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As Reuters reports, federal prosecutors have charged 11 suspects, including one New York Harbor longshoreman, with orchestrating a $7 million online stock scam. In a statement (PDF) issued yesterday, Manhattan's U.S. Attorney's office claimed that the scam artists used 15 different websites, Facebook pages and Twitter feeds to "defraud the investing public into purchasing stocks that were being manipulated by participants in the conspiracy."
According to prosecutors, the suspects used their Web presence to tout four $.01 stocks, which they claimed were winning investments based on their own expertise and independent research. Court documents claim that the suspects earned $3 million off of their 'pump and dump' scheme, while victims lost a grand total of $7 million. Prosecutors reportedly discovered the fraud while conducting a two-year drug trafficking investigation at the Port of New York, where eight longshoremen and three others allegedly trafficked 1.3 tons of cocaine, worth $34 million.
If convicted, the fraud suspects face up to 20 years in federal prison -- giving Hollywood more than enough time to put together an inevitably ill-fated remake of 'On the Waterfront.'
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Comments
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Subscribe to commentsrael216Nov 5th 2010 7:29AM
Let's see how much more severely he gets punished than the scumbags who destroyed our economy who didn't get punished at all, as a matter of fact I know one that got rewarded. He had run fro A.I.G. to take a job out of New York, the Government paid him 7.6 million to go back to A.I.G. a little more than a year later even though he was named in at least three different book as one of the main scum who came up with the "formula" to make him and his Wall Street buddies rich by selling high risk mortgages to banks and other huge investors worldwide. They all got rich when the bubble popped again by betting against the same investment crap they sold the bank's and pensions and other huge investors and not one will ever do a day in jail. This guy will get life because he is a lowly dock worker. How dare he pull what the Wall Street scum pull every day.