RealNews

SEC Accuses Minnesota Internet Spammer of Fraud

The Securities and Exchange Commission said on Thursday it sued a “professional Internet spammer” from St. Paul, Minnesota, who allegedly used the Web to commit securities fraud. Samuel Meltzer, 37, sent millions of unsolicited e-mails and created Web sites to promote penny stocks in exchange for compensation from stock promoters and companies, the SEC said in a civil complaint filed on Tuesday in Brooklyn, New York. The e-mails and Web sites made false and misleading statements about the stocks he helped promote, it added. Between 1998 and 2001, Meltzer touted the stocks of at least twelve Bulletin Board companies and received at least $159,619 in stock and cash as ill-gotten gains as a result of his fraudulent conduct, the suit claimed. The SEC wants him to hand over the money he allegedly made and fine him, among other things. Full Story

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