Im sure no one will believe the below story......see sarcasm
Scammers Used SeekingAlpha for Bogus Stock Promotions, SEC Says
2017-04-10 17:42:05.832 GMT
By Matt Robinson
(Bloomberg) -- SeekingAlpha.com tries to ensure that
research published on its popular investing website is unbiased
by requiring writers to disclose whether they’ve been paid for
touting stocks. But U.S. regulators say there’s an easy work
around: lying.
On Monday, the Securities and Exchange Commission sued 27
individuals and companies for their involvement in hundreds of
conflicted articles that appeared on SeekingAlpha and other
sites. The authors checked a box that said they hadn’t been
compensated, concealing the payments they’d received from stock
promoters, the SEC said in a statement.
To hide their identities, writers used multiple pseudonyms,
even creating separate personas who claimed to have 20 years of
investing experience. At one promotion company, writers even
signed a contract forbidding them from disclosing their
compensation. SeekingAlpha wasn’t accused of any wrongdoing.
“These companies, promoters, and writers allegedly misled
investors by disguising paid promotions as objective and
independent analysis,” Stephanie Avakian, acting head of SEC
enforcement said in the statement.
$3 Million Settlement
The SEC brought enforcement cases against three companies,
seven firms involved in promoting stocks, two corporate chief
executive officers, nine article writers and six other
individuals. The regulator has agreed to some settlements, with
one individual accused of violating securities laws paying
almost $3 million.
The alleged improper conduct ended in 2014, legal orders
filed by the SEC show. In 2012, SeekingAlpha barred the
publication of articles for which writers had received
compensation, according to the SEC.
“Our system documents all authors’ claims to not having
been compensated by third parties, and we maintain accurate
records of all SeekingAlpha authors’ real-life identities,”
SeekingAlpha Managing Editor Mike Taylor said in an emailed
statement.
Promoting stocks is a hallmark of pump-and-dump schemes.
The scam typically involves insiders buying shares for fractions
of a cent, blasting out positive investment “analysis” to
increase prices and then cashing in by selling shares.
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