Tuesday, April 25, 2006

Turning the Tables on Scam Artists

Great article today in the New York Post on how Steve Kirsch, founder of Infoseek, turned the tables on some stock scamsters who were using junk faxes to push penny stocks. This is one of the few uplifting stories to come out of that slimy world.

The article recognizes the role of Floyd Schneider, a New Jersey mortgage broker who worked with Kirsch in exposing the scam, which recently resulted in indictments.

Schneider is an Internet activist who spends considerable time exposing stock scams, and is profiled in Wall Street Versus America. His reward? A string of ridiculous lawsuits, one of which is still pending.

One of the many genuine issues being neglected by regulators, and the media as well, is how outspoken investors are punished for speaking out on Internet message boards. "SLAPP suit" statutes have proven inadequate in dealing with this problem, which is a systemic issue in our legal system.

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Wall Street Versus America was published by Penguin USA on April 6.
Click here for its Amazon.com listing and here for more information on the book, from my web site.

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