Wall Street Fraud
Junk Fax Investment Fraud
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Editor: Debra G. Speyer, Esq.
Profession: Attorney
Category: Fraud in the News
The SEC filed a lawsuit against an investment advisor, BMA Ventures, Inc. and its president, William Robert Kepler for illegally obtaining $1.9 million in profits by sending out investment fax blasts recommending the purchase of a stock. What they did that was illegal was at the same time they were recommending the purchase of a particular security through the fax blast, they were secretly selling the stock. This is called "Scalping."
The SEC recommends that investors not readily rely on unsolicited investment newsletter and fax blasted letters which tout a particular stock that the promoter claims will take increase in value. Go to the SEC website at www.sec.gov/investor/pubs/junkfax.htm for information on junk fax blasts. The SEC also has some valuable information about unsolicited newsletters at its website at www.sec.gov/investor/pubs/cyberfraud/newsletter.htm.
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