn to their inability to pay - even when they have garnered millions from their misdeeds. Given the budgetary and other constraints of the SEC, the efforts of those such as the Webnode 3 who investigate potential frauds and/or educate the public about them are a vital adjunct in stemming the tide of securities fraud. BusinessWire IMO should behave as a good corporate citizen rather than impeding the efforts of others and maintaining that "we really have not had any problems with companies issuing false press releases on our system". BTW BusinessWire - if you're looking for scammers that have employed false press releases, here's one place you can start: sec.gov Given the nature of searches, not all of the links on this page will reflect press releases characterized by the SEC as false. In addition, I'm sure that not all of the referenced press releases will have been issued by BW. OTOH, I'd be very surprised if they didn't find at least a few BW releases were involved in these enforcement actions. In reviewing these, they might keep in mind that these represent only the tip of the iceberg. I believe it to be a regrettable truth that many scams based at least partly on false press releases will never be referenced in a SEC enforcment action - either due to the trivial fact that the writeup of the corresponding action does not include a phrase such as "false or misleading press release" or, more seriously, because the misdeed goes unpunished. Of course, this thread has already provided a number of additional false press releases not yet the subject of SEC enforcement actions.