I doubt you have missed the news about the oil spill mess in
the Gulf of Mexico. The scammers have clearly noticed and sense an opportunity
to make a quick buck.
Some companies may issue press releases, or send unsolicited
faxes or spam emails that might include:
One of the first identified scam enforcement actions, the SEC
suspended the trading in ACT Clean Technologies.
The Commission temporarily suspended trading in the
securities of ACT because of questions that have been raised about the accuracy
and adequacy of publicly disseminated information concerning, among other
things: (1) British Petroleum's purported expression of interest in using a
so-called oil fluidizer technology purportedly licensed to ACT's wholly-owned
subsidiary, American Petroleum Solutions, Inc., for use in cleanup operations
in the Gulf of Mexico, and its purported request that field tests be conducted
on the oil fluidizer technology; and (2) the purported results of field tests
finding that the oil fluidizers are effective for use in cleanup efforts in the
Gulf of Mexico.
Many of these "investment opportunities" are classic
pump-and-dump schemes. Early investors pay people to generate publicity
intended to increase demand for company stock and drive up the stock price.
They use spam emails, investor bulletin boards, blogs, Twitter and any of the
myriad of social networking platforms. When prices rise, the insiders or third
party scammers sell their shares and let the price drop.
Other stocks involved are MOP Environmental Solutions and
Green Bridge Industries.
Complaints can be filed on FINRA's
website or on the SEC's website. You can
also call the National Center for Disaster Fraud's special oil-spill hotline if
you suspect an oil spill scam: 1-866-720-5721.
The Financial Times is reporting that the assets of BP
executives are being used instead of the typical dead banker emails from
I am the private solicitor for Mr Tony Hayward, the
esteemed Chairman and Chief executive of British Petroleum. My client has
various personal and family related holdings of BP stock and options. Due to
his faithful long standing service to BP the total value of his holdings
amounts to in excess of 100m pounds sterling. Mr Heywood is a British citizen
but it has been my sorrowful duty to advise him that his personal and family
wealth is at great risk of being wrongfully confiscated by US authorities
acting extra-territorially under special powers authorised by the US government
and with the secret consent of a supine UK political and legal establishment.
Sources: [please see Doug Cornelius' original post for a full list of
additional commentary on developments in compliance and ethics, visit Compliance Building,
a blog hosted by Doug Cornelius.