Fined For Bogus Stock News Article
from the how-illegal-is-it? dept
A guy in California has been fined for posting a fake Reuters article on a Yahoo! message board last year (including real bylines) about non-existent negative Goldman Sachs coverage of a stock. Lots of people reading the message board seemed to believe the fake report, and sold off shares of the stock, allowing the guy to profit to the tune of $350 – significantly less than the $25,000 fine. Still, while the guy was “manipulating” the stock, you do have to wonder just how gullible people are to simply buy a Yahoo message board post as a Reuters report without looking elsewhere. It’s almost to the point where they deserve whatever losses they got hit with.
Comments on “Fined For Bogus Stock News Article”
Wizard's First Rule...
People are stupid.
At least THIS guy didn’t profit from it.
/sick and tired of hearing about small fines/settlements for people who made hundreds of thousands if not millions of dollars.