We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor.  We ask that you disable ad blocking while on Silicon Investor in the best interests of our community.  If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.
Pastimes : NEIP - A lesson in how to lose a fortune with market order

 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  
To: Jim Bishop who wrote (12)12/15/1999 7:44:00 PM
From: Arcane Lore  Read Replies (2) of 20
Per KNBC in Los Angeles:

Alleged stock manipulation

LOS ANGELES, Dec.15 - Federal charges were filed on Wednesday against two men who allegedly used UCLA computers to post false Internet takeover messages to drive up the value of shares they held from 13 cents to more than $15.

Arash Aziz-Golshani bought 20,000 shares of NEI Web World on Nov. 12, and Hootan Melamed purchased 50,000, according to the complaint.

Over the next two days, the men allegedly used UCLA computers and aliases to post numerous messages on bulletin boards on Yahoo! and Raging Bull, falsely reporting that NEI was being bought by another company.

As a result, federal authorities say, the price of the NEI stock jumped more than 115-fold.
Report TOU ViolationShare This Post
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext