OnlyCritiques.com Review:

The growth of stock trading on the Internet is due to the immediacy offered by online trading, and greater participation because people can get involved anywhere and everywhere at the click of a button. A common stock trading scam functions by touting "advance information" of thinly traded stock via newsletters, e-mail, bulletin boards, chat rooms and instant messaging. The spammers acquire stock of a little known company and hype the price of its shares it past its true worth. When it is “pumped” up to a good value, the “promoters” then “dump” the stock, that is, sell at a higher price, thereby making profit and leaving the investors at a loss.

Usually it is a penny stock with little research or analyst coverage. The value of the shares is low and their availability limited, even small buying waves raise the market value of the stock to unreasonable heights, and the spammer then is able to sell his stock at a profit. Often, the companies involved are not even aware of what is happening.

Over the last year, the Securities and Exchange Commission has taken action against numerous companies that work primarily online and engage in pump-and-dump schemes. Some of them include Stockstowatch, and its president, Steven A. King, who reaped more than $1 million by unloading the stocks of five microcap companies in e-mails. The Future Superstock Internet newsletter and its author Jeffrey C. Bruss told more than 100,000 subscribers that some 25 microcap stocks would double or triple in value. Another company, Sloan Fitzgerald, sent more than six million "spam" e-mail messages touting two small, thinly traded companies in an online newsletter and website. Even a 15-year old managed to make $273,000 by running such a scam.

However, there are laws to check fraudulent networks, yet most go undetected as deals on the Internet secure the anonymity of such scammers. The only way to avoid getting trapped is not falling for e-mail spam, and doing thorough research before investing in any stock.

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