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The U.S. Securities and Exchange Commission on Monday announced a crackdown on alleged stock promotion schemes in which writers were secretly paid to post hundreds of bullish articles about public companies on financial websites.
Twenty-seven individuals and entities, including a Hollywood actress, were charged with misleading investors into believing they were reading "independent, unbiased analyses" on websites such as Seeking Alpha, Benzinga and Wall Street Cheat Sheet.
The SEC said many writers used pseudonyms such as Equity Options Guru, The Swiss Trader, Trading Maven and Wonderful Wizard to hype stocks.
It said it found more than 450 problem articles, of which more than 250 falsely said the writers were not being paid.
No word on conflicts of interest and misleading information in regard to stock promotion on television news networks.
(Score: 2) by Thexalon on Tuesday April 11 2017, @03:18PM (1 child)
Ah, but see, these are small corporations pumping the stocks of other small corporations. That makes it not OK. For it to be OK, it has to be big corporations pumping the stocks of big corporations.
And if any of the regulators make a really big fuss about the behavior of the big corporations, then you just offer them a really cushy job at one of those big corporations (huge salary, no real job responsibilities) and all of a sudden the problem goes away.
The only thing that stops a bad guy with a compiler is a good guy with a compiler.
(Score: 2) by kaszz on Tuesday April 11 2017, @03:55PM
You need money above certain thresholds to corrupt the system successfully with the task ;-)