According to an August 7, 2007 Litigation Release from the SEC, Mr. Jerome Armstrong of my DD.com, and DailyKos fame got hit with close to $30,000.00 in fines for touting the stock of BluePoint Linux Software Corporation ("BluePoint") by posting unsubstantiated, favorable buy recommendations on the Raging Bull internet site. The Complaint further alleged that the promoters of BluePoint were secretly transferring stock in three other companies to Armstrong at prices below the then current market for those three stocks and that Armstrong made at least $20,000 by selling the shares he received from the promoters of BluePoint.
Read the SEC litigation release at : http://www.sec.gov/litigation/litreleases/2007/lr20228.htm
|