New York Dock Workers Use Facebook, Twitter to Pull Off $7 Million Stock Fraud

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.'





Chili's Waitress Fired Over Facebook Post Insulting 'Stupid Cops'
Billboard Music Awards: Worst Dressed (or Most Daring?) From Past Red Carpets
HSBC Plans 14,000 More Job Cuts
Forbidden America: Cold War-Era Map Shows No-Go Zones For Soviet Tourists
Man Takes Dump In Background Of Instructional Workout Video
Tenants: Stench of Death Makes St. Louis Complex 'Unlivable'
Famous Roadside Attractions
Hands-on with the Samsung Galaxy S 4 running stock Android 4.2
Taylor Swift Q and A: What Does She Splurge on in Las Vegas?
Bill Gates regains title of world's richest person as Microsoft stock hits five-year high















Comments
1
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.