Man Tries To Bite Fitbit Stock, Ends Up in the Dock

frankbell · 06-01-2017, 11:25 AM

My local rag reports on a two-bit stock manipulator who got caught. I think you all might find it interesting because computer forensics played a role in tracking him down. Although the description of the computer forensics is not technical, it is a bit more detailed then normally seen in a newspaper.

The mope was trying to cause Fitbit stock to spike so he could cash in on some options.

https://pilotonline.com/news/local/c...56c3f8858.html

sundialsvcs · 06-01-2017, 12:31 PM

One wonders why the SEC immediately accepted the statement, and posted it as though it were genuine.

Did anyone, at SEC or elsewhere, even make any [international] phone-calls to the alleged buyer before publishing to the trade press that someone planned to buy the company?

Sure, this scam was easy to catch, but it also appears to me to have been much too easy to initiate, and it went too far without proper "due diligence."

frankbell · 06-01-2017, 09:24 PM

I suspect the SEC gets so many documents is likely so understaffed and dysfunctional that it tends to accept them if they look correct. Clearly this guy did his homework.

A more compelling observation is that the small fry get caught and charged and big fry get to retire with bonuses.