Expect more of this in the future: the SEC's taking action and halting trading on stocks that spammers are trying to boost.|
In one spam campaign involving Apparel Manufacturing Associates (APPM.PK), the SEC said the company's stock closed at 6 cents on trading volume of 3,500 shares on Friday, December 15, 2006.Good to see them FINALLY taking some action on this nonsense.
After a weekend spam campaign distributed e-mails proclaiming ``Huge news expected out on APPM, get in before the wire, We're taking it all the way to $1.00,'' trading volume on Monday, December 18, 2006, soared to 484,568 shares with the price spiking to over 19 cents a share.
Two days later the APPM price climbed to 45 cents. However, by December 27, 2006, the price had slumped to 10 cents on trading volume of 65,350 shares, the agency said.