Pump-and-Dump Internet Scam on record pace

August 8, 2007

Sell! Sell! Sell!

or rather, Ignore! Ignore! Ignore!

clipped from www.physorg.com

Spammers have unleashed one of the biggest online stock manipulation campaigns in history in the last 24 hours increasing global spam levels by 30 percent a leading IT security company claimed Wednesday.
Spammers have unleashed one of the biggest online stock manipulation campaigns in history in the last 24 hours, increasing global spam levels by 30 percent, a leading IT security company claimed Wednesday.
The email cites a company press release announcing the opening of shops by Prime Time Stores in Puerto Rico and goes on to say: “Imagine if you had the chance to buy a Wal-Mart franchise in Mexico right when it first opened its doors there and all you needed was a small stake to get in.”
“Spamming used to be about guys selling fake viagra from their basements,” he said. “Now it’s likely to be international crime gangs.”

“Pump-and-dump” is when spammers buy shares, orchestrate a spam campaign promoting the company, then wait for a share price to rise before selling their stock for a profit.

Experts at SophosLabs have detected about 500 million emails containing advice to invest in Prime Time Stores Inc.
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