Can I bring to your notice an article that appeared in the Sydney Morning Herald (and probably the Age) last week that covered a H.C. member who was convicted for manipulating share prices. I quote in part:
"A stock trader going under the online pseudonym Fibonarchery has be sentenced to 2.5 years jail for using the online forum Hot Copper to manipulate shares. "**riel Govinda, who pleaded guilty to 23 charges of share manipulation and 19 charges of illegal dissemination of information ......is the first person sentenced under market-rigging provisions in the Corporations Act. "The prosecution signals an increasingly hard line by corporate regulator ASIC against illegal trading via online forums. ".....Hot Copper seeking to increase, or pump, the share price, then selling or dumping the listed stocks at a higher price. This is often referred to as 'pump and dump' ASIC deputy chair Sarah Court said Govinda used Hot Copper as an integral part of his market manipulation and promoted certain shares that he had an undisclosed interest in, and which he had manipulated, with a view to selling out at a higher price.. "Individals who look to social media, whether that be online forums or via platforms such as Instagram and Facebook, to promote stocks for financial products should take notice of today's court decision, Ms. Court said. Govinda will be released immediately on a five-year recognisance in the amount of $5,000 and will be fined $42,840."
Spritzer,I would think that with your history of the past couple of years covering only one company and giving continuous negative recommendations ASIC might form a view of "what is this person's agenda?. Not holding, advising others to not hold. Does this person want to see the stock take a tumble and create a buying opportunity? " I think that would not be an unreasonable attitude to have. Keep up the negative posts if you will, I wont be following your advises.
MM
OIL Price at posting:
9.0¢ Sentiment: Hold Disclosure: Held
