L.A. men charged with online securities fraud

Summary:LOS ANGELES -- Two Los Angeles-area men, one a former UCLA student, have been charged with securities fraud for allegedly artificially inflating a company's stock price by posting false information about the firm in Internet bulletin boards. The defendants allegedly made $370,000 after buying shares of a company called NEI Web World at 13 cents a share and then selling them for as much as $15, after they said on bulletin boards that LCG Wireless Inc.

LOS ANGELES -- Two Los Angeles-area men, one a former UCLA student, have been charged with securities fraud for allegedly artificially inflating a company's stock price by posting false information about the firm in Internet bulletin boards. The defendants allegedly made $370,000 after buying shares of a company called NEI Web World at 13 cents a share and then selling them for as much as $15, after they said on bulletin boards that LCG Wireless Inc. planned to buy the company. More to follow. -- Lisa M. Bowman, ZDNet News

Topics: Tech Industry

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