SEC Suspends Trading of Companies Linked to Spam E-Mails
The Securities and Exchange Commission (SEC) announced today that it has suspended trading in the securities of 35 companies that have been the subject of recent and repeated spam email campaigns. According to an SEC Press Release, "the trading suspensions are part of a stepped-up SEC effort - code named 'Operation Spamalot' - to protect investors from potentially fraudulent spam email hyping small company stocks with phrases like, 'Ready to Explode,' 'Ride the Bull,' and 'Fast Money.' It's estimated that 100 million of these spam messages are sent every week, triggering dramatic spikes in share price and trading volume before the spamming stops and investors lose their money."
- Read the SEC Press Release
- You've Got Spam: What It Is, and How to Stop It (FindLaw)
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