144:. These manipulators first purchase large quantities of stock, then drive up the share price through false and misleading positive statements; they then sell their shares at a large profit. This is referred to as a "pump and dump" scheme. The pump and dump is a form of microcap stock fraud. In more sophisticated versions of the fraud, individuals or organizations buy millions of shares, then use newsletter websites, chat rooms, stock message boards, press releases, or e-mail blasts to drive up interest in the stock. Very often, the perpetrator will claim to have
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165:, while touting Lithium Exploration Group's position within that sector. According to the company's December 31, 2010 form 10-Q (filed within months of the direct mail promotion), LEXG was a lithium company without assets. Its revenues and assets at that time were zero. Subsequently, the company did acquire lithium production/exploration properties, and addressed concerns raised in the press.
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of this practice. This large difference, or "spread" between the then-current quoted offer/ask price and the deeply discounted price the block of stock was purchased is almost always shared with the stockbroker at the firm who solicited the trade. For this reason, there is a large benefit and an inherent conflict of interest for the firm and the broker to sell these "proprietary products".
31:
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became the template for laws enacted in other states. Shortly thereafter, both FINRA and the SEC enacted comprehensive revisions of their penny stock regulations. These regulations proved effective in either closing or greatly restricting broker/dealers, such as
Blinder, Robinson & Company, which
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in that the brokerages make money not strictly by hyping the stock, but rather primarily by marketing the security at a deep discount to their own purchasing-price. In this practice, the brokerage firm generally acquires the block of stock by purchasing a large block of the securities (usually from a
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about impending news to persuade the unwitting investor to quickly buy the shares. When buying pressure pushes the share price up, the rise in price entices more people to believe the hype and to buy shares as well. Eventually the manipulators doing the "pumping" end up "dumping" when they sell their
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The subject stocks usually have little or no liquidity prior to the block purchase. After the block is purchased, the firm's participating brokers will sell the stock to their brokerage customers at the then-current quoted offer/ask price, to the often victimized investors who are generally unaware
160:
to cause the price of a penny stock (HNHI) to increase dramatically. 50 Cent had previously bought 30 million shares of the company, and as a result made $ 8.7 million in profit. Another example of an activity that skirts the borderline between legitimate promotion and hype is the case of
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sells such instruments from its own inventory, a client will receive a trade confirmation stating the transaction was done as "Riskless
Principal" or "Markup", which in fact, just like commissions, is also revenue to the firm, and such a practice is often subject to abuse. Only the amount of fees
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Because the firm is technically "at risk" on the block of stock (if the price of the stock drops below the price at which the block was purchased, the firm will be at a loss on the stock) and stock is usually sold at or even slightly below the then-current prevailing market price offer/ask, the
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specialized in the penny stocks sector. Meyer
Blinder was jailed for securities fraud in 1992, after the collapse of his firm. However, sanctions under these specific regulations lack an effective means to address pump-and-dump schemes perpetrated by unregistered groups and individuals.
161:
LEXG. Described (but perhaps overstated) as "the biggest stock promotion of all time", Lithium
Exploration Group's market capitalization soared to over $ 350 million after an extensive direct mail campaign. The promotion drew upon the legitimate growth in production and use of
196:
large shareholder who is not affiliated with the underlying company) at a negotiated price that is well below the current market price (generally 40% to 50% below the then-current quoted offer/ask price) or it acquires the stock as payment for a consulting agreement.
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listed securities which traded below $ 1.00 during the market downturn of 2008–2009, while properly regarded as "low priced" securities, were not technically "penny stocks". Although penny stock trading in the United States is now primarily controlled through
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charged over and above the offer/ask are commissions, and must be disclosed. But even though it is still legal, it is frowned upon by the
Securities Exchange Commission, and they are using other laws and methods of attack to indirectly thwart the practice.
57:" companies, generally defined in the United States as those with a market capitalization of under $ 250 million. Its prevalence has been estimated to run into the billions of dollars a year. Many microcap stocks are
257:
have been the target of heightened enforcement efforts. In the United States, regulators have defined a penny stock as a security that must meet a number of specific standards. The criteria include price,
104:, which are stocks purchased for pennies and sold for dollars, providing both brokers and stock promoters massive profits. Brokers are often paid "under the table" undisclosed payoffs to sell such stocks.
