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9 Charged in $140 Million Penny Stock Fraud
ABC News ^ | 08/13/13 | AARON KATERSKY

Posted on 08/14/2013 8:29:03 AM PDT by AtlasStalled

Nine people have been charged in one of the largest international penny stock frauds ever, federal authorities said Tuesday in New York, one of five states where arrests were made. * * * According to court records, the defendants victimized investors in nearly three dozen countries and generated more than $140 million by fraudulently inflating the price of penny stocks and then dumping them on unsuspecting investors.

(Excerpt) Read more at abcnews.go.com ...


TOPICS: Crime/Corruption; Culture/Society; News/Current Events
KEYWORDS: pennystock; pumpanddump

1 posted on 08/14/2013 8:29:03 AM PDT by AtlasStalled
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To: AtlasStalled

“A fool and his money . . . .”


2 posted on 08/14/2013 8:30:28 AM PDT by Oratam
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To: Oratam

Right?!

Don’t ever give money to some stranger who calls on the phone whether it’s for an investment or a charity!!


3 posted on 08/14/2013 8:32:06 AM PDT by AtlasStalled
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To: AtlasStalled

I’d give a Yen for...


4 posted on 08/14/2013 8:42:22 AM PDT by Vendome (Don't take life so seriously, you won't live through it anyway)
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To: Oratam

My thought exactly. Who are the idiots who give these guys money?


5 posted on 08/14/2013 8:59:21 AM PDT by Defiant (In the next rebellion, the rebels will be the ones carrying the American flag.)
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To: AtlasStalled

“Pay no attention to the naysayers! XYZ stock is ready to make a BIG move upward!”

Or at least that’s what the spamming e-mails say. Do you think they might be pumping some trash stock up??


6 posted on 08/14/2013 9:28:43 AM PDT by count-your-change (you don't have to be brilliant, not being stupid is enough)
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To: Defiant

“Who are the idiots who give these guys money?”

Unfortunately, it’s very frequently the very elderly who fall prey to these swindles. Hopefully, there’s a very special place in Hell reserved for the scumbags who swindle old folks out of their remaining life savings.


7 posted on 08/14/2013 11:07:24 AM PDT by catnipman (Cat Nipman: Vote Republican in 2012 and only be called racist one more time!)
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To: AtlasStalled; a fool in paradise

$140 million? Let’s see, that 140,000,000,000 pennies. From here to the moon.


8 posted on 08/14/2013 11:09:34 AM PDT by Revolting cat! (Bad things are wrong! Ice cream is delicious!)
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To: Revolting cat!
"I'd like 140,000,000,000 pennies, please!"


9 posted on 08/14/2013 3:57:46 PM PDT by a fool in paradise (America 2013 - STUCK ON STUPID)
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