Tuesday, July 19, 2005

Phony Fax Stock Scam

: "SEC CHARGES STOCK PROMOTERS IN PHONY FAX SCAM"

I am truly amazed that people are still taken in by this sort of thing. The SEC has filed charges against a group of individuals who sent a hand written fax to over a million people. The fax appeared to be from a broker to a client, advising the "client" that a stock was going to triple. The volume on the stock increased by three thousand percent the next day, and according to the SEC press release, the defendants made over $300,000.

Who runs out and buys stock based on a mis-delivered fax? Even if you knew it was a scam and were hoping to get in before all of the other fools, someone got stuck for a lot of money.
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