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at the time, was principal sponsor of the bill in the House of
Representatives. Georgia's penny stock law was subsequently challenged in court. However, the law was eventually upheld in
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schemes, where companies repeatedly issue shares for no reason other than taking investors' money away. Companies using this kind of scheme tend to periodically reverse-split the stock.
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schemes, involving use of false or misleading statements to hype stocks, which are "dumped" on the public at inflated prices. Such schemes involve telemarketing and
Internet fraud.
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practice is still legal in the United States. In fact, it is not required that this profit spread be disclosed to the client, since it is not technically a "commission". When a
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The expanding use of the
Internet and personal communication devices has made penny stock scams easier to perpetrate. Though not a scam per se, one notable example is rapper
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listing services, that is purchased at pennies per share and sold by unscrupulous stock brokers to unsuspecting retail customers at several dollars per share.
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One method of regulating and restricting pump-and-dump manipulators is to target the category of stocks most often associated with this scheme. To that end,
270:, regardless of price, are exempt from regulatory designation as a penny stock, since it is thought that exchange-traded securities are less vulnerable to
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defines as a security that trades at less than $ 5 per share, is not listed on a national exchange, and fails to meet other specific criteria.
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352:. It described the microcap underworld of the 1990s through the eyes of a young broker named Louis Pasciuto. Although the book focuses on
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at a prestigious firm is found to be related to his boss's involvement in several pump-and-dump scams financed by members of a Mafia
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172:. Investors may encounter difficulty selling their positions after the buying pressure has abated, and the manipulators have fled.
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117:", unauthorized trading, and "no net sales" policies in which customers are prohibited or discouraged from selling stocks.
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This kind of fraud has also provided the title for a book by Robert H. Tillman and
Michael L. Indergaard called
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387:. According to press accounts, the director and writer of the film worked briefly as a cold-caller for the
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907:"Rapper 50 Cent's Headphones "Sleek By 50" Canceled, H & H Imports, Inc. (HNHI) Stock In Freefall"
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1988:
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461:, the victim is a female stockbroker who was being investigated for a pump-and-dump scam involving a
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Electronic
Quotation Service, stocks which usually do not meet the requirements to be listed on the
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brokerage house, which was shut down by regulators in the late 1990s. Stratton Oakmont was run by
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Organized crime elements were believed to have been short-selling chop stocks in the late 1990s.
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of the New York mafia, as well as the New Jersey mob, have become involved in stock scams. The
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infiltration of brokerages, it also describes in detail the operation of microcap fraud.
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Mafia involvement in 1990s stock swindles was first explored by investigative reporter
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930:"H & H Imports, Inc. (HNHI) Stock Price Chart from 11 January 2011 to 9 May 2011"
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A pump-and-dump scam was also the subject of several episodes of the popular
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1074:""The Mob on Wall Street," by Gary Weiss, Business Week, December 16, 1996"
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371:, do not provide the real names of the specific firms and people described.
299:(FINRA), the genesis of this control is found in State securities law. The
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508:"'Micro-cap Fraud', North American Securities Administrators Association"
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article. Weiss later explored the Mafia's Wall Street scams in a book.
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A chop stock is an equity, usually trading on the Nasdaq Stock Market,
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A fictional account of pump-and-dump schemes can be seen in the movie
68:
Microcap stock fraud generally takes place among stocks traded on the
81:
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Both books explore pump-and-dump schemes in some detail but, unlike
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Microcap stock fraud has been explored in several books and movies:
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1174:"SEC Charges Eight Participants in Penny Stock Manipulation Ring"
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826:. CBS MoneyWatch. Archived from the original on 20 December 2013
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775:"H & H Imports (HNHI) Jumps After Rapper 50cent Says "Buy""
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a comprehensive penny stock securities law. Secretary of State
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884:"How Much Will 50 Cent Make if His Penny Stock Hits 50 Cents?"
