Writers Affiliated Alongside Seeking Alpha, Benzinga In Addition To Wall Street Cheat Canvas Charged Yesteryear Sec
Monday, September 20, 2004
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Title : Writers Affiliated Alongside Seeking Alpha, Benzinga In Addition To Wall Street Cheat Canvas Charged Yesteryear Sec
link : Writers Affiliated Alongside Seeking Alpha, Benzinga In Addition To Wall Street Cheat Canvas Charged Yesteryear Sec
The U.S. Securities as well as Exchange Commission, whose kickoff commissioner was stock promoter Joseph Kennedy (father of JFK), has announced a crackdown against alleged stock advertisement schemes inward which writers were secretly paid to post hundreds of bullish articles virtually populace companies on fiscal websites.
Twenty-seven individuals as well as entities, including a Hollywood actress, were charged alongside misleading investors into believing they were reading "independent, unbiased analyses" on websites such equally Seeking Alpha, Benzinga as well as Wall Street Cheat Sheet.
According to the SEC, many writers used pseudonyms such equally Equity Options Guru, The Swiss Trader, Trading Maven as well as Wonderful Wizard to hype stocks.
The regulator said had it identified to a greater extent than than 450 work articles, of which to a greater extent than than 250 falsely said the writers were non beingness paid.
"This is unlike from the fraud cases that yous commonly come across us bring," Stephanie Avakian, acting managing director of the SEC enforcement division, said on a conference call.
"Here, nosotros allege that the fraud was inward presenting the analysis equally impartial," she said. "It was bought as well as paid for."
The SEC filed fraud charges against iii populace companies as well as 7 stock advertisement or communications firms also equally ii fellowship CEOs, 6 individuals at the firms, as well as nine writers.
Of those charged, 17 select agreed to settlements that include disgorgement or penalties ranging from about $2,200 to nearly $3 meg based on frequency as well as severity of their actions. The SEC’s litigation continues against 10 others.
Galena Biopharma Inc, ImmunoCellular Therapeutics Ltd as well as Lion Biotechnologies Inc agreed to pay to a greater extent than than $4.8 million, including fines as well as restitution, to settle, as well as to refrain from farther wrongdoing.
The SEC filed lawsuits against the other 10 defendants inward Manhattan federal court.
These defendants include Lidingo Holdings LLC, run yesteryear Kamilla Bjorlin, 46, an actress from Encino, California who performs nether the advert Milla Bjorn; as well as CSIR Group LLC, a New York theatre overseen yesteryear Christine Petraglia, 49.
None of the websites was charged.
-RW
(via Reuters as well as the SEC)
You are now reading the article Writers Affiliated Alongside Seeking Alpha, Benzinga In Addition To Wall Street Cheat Canvas Charged Yesteryear Sec with the link address https://inspirationsbymeforyou.blogspot.com/2004/09/writers-affiliated-alongside-seeking.html
Title : Writers Affiliated Alongside Seeking Alpha, Benzinga In Addition To Wall Street Cheat Canvas Charged Yesteryear Sec
Writers Affiliated Alongside Seeking Alpha, Benzinga In Addition To Wall Street Cheat Canvas Charged Yesteryear Sec
The U.S. Securities as well as Exchange Commission, whose kickoff commissioner was stock promoter Joseph Kennedy (father of JFK), has announced a crackdown against alleged stock advertisement schemes inward which writers were secretly paid to post hundreds of bullish articles virtually populace companies on fiscal websites.
Twenty-seven individuals as well as entities, including a Hollywood actress, were charged alongside misleading investors into believing they were reading "independent, unbiased analyses" on websites such equally Seeking Alpha, Benzinga as well as Wall Street Cheat Sheet.
The regulator said had it identified to a greater extent than than 450 work articles, of which to a greater extent than than 250 falsely said the writers were non beingness paid.
"This is unlike from the fraud cases that yous commonly come across us bring," Stephanie Avakian, acting managing director of the SEC enforcement division, said on a conference call.
"Here, nosotros allege that the fraud was inward presenting the analysis equally impartial," she said. "It was bought as well as paid for."
The SEC filed fraud charges against iii populace companies as well as 7 stock advertisement or communications firms also equally ii fellowship CEOs, 6 individuals at the firms, as well as nine writers.
Of those charged, 17 select agreed to settlements that include disgorgement or penalties ranging from about $2,200 to nearly $3 meg based on frequency as well as severity of their actions. The SEC’s litigation continues against 10 others.
Galena Biopharma Inc, ImmunoCellular Therapeutics Ltd as well as Lion Biotechnologies Inc agreed to pay to a greater extent than than $4.8 million, including fines as well as restitution, to settle, as well as to refrain from farther wrongdoing.
The SEC filed lawsuits against the other 10 defendants inward Manhattan federal court.
These defendants include Lidingo Holdings LLC, run yesteryear Kamilla Bjorlin, 46, an actress from Encino, California who performs nether the advert Milla Bjorn; as well as CSIR Group LLC, a New York theatre overseen yesteryear Christine Petraglia, 49.
None of the websites was charged.
-RW
(via Reuters as well as the SEC)
Thus the article Writers Affiliated Alongside Seeking Alpha, Benzinga In Addition To Wall Street Cheat Canvas Charged Yesteryear Sec
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