Pump and dump spam nets scammers $20 million

Federal authorities announced last week that members of a "pump-and-dump" spam group that bilked more than $20 million from na´ve, overeager investors have all pleaded guilty.

Although four men admitted to the scam in July and August, the U.S. Department of Justice only disclosed the pleas last Thursday. All four face prison terms of between five and 10 years each on one or more counts of fraud. Two of the men have also pleaded guilty to civil charges filed by the U.S. Securities and Exchange Commission (SEC). Pump-and-dump spam nets scammers $20 million

Linked by shanmuga Wednesday, 12th September 2007 1:01AM