Business
15-year-old cited in Net fraud
The Securities and Exchange Commission has settled civil fraud charges against a 15-year-old boy who the SEC said forced up prices of thinly traded stocks by posting messages on Yahoo! Inc.
The Securities and Exchange Commission has settled civil fraud charges against a 15-year-old boy who the SEC said forced up prices of thinly traded stocks by posting messages on Yahoo! Inc. (yhoo)
message boards.
The SEC said that Jonathan G. Lebed, Cedar Grove, N.J., made $272,826 in illegal profits.
Lebed, who didn't admit guilt in agreeing to the settlement, agreed to forfeit his proceeds and pay interest of $12,174, the SEC said. -- ZDNet staff