It was a lousy start to the post-Thanksgiving weekend for the management of US hotspot provider ICOA after the company fell victim to what looks like a classic pump-and-dump stock scam. On Monday morning a press release was posted on PRweb announcing that Google was splashing out $400m to buy the firm, which operates 1,500 Wi-Fi …
ICOA is on Google's RADAR now. :)
heh, that was going to be my response too..... will be really funny if google turns around and snaps these guys up once the dust has settled.
I wonder how likely it is that they will pay 400 million for 1500 hotspots though.
Was going to go on a long rant about why the worthless incompetent SEC should have received a death sentence long ago but whats the point. They are not the most worthless government agency as Homeland Security has taken that title. I guess the politicians like that false sense of security they give when in actuality they do nothing but write fines after the fact that helps shield the big boys from further liability.
So with a little research and a well timed fake press release, you can make yourself $200,000...
its a wonder this sort of thing doesn't happen more often.... maybe it does and we don't notice....
Don't fool yourself, the markets are not that easy...
Re: the markets are not that easy...
The market no, individual stocks in the market and/or individual punters buying or selling individual stocks are another matter. Spam itself wouldn't be profitable if it weren't for the laws of large numbers and low costs. If the costs are low enough you can annoy a hell of a lot of people to make a bit more money.
Now one of the posters below does have a point about being able to trace the purchasing culprits behind the scheme. But the follow on to that is, will those purchasers themselves be fronts that have disappeared? I'm guessing the have.
There were also major spam scams targeting Black Friday customers
The ones I saw that bypassed Gmail's so-called spam filters were on behalf of Samsung and Best Buy. There's actually been quite a rise in unfiltered spam and misfiltered non-spam in the last few days, but the google don't care.
Why don't any of the major email providers see an advantage in being the MOST spammer-hostile email system? Why don't any of them provide EFFECTIVE anti-spammer tools? It's like the spammers are wearing giant signs saying I'm a criminal scammer, but no one cares--and the scamming spammers are evidently right. No one cares.
What I want is a spam-fighting system integrated directly into a SPAMMER-HOSTILE email system. It would be like SpamCop on steroids, but instead of one round of analysis with complaints for the spammers' ISPs and webhosts. (The ISP is an especial waste, since the spammers just spam-and-run with the suckers routed elsewhere.) The system I want would have several rounds of increasingly refined analysis. It would work to shut down ALL of the spammers' infrastructure, to pursue ALL of the spammers' accomplices, and to help and protect ALL of the spammers' victims.
Generically called a "Pump and dump" scheme.
If in house look for the Board voting themselves *greatly* expanded stock.
If outside look who bought up big blocks of this stock beforehand.
In the UK Phorn is now a penny share as well.
Re: Generically called a "Pump and dump" scheme.
Phorm needs to become the kind of share you paper your outhouse with.
I bet she's been pumped and dumped plenty.