Tuesday, December 13, 2005

NASD Warns of Fake Stock Tips in Cellphone Spam

A Reuters newswire article, via Yahoo! News, reports that:

Brokerage regulator NASD on Tuesday warned investors against reacting to stock tips sent in unsolicited mobile phone text messages, as spam schemes aimed at hyping share prices move beyond e-mail and onto cellphones.

The so-called "pump and dump" schemes involve spam messages with false recommendations of a company's stock that lead the share price to rise. Fraudsters can then sell their shares, leaving investors with worthless stock, the regulator said.

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