Yet Another Stock Scam

from the how-stupid-are-these-people? dept

I still am surprised that people think they can get away with things like this. I’m even more surprised that enough people are suckers who fall for these scams. The SEC has filed charges against a tree trimmer, who created a company called “Independent Financial Reports” (where he was the only person associated with the company) and released an analysis of a cheap stock in a company called eConnect where he claimed the stock should reach well over $100. Then, with another company he had created he bought a ton of the stock. The stock went up. He sold out and made millions. This is called fraud. It amazes me, though, that people automatically trust an analyst who has no track record and no reputation.

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