Last Updated:2022/12/24
[…] Mr. Colt bought the stocks in advance of his tips and sold them at a profit as soon as his followers bid up the prices. The stocks then plunged back to earth, causing losses for unwary investors in what the S.E.C. called an updated version of the classic market manipulation known as a pump and dump.
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[…]
Mr.
Colt
bought
the
stocks
in
advance
of
his
tips
and
sold
them
at
a
profit
as
soon
as
his
followers
bid
up
the
prices.
The
stocks
then
plunged
back
to
earth,
causing
losses
for
unwary
investors
in
what
the
S.E.C.
called
an
updated
version
of
the
classic
market
manipulation
known
as
a
pump
and
dump.