SEC Sues Spamming Stock Promoter 14
Michael MacPhail, SEC Division of Enforcement writes: "SEC today filed an action against Mark E. Rice for carrying out a "pump-and-dump" stock manipulation involving the use of email spam. The SEC alleges spam emails contained misleading statements such as false claims that one of Rice's companies, Portalzone, had developed an advanced Internet search engine. The SEC contends that Rice violated the federal securities laws and seeks an injunction, disgorgement, prejudgment interest, and third-tier penalties against him. The full litigation release should be available at www.sec.gov shortly."
Government workers... (Score:1, Insightful)
Anyway, this Rice dude is not going to be so badly hurt here. He'll keep the greater part of what he made through his scam, because the SEC doesn't have the balls to take away the entire booty.
As long as there is no substantial penalty for running this kind of lucrative scam, unscrupulous people will continue trying to skirt the system.
Re:That's 4! Keep em comming! (Score:2)
Merry Spam Day! (Score:1)
Re:Merry Spam Day! (Score:1)
Re:Merry Spam Day! (Score:1)
The Litigation Release (Score:3, Informative)
I don't know what "disgorgement" is, (Score:2)
--G
Re:I don't know what "disgorgement" is, (Score:2)
Disgorgement (aka an account of profits) is a kind of remedy that requires the defendant to give something to the plaintiff, but which goes beyond mere damages. In law, there are two basic ways in which a plaintiff can be compensated:
But you're right, it usually is quite painful. The good thing is, you (as plaintiff) can select whichever method of relief will get you the most money or the greatest benefit. ;)
Wow - Using EXISTING Laws! (Score:3, Insightful)
And the SEC is going after frauds using spam for the fraud, not the spam...
And a guy in AU is applying a 16th century English law that basically states "you can't mess with another persons stuff"
Gee, maybe we don't need new laws after all - just enforce the ones we have!
Re:Wow - Using EXISTING Laws! (Score:1)
And so what? (Score:2)