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#21
08-13-2007, 04:17 PM
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Re: Pump-and-dump scheme
[ QUOTE ]
I just can't imagine how stupid you would have to be to genuinely believe and trust your money to a 1AM text message from no return number. [/ QUOTE ] It's the classic Greater Fool Theory: buy something now even when you know that it's worthless and overpriced in the hope that you can find a bigger fool to resell to for more. Someone has to be the last fool to buy at the top, you just hope that it's not you and this is not the top... Kirk 
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#22
08-16-2007, 07:47 PM
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Re: Pump-and-dump scheme
Somewhat related, but a truly inspiring story nonetheless:
http://www.wired.com/wired/archive/14.10/gizmondo.html Yes, it's old.
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#23
08-17-2007, 03:06 PM
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Re: Pump-and-dump scheme
[ QUOTE ]
[ QUOTE ] [ QUOTE ] [ QUOTE ] I went to high school with a kid who made at least a few million bucks through pump and dumps(he made it all while he was still in HS). I think he was doing this during 1999-2000, he made a bunch of Yahoo profiles and then spammed individual stock message boards with a penny stock profile. He got in trouble with the SEC, had to pay $900k I think but he was still pretty rich and bought one of the bigger houses in town when he graduated from high school. [/ QUOTE ] http://en.wikipedia.org/wiki/Jonathan_Lebed ? [/ QUOTE ] Wow that is so [censored] awesome [/ QUOTE ] That punk should be drawn and quartered. [/ QUOTE ] Why? We shouldn't have the first amendment? Or if people stupidly and blindly buy securities, taxpayers should have to bail them out when they lose $$$? 'Lebed contended that his activity forecasting stock prices was no different from and no more illegal than what professional Wall Street analysts do every day, ...Despite the negative press and SEC inquiry, Lebed continues to trade actively. He also sells his trading advice through a newsletter.' It's obviously legal if he's still selling his advice and trading, and he didn't admit wrongdoing. End of Story.
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#24
08-17-2007, 04:56 PM
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Re: Pump-and-dump scheme
[ QUOTE ]
[ QUOTE ] [ QUOTE ] [ QUOTE ] [ QUOTE ] I went to high school with a kid who made at least a few million bucks through pump and dumps(he made it all while he was still in HS). I think he was doing this during 1999-2000, he made a bunch of Yahoo profiles and then spammed individual stock message boards with a penny stock profile. He got in trouble with the SEC, had to pay $900k I think but he was still pretty rich and bought one of the bigger houses in town when he graduated from high school. [/ QUOTE ] http://en.wikipedia.org/wiki/Jonathan_Lebed ? [/ QUOTE ] Wow that is so [censored] awesome [/ QUOTE ] That punk should be drawn and quartered. [/ QUOTE ] Why? We shouldn't have the first amendment? [/ QUOTE ]\ freedom of speech issue? good one. that's funny.
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