Word: scammed
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...game, expecting someone to heal my existential angst just because their parents were as uncreative as mine. But still, I'm going to go to lunch with him, just to trick him into paying the bill so I can steal his credit-card numbers as part of the easiest scam in history. That way I can rack up enough debt on his credit card to keep him from renewing that domain name...
...sounds like dialogue from Boiler Room, the new film featuring Ben Affleck as a Gen X stock-scam artist. But according to the feds, the scene is a real-life drama that threatens the 10 million investors expected to have online brokerage accounts by year's end and the millions more who use the Web to make investing decisions...
...author of this particular script is Douglas Colt, a third-year law student at prestigious Georgetown University in Washington. With his mother Joanne, who is a city-council member in Colorado Springs, and three law-school buddies, he scored profits of more than $345,000 in an online scam made public last week. "The migration of fraud from boiler rooms to the Internet is the most important new trend to hit U.S. markets in years," warns Richard H. Walker, top cop at the Securities and Exchange Commission...
...rising tide of disinformation has prompted furious investors to send the SEC up to 300 e-mails every day complaining of one scam or another. That's why the agency has bulked up its CyberForce to 250 investigators, who prowl tip sites, chat rooms and other back roads on the Web. Another crew of 50 electronically monitors Internet fraud on the tech-heavy NASDAQ as well as other over-the-counter markets...
...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...