In an unsurprising event top penny stock promoter, Pennystockchaser.com, has been halted by the SEC.http://bit.ly/9v98zp. Far too many naive wannabe traders continue to fall victim to these “pump and dump” scams.
The SEC alleges that since at least April 2009, Carol McKeown and Daniel F. Ryan, a couple residing in Montreal, Canada, have touted U.S. microcap companies. According to the SEC’s complaint, McKeown and Ryan received millions of shares of touted companies through their two corporations, defendants Downshire Capital Inc., and Meadow Vista Financial Corp., as compensation for their touting. McKeown and Ryan sold the shares on the open market while PennyStockChaser simultaneously predicted massive price increases for the issuers, a practice known as “scalping.”
Really? Who knew this stuff went on? Not!