Idiot Award

If you plan to fax out bogus stocks tips to one million people, it’s a good rule to avoid faxing the Securities and Exchange Commission.

The SEC said that the original fax, handwritten by Yafa, appeared to be an urgent message from a financial planner intended for a client named “Dr. Mitchel.” The fax, sent on Dec. 15, 2004, recommended the purchase of shares of AVL Global Inc., saying that the price was about to triple.
Among the fax recipients was the commission’s San Francisco office, an apparently inadvertent slip, said Marc Fagel, the commission’s head of enforcement in the city.

Posted by on July 18th, 2005 at 5:19 pm


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