Word: colts
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Using Web aliases, Colt and friends allegedly hyped these stocks with hundreds of misleading messages planted in Yahoo chat rooms and other popular cybervenues like Raging Bull. As unwitting investors loaded up on the "recommended" shares, some, such as American Education Corp., rose as much as 700%. By the time reality set in and the price crashed, Colt & Co. had already sold out, leaving thousands in the lurch. Investigators say this classic "pump and dump" could have netted millions. But Big Brother was watching...
...Colt, his mother and fellow law students, their travails with the SEC have already cost them hundreds of thousands of dollars in legal fees, depleting their savings, which is why the agency waived further penalty. At Georgetown law there are plans for workshops starting next month on "the ethical responsibilities of lawyers" in a high-tech environment, including trading securities on the Internet. The school has not yet decided whether enrollment will be mandatory...
...frenzied growth of investing via the Internet has spawned a more virulent kind of stock manipulation where, in a matter of minutes someone can drive up a stock price, reap the profits and run. The SEC's recent complaint against Douglas Colt highlights an old scam called pump and dump...
...perpetrator searches for a vulnerable stock that is thinly traded, little known and cheap. Among Colt's picks was American Education Corp., trading at around $1 a share...
...March 5, 1999, Colt started buying the stock at 10:47 a.m. and continued until 2:19 p.m., amassing 19,000 shares and driving up the price...