09 Mar 2007
The US Securities and Exchange Commission (SEC) has suspended 35 companies from trading in securities on Thursday.
According to press reports the action was taken in response to alleged stock promotion through spam email campaigns.
The trading suspensions were ordered because of questions about the adequacy and accuracy of information about the companies.
The action comes under ‘Operation Spamalot’ the SEC’s answer to the growing problem of stock touting emails.
Following months of investigation the operation traced the most persistant email campaigns to specific stocks.
Mark Schonfeld, director of the SEC’s north-east office said: ‘By interrupting the source of stock for spammers, we take away their ability to profit.’
According to reports, the SEC estimates that 100 million spam messages are sent every week, triggering spikes in share prices and trading volume.
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