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News: "Pump-and-dump spam nets scammers $20 million"

It’s nice to see that sometimes scammers get caught. I’d love to know what the 15 stocks were.

September 10, 2007 (Computerworld) — Federal authorities announced last week that members of a “pump-and-dump” spam group that bilked more than $20 million from naïve, overeager investors have all pleaded guilty.

Although four men admitted to the scam in July and August, the U.S. Department of Justice only disclosed the pleas last Thursday. All four face prison terms of between five and 10 years each on one or more counts of fraud. Two of the men have also pleaded guilty to civil charges filed by the U.S. Securities and Exchange Commission (SEC).

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