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.
posted by Fergie @ 12/13/2005 12:04:00 PM
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