From: Ernest Weiler
Dear Ms. Nancy Morris,
I understand that you are considering a new SEC Rule to end the underhanded promotion of stocks by email spammers. I would like to see two steps included in such a rule.
1. As soon as emails are received from multiple, untraceable sources, a trading halt is placed on the respective stock BEFORE the pumpers have a chance to dump the bulk of their shares. The halt should remain in place until the parties who have accumulated large amounts of shares are identified and brought to justice, and specifically until the guilty have disgorged all the profits and paid compensation to innocent companies and their shareholders.
2. Since this type of activity is clearly a racket, the participants should be charged under RICO statutes if the SEC wants to end this activity. I was the victim of a paid 'stock tout' who flaunted the SEC rules and when he was finally convicted, he shared some of his loot with a lawyer who struck a deal with SEC Enforcement whereby the settlement was a mere fine without any admission of guilt. I believe the individual is leading a wonderful life now.
I sincerely believe that you can level the playing field for small investors with the proper action.
Best wishes and thank you,