SEC suspends 35 spam firms
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. I think it’s great to see the SEC do this and I hope they do it more often as I get way too many of those stupid trading e-mails.
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.
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