According to an article last month in itnews.com.au in Australia, the SEC has filed civil fraud charges against a couple, Jeffrey Stone and his wife Janette Diller Stone, for buying 288 million shares of WebSky Inc., promoting the stock through spam emails, then causing the stock to increase by 300%. Within just a couple weeks, the couple is alleged to have made over $1,000,000.
This scheme is what is referred to as a pump and dump scam, whereby the scammer buys up huge amounts of shares of a stock, promotes the stock with generally unfounded predictions, then selling the stock at a huge profit.
http://www.itnews.com.au/
newsstory.aspx?CIaNID=36128&r=rss
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