Cheating Leads TheStreet.com to Cancel an Investing Contest
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TheStreet.com said Monday that it would cancel the first round of its âBeat the Streetâ competition because some of the contestants had taken advantage of the system.
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Whatever you do, don't follow the investing framework laid out in this book.
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The mutual fund touted on the Web site sounded familiar, but a guaranteed annual return of 657 percent raised eyebrows at a watchdog group. Within days the bogus site had been yanked by federal authorities, who launched their first investigation of a "phishing" scam targeting a mutual fund complex.
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If you want to hear someone trash  the mutual fund industry, log onto FundAlarm  (http://www.fundalarm.com).
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Answers Corp , operator of  online information site Answers.com, said it has scrapped plans  for a stock offering, casting doubt on its ability to fund a  proposed $100 million acquisition of reference Web site  Dictionary.com's parent.
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The Singapore Exchange is warning investors not to rely on the Straits Times Index, after a computer inaccurately reported stock values.
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(InfoWorld) - The Securities and Exchange Commission has taken the drastic step of suspending trading in shares of 35 companies whose stocks have frequently been touted in mass spam campaigns. SEC officials said on Feb. 8 that the firms involved -- none of which are household names -- have been the subject of repeated spam efforts meant to drive up trading of their securities and, subsequently, the value of the companies themselves. The trading bans will last for 10 days, after which shares in the involved companies will be unlocked -- unless the SEC's ongoing investigation proves any of the firms were involved in the e-mail schemes. While the ban might seem unfair to the businesses involved, especially if their names and securities were merely selected by scammers looking for penny stocks to inflate in so-called pump-and-dump operations, SEC officials said that in each business's case, there were sufficient questions raised regarding the "adequacy and accuracy" of information being advertised about the companies. Criminals have increasingly begun using spam to drive up interest in cheap stocks over the last several years. Before sending out mass messages about a specific firm, the individuals buy stock in the companies in the expectation that, with their e-mails, they can convince other people to purchase shares. When prices of the shares involved rise, the schemers sell off their own holdings, thus the pump-and-dump moniker. The spam messages, which often feature subject lines such as "Fast Money," have become one of the types of unwanted e-mail most frequently delivered to inboxes over the last year, alongside advertisements for prescription medications. Whenever misleading information is being widely distributed about a firm whose securities are traded, the SEC takes such actions, an agency representative said. "All we can say is that we suspend trading any time we think misinformation about specific securities is being reported," said Helene Glotzer, an SEC spokeswoman. "We're not making a statement that these companies themselves were behind the misstatements, but if the information is out there we feel it is important to let the investing public know; we'll continue our investigation, and if it is appropriate to take action against any of the companies, that is what we will do." The suspensions are part of an SEC initiative known as Operation Spamalot, which was launched specifically to shield investors from spam e-mail "hyping" small company stocks. SEC officials said that anyone who has received such e-mail will recognize the names of the companies who were suspended, as they are among the most frequently cited businesses in securities-related spam campaigns. The messages typically advertise some new product or impending deal that will increase the value of the companies and encourage investors to buy their low-priced securities, which are usually penny stocks. For instance, among the companies whose shares were suspended is Apparel Manufacturing Associates, a Bloomfield, Conn.-based firm that markets itself as a management and development company focused on the fashion arena. The SEC said that on Friday, Dec. 15, 2006, shares in Apparel Manufacturing closed at 6 cents, on a trading volume of 3,500 shares. After a weekend-long spam campaign using e-mails about the company advertising "huge news" that encouraged investors to "get in before the wire," trading volume in the stock rose to 484,568 shares on Monday, Dec. 18, with the price of the stock rising to more than 19 cents a share. The agency said that two days later the price had climbed to 45 cents per share, but one week after, Apparel Manufacturing's share price had fallen to 10 cents on trading volume of 65,350 shares. Calls to the company seeking comment on the stock suspension were not immediately returned. If the SEC investigation finds no link between the companies involved and the spam campaigns, their shares will be released for trading on March 21, 2007. SEC officials noted that the suspensions were all handed out to companies that are not subject to the SEC reporting requirements and whose shares are not listed on any exchange or on the OTC Bulletin Board. This means that brokers posting quotations for the purchase and sale of the securities are not required to conduct due diligence regarding the issuers, according to the agency. The 35 companies whose trading was suspended by the SEC are: Advanced Powerline Technologies, America Asia Petroleum, Amerossi International Group, Apparel Manufacturing Associates, Asgard Holdings, Biogenerics, China Gold, CTR Investments & Consulting, DC Brands International, Equal Trading, Equitable Mining, Espion International, Goldmark Industries, GroFeed, Healtheuniverse, Interlink Global, Investigative Services Agencies, iPackets International, Koko Petroleum, Leatt Corporation, LOM Logistics, Modern Energy, National Healthcare Logistics, Presidents Financial, Red Truck Entertainment, Relay Capital, Rodedawg International Industries, Rouchon Industries, Software Effective Solutions, Solucorp Industries, Sports-stuff.com, UBA Technology, Wataire Industries, WayPoint Biomedical Holdings, and Wineco Productions.
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As listings migrate to the Web, the broker's traditional fee is threatened.
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Business & money: Moneysupermarket.com plans to float on stock market.
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Business & money: Pearson has decided against bidding for Dow Jones, the owner of the Wall Street Journal.
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A technical problem temporarily halted trading at the Japanese Jasdaq stock exchange Wednesday. The glitch halted trading at the Japanese Association of Securities Dealers Automated Quotation System (Jasdaq) from 9 a.m. local time until about 10:20 a.m. The exchange, run by the Jasdaq Securities Exchange, announced the problem on its Web site. The exchange did not give details about the problem. A message on Jasdaq's Web site posted during the morning said the exchange had suffered a technical issue with a part of its computerized trading system. Based in Tokyo, Jasdaq is a market aimed at small and venture companies. The exchange issued an apology for the inconvenience.ADVERTISEMENTWhite paper: Solutions to Address IT Control RequirementsLearn how BMC Software Solutions address requirements such as the Sarbanes-Oxley Section 404 in this 20 page whitepaper!
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Morningstar Inc., a US research firm used by 3 million investors to decide what mutual funds to buy, said the Securities and Exchange Commission is investigating the company for publishing incorrect performance data for a fund.
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A U.S. court has banned a company accused of marketing a bogus employment scheme through a series of Internet and newspaper advertisements from selling any more work-at-home opportunities, the U.S. Federal Trade Commission said Monday.
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Follow the money UK-based consumer finance website MoneySavingExpert.com has been forced to pull most of its services as a result of an ongoing denial of service attack.â¦
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SEOUL, South Korea, Nov. 23 Â Lone Star Funds, the private equity firm based in Dallas, canceled an agreement to sell its controlling stake in Korea Exchange Bank to Kookmin Bank, South KoreaÂs biggest lender, citing Âpolitically motivatedÂ prosecutors who have been investigating the deal.
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By Byron Acohido  The Securities and Exchange Commission on Thursday suspended trading for 35 companies that allegedly benefited from spam e-mail campaigns to hype their thinly traded penny stocks.
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The Dallas Cowboys won an auction for the cowboys.com domain name, but the football team canceled its bid when officials realized they had offered $275,000 for the name, not the $275 they thought they had.