603:. United States Securities and Exchange Commission. 2008-04-04
413:
359:
Microcap fraud was explored in the anonymously written books
956:"Lithium Exploration Group: Beware of Mailmen Bearing Gifts"
752:"How To Make $ 10 Million From Just One Weekend Of Tweeting"
729:"50 Cent's Tweets Make A Staggering $ 50 Million In One Day"
91:
Microcap fraud encompasses several types of investor fraud:
1049:"SEC Testimony: Organized Crime on Wall Street (R. Walker)"
34:"Night wind hawkers" sold stock on the streets during the
681:. Financial Industry Regulatory Authority. Archived from
229:
is also involved with this type of microcap stock fraud.
1176:. U.S. Securities and Exchange Commission. May 21, 2009.
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A book that explored microcap fraud was the 2003 book
217:
Microcap fraud has been a major source of income for
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Other unscrupulous brokerage practices, including "
1148:Securities and Exchange Commission (8 July 2005).
376:Pump and Dump: The Rancid Rules of the New Economy
1119:"12/15/97 the Mob is Busier Than the Feds Think"
844:: CS1 maint: bot: original URL status unknown (
1315:SEC Testimony on Organized Crime in the Markets
628:. Arizona Securities Commission. Archived from
571:"Investors Beware: Chop Stocks Are on the Rise"
443:, entitled "Trade This", the murder of a young
80:. Some fraud occurs among stocks traded on the
623:"Microcap Fraud: Underside of the Bull Market"
395:, who was jailed for fraud, and whose memoir,
1823:
1346:
1326:Investors Beware: Chop Stocks Are on the Rise
1278:Born to Steal: When the Mafia Hit Wall Street
1237:"Georgia Law Won't Hurt Brokers, Judge Rules"
1099:Born to Steal: When the Mafia Hit Wall Street
8:
1304:1997 Article on chop stocks and stock fraud
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560:
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534:"'Pump-and-Dumps' and Market Manipulations"
1851:
1830:
1816:
1808:
1353:
1339:
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1189:"Georgia to OK Tough Law for Penny Stocks"
658:. U.S. Securities and Exchange Commission
1256:"Penny-Stock Fraud, From Both Sides Now"
1254:Diana B. Henriques (February 16, 2003).
861:"50 Cent: Penny Stock Pump & Dump?"
502:
500:
498:
496:
492:
297:Financial Industry Regulatory Authority
293:U.S. Securities and Exchange Commission
1299:New York OAG Report on micro-cap fraud
1007:. thechairmansblog.com. Archived from
837:
451:. Similarly, in the franchise's first
1150:"Amendments to the Penny Stock Rules"
168:Penny stock companies often have low
7:
824:"What 50 Cent Co. Is Really Selling"
472:This strategy was fictionalised by
2017:Distributed Checksum Clearinghouse
1101:, Gary Weiss, 2003, Warner Books,
932:. timothysykes.com. Archived from
773:Insiders' Blog (10 January 2011).
750:Joe Weisenthal (10 January 2011).
727:Joe Weisenthal (10 January 2011).
539:Securities and Exchange Commission
479:Not a Penny More, Not a Penny Less
458:Law & Order: Dead on the Money
266:. Securities traded on a national
25:
2002:Challenge–response spam filtering
1839:Unsolicited digital communication
859:Kathy Kristof (11 January 2011).
822:Kathy Kristof (18 January 2011).
569:Weiss, Gary (December 15, 1997).
437:On an episode of the legal drama
84:Small Cap Market, now called the
1792:
1791:
981:. Business Week. Archived from
796:Chris Barth (11 January 2011).
221:. Mob figures from each of the
1187:Stan Darden (March 20, 1990).
882:Alex Moore (11 January 2011).
1:
191:This practice differs from a
2218:United States securities law
1213:. sos.ga.gov. Archived from
1211:"Georgia Secretary of State"
1005:"Home - The Chairman's Blog"
958:. Seeking Alpha. 10 May 2011
928:Timothy Sykes (9 May 2011).
905:Timothy Sykes (9 May 2011).
1031:"Lithium Exploration Group"
706:"Internet Makes Scams Easy"
704:Harry Domash (2000-06-12).
213:Organized crime involvement
2234:
2037:Naive Bayes spam filtering
798:"Get Rich Or Die Tweetin'"
365:The Scorpion and the Frog.
125:
40:The Great Picture of Folly
1782:
977:Gary Weiss (1997-12-15).
