| A century ago P.T. Barnum sagely told us, "A | | | | stoked by the bargain-basement price, |
| sucker is born every minute." At the time he | | | | investors flew to the stock driving its price |
| was, no doubt, correct. | | | | from $5 to $7.50 in minutes. With the aid of |
| | | | the many day traders on the exchange, who buy |
| No longer. In today's internet world, that | | | | quickly on rumor, the scam artist walked off |
| time-span has been cut back to every nana | | | | with a fast-buck haul of $520,000. Presto. |
| second. Now that spam has been somewhat | | | | Nothing more than a classic pump and dump, |
| curtailed, scam artists have moved their | | | | only taken out of the usual "pump" time |
| operations, largely, to internet bulletin | | | | frame, speeded up so that the whole thing |
| boards and chat rooms. That's all. A change | | | | would come to climax before law enforcement |
| of venue. Like maggots fried in hot grease, | | | | authorizes could even answer their phones to |
| they have moved, jumped, spread out, occupied | | | | take the inevitable complaints. Real. But, |
| many of these new communications centers. | | | | like a classic page from a legal thriller |
| | | | book. |
| This up-the-ante, beat-the-street move was | | | | |
| made necessary because state law enforcement | | | | Take a long look sometime. Observe all of |
| agencies, the SEC, and the FTC have, in | | | | the stock boards and news boards hanging in |
| recent years, set up teams to daily police | | | | cyberspace. As so many scam artists still |
| the worldwide web. With spam, being the most | | | | dance on the internet in a perpetual |
| obvious and easiest to detect, the scam | | | | spam-fest, this stock "guru" found a better |
| artists have been forced to a better, | | | | way. Whereas legendary con man, the Music |
| alternative outlet for their "avant-garde" | | | | Man's Professor Harold Hill, gave us 76 |
| visions. | | | | trombones, he put a little cha-cha-cha into |
| | | | the sax section. |
| With a chat room, nothing more than pulling | | | | |
| all the old con-lines out of mothballs and | | | | The SEC gets in upwards of 200 complaints a |
| reusing them is needed. With con-world | | | | day about illegal activity on the web. Most |
| tactics, they spiel out typical con-like | | | | pf these are stock scams. With fraud made |
| jargon, and reel in the usual high percentage | | | | this easy it should come as a heavy-booted |
| of suckers. Just like the good old days. | | | | reminder that this particular form of |
| | | | Scamology 101 should be featured in Scam |
| With bulletin boards--those Illusory walls | | | | School, for the benefit of all concerned |
| seemingly profaned by graffiti--it's a little | | | | watchdogs and law enforcers. |
| different. The scam artists are challenged. | | | | |
| Tactics and timing take greater emphasis. | | | | It's textbook. |
| Try this example on for size: | | | | |
| | | | With his imposing presence, elegant sartorial |
| A clever scam artist left a message on a | | | | style, and eloquent use of the language, the |
| prominent stock board that a small U.S. | | | | con man has evolved. And now, with his range |
| hi-tech company was about to be bought up by | | | | so widely expanded, your life as a potential |
| a European firm for $900.000.000. This was a | | | | target has expanded right along with it. |
| sum nearly double its market value. The | | | | Unless you count your age in elephant years, |
| posting had a link to another bulletin board | | | | you will most likely find yourself in his |
| which displayed a press release giving the | | | | cross-hairs at some moment in your life. |
| details. The press release was a phony, | | | | |
| placed there by the con man himself. His | | | | Prepare. Learn. Now is the time. Be ready |
| purpose was 1-track, to temporarily drive up | | | | for that cure-all elixir when it comes. |
| the price of the stock. With the temptations | | | | |