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 : Can SI Members Really Manipulate Stocks? -- Ignore unavailable to you. Want to Upgrade?

To: Arcane Lore who wrote (432)	9/18/2000 2:59:37 PM
From: Arcane Lore	Respond to of 461

<duplicate deleted>

To: Arcane Lore who wrote (432)	9/18/2000 3:00:46 PM
From: Arcane Lore	Read Replies (1) \| Respond to of 461

Also from today's SEC Digest: COMMISSION OBTAINS TRO AND ASSET FREEZE IN INTERNET PUMP AND DUMP SCHEME On September 14, the Commission filed a lawsuit charging Jesse Hogan, a 24 year-old resident of Burnaby, British Columbia, with manipulating the stocks of five companies in four weeks. The U.S. District Court for the Northern District of Illinois issued a temporary restraining order against Hogan, barring him from future violations of the antifraud provisions of the federal securities laws, and also entered an asset freeze. Also today, the British Columbia Securities Commission froze Hogan's bank and brokerage accounts in Canada, based on the conduct alleged in the Commission's complaint. The complaint alleges that, from July 21, 2000 through August 22, 2000, Hogan used false internet postings and e-mails to pump up the stock price of Astrocom Corp., Microtel International, Inc., AM Communications, Inc., Egan Systems, Inc. and RSI Systems, Inc., all companies with stock quoted on the NASDAQ OTC Bulletin Board. In just four weeks, Hogan made more than $40,000 in profits from his scheme and caused nearly $1 million in investor losses. The Commission alleged in its complaint that in each pump and dump manipulation, Hogan first acquired a position in the stock of the targeted Bulletin Board company. He then sent out spam internet postings and e-mails falsely claiming that a major company would soon acquire the outstanding stock of the targeted Bulletin Board company at a substantial premium over its market price. Hogan then sold his shares into the buying surge created by his fraudulent postings and messages. The complaint requests injunctive relief, disgorgement of Hogan's ill-gotten gains and civil penalties. The Commission thanks the British Columbia Securities Commission, the Ontario Securities Commission and the NASD for their assistance in this matter. [SEC v. Jesse Hogan, USDC, N.D. Ill., Civ. Action No. 00 C 5637] (LR-16704) sec.gov