Reading back through this thread ... it was so long ago ... reminds me, it wasn't just the people in these companies, but the posters on sites just like this one. These scum are still doing what they did in companies such as Kaboko and Range Resources Ltd (RRS). They get close to the directprs and then post garbage on these sites as if it is fact. There is a sprinkling of facts in there, but nothing that constitutes "inside information", just a smattering of background information provided by the company director, that makes their online posts look like they have been fed information not available to the average share holder. They develop a cult status on the chat boards and soon develop a pattern of spruiking the share price up, when they sell into the rise. Then they go quiet and the share price falls, and they are madly buying back in.
It is happening on this site even today. I know of such a person who has developed real status amongst his followers on HC. In the past 12 months he has traded his holding in a certain company from 30 odd million to now well over double this amount. All the while he feeds little bits of information to rally support, says he is in constant contact with the company chairman. This gives his posts an air of legitimacy. I am sure the company director named would be recoiling at the suggestion he has passed on market sensitive information to this individual. Yet this is what is implied in his posts on HC. His screen name has disappeared from HC, maybe he was banned, but he appears to be cautiously still posting albeit under a new nom de plume.
Why do I mention this? Well he was doing the same thing when he was invested in RRS.
These people, the ones who participate in these online discussions, are worse than the thieves and scoundrels who are running these companies in my view because they can manipulate online opinion, yet they have no corporate responsibility, they are not subject to the same rules as directors. They are almost immune from prosecution by ASIC unless they are really stupid about what they post. They are teflon.
Greater anger should possibly be directed to these pieces of human detritus as they prey on other share holders to boost their wealth. When was the last time you saw one hauled before the courts?
