SEC bars trading in 35 spam touted companies


The Securities and Exchange Commission (SEC) today hit back at 'pump and dump' fraudsters by suspending trading in 35 companies that have been the "subject of recent and repeated spam email campaigns". Next step of its pleasingly named "Operation Spamalot", is to find the perpetrators and bring them to justice.

All the suspended companies are from the "Pink Sheets" and are quoted on an unsolicited basis - in other words, they are not listed on any exchange, they are not subject to the reporting requirements of publicly quoted companies and brokers are not required to conduct due diligence regarding the issuers. SEC bars trading in 35 spam-touted companies | The Register

Linked by shanmuga Friday, 9th March 2007 1:03AM