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[H]ardNews - IL & Stock Scam?
Infinium Labs & Stock Scam?
We had more than a few great leads on this about the middle of the month, but after talking to our lawyers, they felt as though it would not be in our best interest to report it first. Now that we have waited a couple of weeks, you can hear it from the Associated Press. Thanks to all those H-Readers that came to us with their information. Please don't feel as though it fell on deaf ears. It was passed along to the appropriate parties.
First came the e-mails. Then there were the voicemails. Now, the new danger lurking for unsuspecting investors are faxes. The scheme always works the same way: You're the unintended recipient of a hot stock tip about an unknown company about to be discovered.
So far, there appears to be at least three versions of the same fax circulating with the ticker symbols of Infinium Labs Inc., AVL Global Inc. and Soleil Film Inc. All are dated Dec. 15. Infinium Labs' stock, for example, finished over-the-counter Bulletin Board trading last week at 74 cents a share, more than triple its late price of 20 cents on Dec. 14.
"These kind of faxes are absolutely suspicious. Investors should treat them like they would a flyer under their windshield wiper and throw them away as fast as possible," said John Reed Stark, chief of the SEC's Office of Internet Enforcement.
Stark said that whoever sent these faxes to boost up stock prices was committing securities fraud. "There is a trading trail, an electronic trail and a money trail. We're going to catch up with them," he predicted.
A copy of the fax can be seen in the WIP Forums (registration required). A humorous Dark Helmut comic today as well, parodying Kevin Bachus, Infinium Labs COO and former MS employee.
(It seems as though you guys have killed their alotted bandwidth for the month at WIP.)