Pump-And-Dump Stock Spammers Made $20 Million

from the nice-work-if-you-can-get-it dept

Tue, Sep 11th 2007 3:12pm — Mike Masnick

Well, we already knew that pump-and-dump stock spam scams worked for the spammers, but we weren't aware of just how well they worked. Apparently a group of pump-and-dump spammers made out to the tune of $20 million before they were caught. Of course, unlike in some cases, these scammers involved the executives of the companies they were hyping up -- though, it's unclear to what extent those executives understood what the scammers were planning to do.

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Filed Under: pump and dump, stock spam

4 Comments

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Gary, 11 Sep 2007 @ 5:11pm

scamers
the wild thing is, people actualy read the spam and acted on it. Are people realy that dumb. I guess so. Oh ya it is that greed thing lots of us have.
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Harve, 11 Sep 2007 @ 6:14pm

And if they stole your domain......
Am I entitled to some of their ill gotten gains? Some a**hole pump-and-dumper sent millions of emails using one of my domains and the bounce messages I got each day nearly croaked my server.

I hope they burn in hell, or go to prison and become girlfriends to some gang banger.
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Paul, 11 Sep 2007 @ 6:36pm

dot dot dot
"Well, we already knew that pump-and-dump stock spam scams worked for the spammers, but we weren't aware of just how well they worked."

Well then you don't read the news very often or pay much attention to this kind of thing?

This is an OLD STORY, the only thing NEW about it is that they are going to be sentenced in the next few months for it.
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bzzt, 12 Sep 2007 @ 6:29am

The stock market is by itself a fraud. So frauding a fraud is no big deal.
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