Text Message Stock Scams: How Dumb Can People Be?. Get Real: Stowe Boyd's Soapbox

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December 14, 2005

Text Message Stock Scams: How Dumb Can People Be?

Posted by Stowe Boyd

The Feds are worried about a spate of text messaging stock scammers:

[from SignOnSanDiego.com > News > AP News
Securities regulators are warning investors about a new twist on the "pump and dump" stock-fraud scam that uses text messaging on cell phones to tout stocks.

The National Association of Securities Dealers, the brokerage industry's self-policing organization, issued an "investor alert" Tuesday advising people to ignore such messages with "hot" stock tips on their cell phones.

In so-called "pump and dump" schemes, the perpetrators tout small, thinly traded stocks to investors to inflate the prices and then sell their own shares at a profit. Ordinary investors can suffer losses when the stock prices tank during the share dumping.

During the stock market boom of the late 1990s, the touting often was done by posting e-mails about companies on Internet message boards or with write-ups in financial publications. In recent years, telephones and faxes also have been used.

And I bet that in small newspapers across the country, staff writers are using this as grist for yet another foray into how dangerous text messaging, instant messaging, and the Internet are, while in fact it is merely a testament to human stupidity.

[tags: stock+scam, text+messaging]

Comments (6) + TrackBacks (0) | Category: Technology

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