FRAUD / Hook, Line & Sinker – case of suspected fraud involving online information about Thermo Tech Technologies om British Columbia – Brief Article
William D. Jr. Webb
THE HOOK: On Raging Bull’s Web site on Saturday, February 12, “scsssi” writes: “There are a considerable number of exceptional new developments at Thermo Tech…. Thermo Tech is going ballistic on Monday! … Get in before the stock goes way up.” Based near Vancouver, B.C., Thermo Tech Technologies trades on Nasdaq’s OTC Bulletin Board,
THE LINE: According to Bloomberg News, a Thermo Tech news release on February 14 stated that American Express Investment Resource Center had chosen it as the company with the best projected stock-price gain for the next four months. The stock’s price rose as much as 612% over the next two days, to a high of 89 cents a share.
THE SINKER: American Express made no such projection, and a spokesman says it has no knowledge of Thermo Tech Technologies. Thermo Tech’s Web page no longer exists, and e-mails and calls to the company weren’t answered. On February 17 the price dropped to 25 cents and continues to hover near that mark.
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