Spam leads to suspension of securities
As many of you know I run a spam stock tracking site that is somewhat popular. For the most part these securities seem to get a pass regarding the spam. It is hard to tell who is pushing the spam and if the companies are directly responsible.
Looks like the Securities and Exchange Commission is finally taking a stand called "Operation Spamalot". According to this article they have suspended 35 securities due to the spam.
Just how obvious was the manipulation? From the article:
"In one case, shares of Apparel Manufacturing Associates Inc. (APPM) closed at 6 cents, with a trading volume of 3,500 shares on Dec. 15.
After a weekend spamming campaign distributed e-mails proclaiming "Huge news expected out on APPM, get in before the wire, we're taking it all the way to $1.00," trading volume on Dec. 18 hit 484,568 shares with the price spiking to over 19 cents per share.
The price reached 45 cents on Dec. 20, before falling back to 10 cents on trading volume of 65,350 shares on Dec. 27."
Thanks to daddy Dan for the heads up.
Update: Dan sent me a more detailed article. Here are a list of companies affected.
America Asia Petroleum Corp. (AAPM)
Amerossi Int'l Group Inc. (AMSN)
Apparel Manufacturing Associates Inc. (APPM)
Asgard Holdings Inc. (AGHG)
Biogenerics Ltd. (BIGN)
China Gold Corp. (CGDC)
CTR Investments & Consulting Inc. (CIVX)
DC Brands International Inc. (DCBI)
Equal Trading Inc. (EQTD)
Equitable Mining Corp. (EQBM)
Espion International Inc. (EPLJ)
Goldmark Industries Inc. (GDKI)
GroFeed Inc. (GFDI)
Healtheuniverse Inc. (HLUN)
Interlink Global Corp. (ILKG)
Investigative Services Agencies Inc. (IVAY)
iPackets International Inc. (IPKL)
Koko Petroleum Inc. (KKPT)
Leatt Corp. (LEAT)
LOM Logistics Inc. (LOMJ)
Modern Energy Corp. (MODR)
National Healthcare Logistics Inc. (NHLG)
Presidents Financial Corp. (PZFC)
Red Truck Entertainment Inc. (RTRK)
Relay Capital Corp. (RLYC)
Rodedawg International Industries Inc. (RWGI)
Rouchon Industries Inc. (RCHN)
Software Effective Solutions Corp. (SFWJ)
Solucorp Industries Ltd. (SLUP)
Sports-stuff.com Inc. (SSUF)
UBA Technology Inc. (UBTG)
Wataire Industries Inc. (WTAF)
WayPoint Biomedical Holdings Inc. (WYPH)
Wineco Productions Inc. (WNCP)
Like this entry? Subscribe to my blog.
Comments (2) - 1037 views
Comments (moderation on)
Have you considered simulating what would happen if you sold short every stock hyped in a pump and dump?
Not suggesting anyone trade either way in such a stock. Like your current simulation, it would be just an exercise, of course.
Kerry