The Fax

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Jul 18, 2005 1:48 pm

Apparently some guy in Coral Gables, FL--SE Florida is a hot bed of securities fraud--had a great idea.



He owned a sizeable block of a microcap stock which was going nowhere
so he hand scribbled a message to a "friend" saying that the friends
should buy the shares before a major announcement was made.



He then faxed it to 1 million fax machines--each one would think that
somehow he had made a mistake and sent a personal fax to the wrong
number.



The stock rose 25% within the next 24 hours and he unloaded his position into the rising tide.



He will be spending a few years "away" as a result--seems that included on his fax list was the fax machine at an SEC office.



Sounds like an idea you might get on Top Gun Producer--or from Duke #1.

Jul 18, 2005 7:42 pm

Another illegal trick, this time by some brokers who produced a mass mailing touting some small-cap, illiquid stocks. However, the mass mailing was divided up into numerous blocks, with each block touting a different set of stocks from the other. After a short period of time, the brokers determined which blocks had the highest performing stocks and those blocks received another mailing touting the gains from the previous stock list and recommending another set of illiquid stocks (again each block received a different list). By the third mailing, these brokers had people calling them to open accounts to buy the latest stock recommendations.