708:. San Francisco Chronicle
2208:Organized crime activity
2012:Disposable email address
1874:Directory harvest attack
321:Georgia General Assembly
27:Form of securities fraud
886:. Death and Taxes Media
398:The Wolf of Wall Street
303:was the first state to
424:Christopher Moltisanti
249:Penny stock regulation
43:
1426:Intellectual property
465:company's suspicious
260:market capitalization
86:NASDAQ Capital Market
53:involving stocks of "
33:
2022:Email authentication
1123:www.businessweek.com
47:Microcap stock fraud
1869:Bulk email software
1317:, 13 September 2000
1217:on 21 December 2013
936:on 22 February 2014
777:. streetinsider.com
656:"Pump&Dump.con"
601:"Penny Stock Rules"
325:U.S. District Court
278:(NYSE:C) and other
236:in a December 1996
1774:White-collar crime
1640:Government-related
1080:on 18 January 2013
1035:The New York Times
979:"Investors Beware"
909:. timothysykes.com
754:. Business Insider
731:. Business Insider
654:SEC (2005-01-11).
401:, is the basis of
336:In popular culture
264:shareholder equity
182:OTC Bulletin Board
146:inside information
70:OTC Bulletin Board
44:
2180:
2179:
2007:Context filtering
1983:
1982:
1805:
1804:
1543:Financial-related
1193:Los Angeles Times
1129:on April 23, 1999
1011:on 4 January 2013
679:"Spams and Scams"
581:on 2 January 2013
428:Matthew Bevilaqua
313:Chesley V. Morton
206:securities dealer
16:(Redirected from
2225:
2203:Financial crimes
2148:Advance-fee scam
2095:Keyword stuffing
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1370:Business-related
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1243:. July 11, 1990.
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577:. Archived from
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510:. Archived from
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422:, pulled off by
389:Stratton Oakmont
361:License to Steal
301:State of Georgia
291:enforced by the
51:securities fraud
36:South Sea Bubble
21:
18:Penny stock scam
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2160:Make Money Fast
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2130:URL redirection
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1735:honest services
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138:stock promoters
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115:bait-and-switch
108:Dump and dilute
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677:FINRA (2012).
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474:Jeffrey Archer
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393:Jordan Belfort
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268:stock exchange
262:, and minimum
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1715:Fraud factory
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985:on 2013-01-02
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635:on 2007-08-08
631:
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580:
576:
575:Business Week
572:
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541:
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514:on 2005-10-23
513:
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432:Sean Gismonte
429:
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394:
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369:Born to Steal
366:
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347:
346:Born to Steal
343:
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274:. Therefore,
273:
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239:Business Week
235:
230:
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227:Russian Mafia
224:
223:Five Families
220:
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193:pump and dump
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128:Pump and dump
122:Pump and dump
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96:Pump and dump
94:
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60:
56:
52:
49:is a form of
48:
41:
37:
32:
19:
2213:Stock market
2153:Lottery scam
2110:Scraper site
2080:Doorway page
1950:Mobile phone
