Word: emulex
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Dates: during 2000-2009
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...Bloomberg news report linked to a Yahoo bulletin board in a stock scam that cost investors $93,000. At 24, Rafael Shaoulian littered financial bulletin boards with unfounded hype that enabled him to sell a stock and pocket $173,000. At 23, Mark Jakob drove down the stock of Emulex with a phony Internet report. He bought with a vengeance after the decline and made $241,000 when the hoax was discovered and the stock rebounded...
...people to find you," Stark says. "You want them to read your information." That's what makes the stock go up, but it also makes you easier to find. Lebed may have got away with his schemes for a year, but others have been identified within days. In the Emulex case in August, Jakob was targeted within hours of his phony press release. Hoke, an employee at PairGain Technologies, was nabbed just a week after his bogus release declared that PairGain was about to be bought...
MARK JAKOB Nabbed for fake press release that nuked Emulex stock. The tech firm bounced back
...HOAX Shares of Emulex Corp. plunged some 67% last Friday, after a fake press release appeared on the Internet Wire site. It was soon picked up by other media, and the rout was on. The stock recovered, but some investors were burned. The lesson: if the news is sensational, check the source or the company's website. Second lesson: once a panic starts, if you're not out first, you're toast...
...There was even some karmic good news Thursday - the feds caught the alleged Emulex scammer after only six days. (Apparently he'd shorted the stock in legit trading and was down 100K, so he came up with the fake press release to cool...
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