Pump-n-Dumps are alive and well
Even with all the SEC convictions of stock fraud, there is NOT an end nor do I expect there will be an end to stock and shareholder manipulation. I think the solution would be to push investors to initiate their own litigation against these individuals. Since there is an abundant amount of this type of bad conduct being perpetrated online and the SEC is incapable of handling the workload, this type of litigation should be welcomed by legitimate stock traders and the SEC itself.
For example, an individual would initiate a lawsuit against the stock and shareholder manipulators working under the usernames Pennymachine and Muga on Investorshub.com (http://investorshub.advfn.com/A-Clean-Slate-Inc-DRWN-10542/). In one incident these two usernames were used to manipulate shareholders into buying a stock, DRWN, of the company A Clean Slate, Inc.. The company had reported NO earnings, their stock had run in the triple zeros since 2008 to only pop to $2 on March 1, 2011 then it dropped down to triple zeros thereafter, and their website had almost NO traffic.
However, the usernames Pennymachine and Muga were used on Investorshub.com to pump up the stock. Multiple posts were made that made it appear that the stock was about to breakout when the stock did NOT. And since Pennymachine and Muga were MODERATORS of that message board, they used their DELETE powers to remove negative comments about the stock. Thus, new investors reading the posts where fooled into believing that DRWN was a great stock and that it was on the verge of a breakout and they should immediately buy the stock. Pennymachine and Muga cleverly would make posts that the stock was about to hit the next ticker up and because innocent investors believed them, they would buy the stock and cause the ticker to hit the nest ticker up. The shareholder manipulator sought to have this up tick s/he manufactured to cause other shareholders to buy the stock, and thus, causing a manufacture breakout to occur. Such a manufactured breakout usually results in a crash down and many investors losing a large portion of their funds. And since the buyers dry out, they find themselves unable to sell their shares. This is the type of stock and shareholder manipulation that needs to be addressed in a court of law. Therefore, I am looking into filing a federal lawsuit within the U.S. District Court against the owner of the usernames Pennymachine and Muga for their wrongful manipulation of shareholders.enough is enough.
TORONTO, July 9 /PRNewswire/ - Mina Mar Group Inc (www.minamargroup.com), a privately held Canadian company, is pleased to announce that the company was awarded a judgment and costs in its lawsuit that had commenced in Toronto Vs Investors Hub.Com chat board. This is a third favourable ruling in two separate jurisdictions (USA andCanada) where two different judges independently ruled in favour of Mina Mar.In the Canadian court order, Mina Mar was awarded over $13,000.00 in court costs, which must be paid immediately and/or before the courts will accept Investors Hubs defence. In the event the Investors Hub does not file a defence the law allows for Mina Mar to secure its original $4,000,000.00 in damages immediately. Enforcement actions on the existing orders are already underway.
Read how InvestorsHub just walked away from this lawsuit in defeat and it now owes the Plaintiffs $4 Million dollars for defamatory statements it failed to remove from its forum. InvestrosHub can also be liable for failing to stop known pumps-n-dumps being perpetrated on its forum as decide above: http://www.prnewswire.com/news-releases/mina-mar-group-awarded-judgment-vs-investorshubcom-lawsuit-62168702.html