Janice, it may be a question of interpretation but I believe you are wrong with respect to 17(b). Assuming you interpret the language extremely broadly, nothing in there about someone who is paid by hedge funds. I think the act deals with promotion, but I'm happy if future trends apply it to bashing. So, I welcome your comments on trends here.
Currently, Section 17(b) of the Securities Act of 1933, entitled “Use of Interstate Commerce for Purpose of Offering for Sale” states,
“It shall be unlawful for any person, by the use of any means or instruments of transportation or communication in interstate commerce or by the use of the mails, to publish, give publicity to, or circulate any notice, circular, advertisement, newspaper, article, letter, investment service, or communication which, though not purporting to offer a security for sale, describes such security for a consideration received or to be received, directly or indirectly, from an issuer, underwriter, or dealer, without fully disclosing the receipt, whether past or prospective, of such consideration and the amount thereof.” (emphasis added)
See also rest of interesting article from Ant relative to the issue of paid pumpers and pink sheet proposal to tighten rules for paid pumpers.
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