SEC Issues Warning about a New Stock Scam

| 1 Comment

I just heard this on CNBC. I hope nobody falls for this:

Phone Scam 8/18/2004

By Ashley Glass/WCJB TV 20 News

Gainesville residents have been getting some mysterious messages on their answering machine lately. The message sounds like a friend calling and that you have stumbled onto a stock tip. This could just be a series of prank calls, or what stock brokers like to call pumping and dumping. This term refers to when a stock gets hyped by someone who wants to sell it for big bucks. Part of the message says, "Well I'm calling you now. This new company is supposed to develop this billion dollar cancer testing and it's going to go up big this week." Nina Cornwell was a target of this scam. She laughed it off when she realized, "It was obviously a recording...no doubt about it. When I went to pick it up it dropped the call. It was obviously a scam." Local stock brokers have been getting calls on people wanting to jump on the tip. A.G. Edwards Investment Broker John Decker warns, "People should be careful. There aren't too many lunches for free out there. They should be careful. Those hot tips can be dangerous." The call letters of the stock being talked about on the messages are PWRN. It is important to protect yourself. The Gainesville Police Department warns never to exchange confidential information over the phone to avoid an invasion of privacy. (from

And here's another article: 'Accidental' Call Offers Hot Stock Tip

1 Comment

I got a few of those phone calls. They're kind of funny but I shrugged them off as "pump and dump" type of deals.

check out my neighbors in meatspace


Creative Commons License


This work is licensed under a Creative Commons Attribution - Noncommercial - No Derivative Works 3.0 License.


Quoted

"Before taking a position always know the amount you are willing to lose." ~ Marty Schwartz
  • Even if you don't have perfect credit, you may be eligible for a $500 payday loan. Apply today and receive cash advance by the next day, all via the Internet
Powered by Movable Type 4.24-en

About this Entry

This page contains a single entry by Michael published on August 19, 2004 11:48 AM.

GOOG... Be Careful Out There.. was the previous entry in this blog.

Trading 101: Recommended Reading - 'Trend Following' is the next entry in this blog.

Find recent content on the main index or look in the archives to find all content.