1930:Cold calling
1555:lottery scam
1488:Tech support
1478:Racketeering
1307:
1277:
1276:Gary Weiss,
1259:
1249:
1241:Deseret News
1240:
1231:
1219:. Retrieved
1215:the original
1205:
1192:
1182:
1168:
1156:. Retrieved
1143:
1131:. Retrieved
1127:the original
1122:
1113:
1098:
1094:
1082:. Retrieved
1078:the original
1068:
1056:. Retrieved
1052:
1043:
1034:
1025:
1013:. Retrieved
1009:the original
999:
987:. Retrieved
983:the original
972:
960:. Retrieved
950:
938:. Retrieved
934:the original
923:
911:. Retrieved
900:
888:. Retrieved
877:
865:. Retrieved
854:
828:. Retrieved
817:
805:. Retrieved
801:
791:
779:. Retrieved
768:
756:. Retrieved
745:
733:. Retrieved
722:
710:. Retrieved
699:
687:. Retrieved
683:the original
672:
660:. Retrieved
649:
637:. Retrieved
630:the original
617:
605:. Retrieved
595:
583:. Retrieved
579:the original
574:
543:. Retrieved
537:
528:
516:. Retrieved
512:the original
477:
476:in his book
456:
449:crime family
438:
419:The Sopranos
417:
396:
382:
375:
368:
364:
360:
345:
339:
272:manipulation
255:penny stocks
252:
244:
237:
231:
216:
202:
198:
190:
179:
167:
151:
142:manipulators
134:penny stocks
131:
107:
101:
95:
90:
67:
61:, which the
59:penny stocks
46:
45:
39:
2115:Social spam
2027:Greylisting
1997:Client-side
1925:Auto dialer
1705:Faked death
1698:Superdollar
1676:Other types
1616:Overpayment
1582:Credit card
1550:Advance-fee
1456:Health care
1133:14 November
1084:14 November
1058:14 November
1053:www.sec.gov
662:21 November
639:14 November
585:14 November
545:14 November
518:14 November
445:stockbroker
403:a 2013 film
384:Boiler Room
317:stockbroker
315:, the only
309:Max Cleland
289:regulations
186:Pink Sheets
176:Chop stocks
102:Chop stocks
74:Pink Sheets
2187:Categories
2120:Spam blogs
2085:Forum spam
2062:Spamdexing
1935:Flyposting
1894:Image spam
1856:Email spam
1759:Scientific
1621:Securities
1606:Mismarking
1572:Chargeback
1567:Bankruptcy
1406:Employment
1387:Disability
940:19 January
913:19 January
890:19 January
867:19 January
830:15 January
807:19 January
781:19 January
758:19 January
735:19 January
607:18 October
487:References
350:Gary Weiss
327:, and the
234:Gary Weiss
149:holdings.
2100:Link farm
2070:Blog spam
1989:Anti-spam
1955:Newsgroup
1945:Messaging
1847:Protocols
1652:Electoral
1596:Insurance
1534:Paternity
1524:Fertility
1461:fertility
1441:Long firm
1361:Types of
276:CitiGroup
170:liquidity
154:50 Cent's
2193:Spamming
2165:Phishing
2075:Cloaking
2052:Spamhaus
1960:Robocall
1940:Junk fax
1797:Category
1683:Affinity
1657:Medicare
1611:Mortgage
1529:Marriage
1493:Slamming
1471:quackery
1446:Odometer
1431:Internet
1382:Cramming
962:30 March
840:cite web
416:series,
72:and the
55:microcap
42:, 1720).
2047:SpamCop
1965:Spambot
1909:Spambot
1899:Joe job
1764:Spyware
1747:Romance
1710:Forgery
1688:Charity
1667:Welfare
1647:Benefit
1601:Lottery
1586:carding
1377:Billing
1306:, from
1280:(2003,
1221:10 June
1158:10 June
1015:10 June
989:15 June
712:15 June
689:29 July
463:biotech
363:and in
329:statute
319:in the
163:lithium
158:Twitter
156:use of
1577:Cheque
1503:Weight
1483:Return
1416:Fixing
1284:
1105:
802:Forbes
305:codify
82:NASDAQ
2170:Voice
2125:Sping
2042:SORBS
1918:Other
1884:DNSWL
1879:DNSBL
1769:Vomit
1752:Bride
1591:Forex
1451:Phone
1401:Email
1363:fraud
1153:(PDF)
633:(PDF)
626:(PDF)
354:Mafia
285:rules
132:Many
1975:VoIP
1787:list
1742:Scam
1720:Hoax
1662:Visa
1584:and
1562:Bank
1508:Wine
1411:Food
1392:Drug
1282:ISBN
1223:2014
1160:2014
1135:2018
1103:ISBN
1086:2018
1060:2018
1017:2014
991:2006
964:2012
942:2014
915:2014
892:2014
869:2014
846:link
832:2014
809:2014
783:2014
760:2014
737:2014
714:2006
691:2012
664:2006
641:2018
609:2012
587:2018
547:2018
520:2018
430:and
295:and
287:and
280:NYSE
140:and
1631:Tax
1436:Job
1197:UPI
467:IPO
414:HBO
405:by
348:by
184:or
63:SEC
2189::
1394:/
1258:.
1239:.
1195:.
1191:.
1121:.
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842:}}
838:{{
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38:(
20:)
Text is available under the Creative Commons Attribution-ShareAlike License. Additional terms may apply.
