Stock Spammers Look To Expand Service Aspect Of Their Business
from the poised-for-big-gains dept
It was hardly surprising when a recent study pointed out that stock spam was pretty good at the old pump-n-dump scam, as enough suckers buy stock based on the messages to instigate a quick rise in the shares of companies they advertise. While oftentimes it's simply just spammers trying to drive up prices for their own benefit, a security company says it's now caught wind of spammers trying to drum up business by offering their services to companies, charging 30% of whatever profits they make based on the spam campaign. Unsurprisingly, the spammers advertise via spam, and promise to double share prices and increase trading volume tenfold. Given that there are still plenty of people gullible enough to buy stocks based on these spam messages, it seems pretty likely the spammers will find plenty of companies willing to break the law and take them up on their services. Many people already look at penny stocks with a skeptical eye; this sort of news doesn't do much to help the credibility of companies trading over the counter.