Naked Shorting Promoter Goes on the Lam
A little Internet radio outlet called MN1.com has served as one of the primary megaphones for the naked shorting conspiracy nuts, notably Overstock.com's screwy CEO Patrick Byrne (left) and Richard A. Altomare (below), the larcenous ex-CEO of Universal Express, who has gone in and out of jail in his role as a leading naked shorting troubadour.
Crooks stick together, and it was no great surprise that Byrne and Altomare appeared on MN1.com not long before the site's founder, Joshual Lankford, received widespread publicity for participating in pump-and-dump schemes. Lankford was barred for life by FINRA in October 2007.
Byrne helped boost listeners for the crook-run MN1.com, feeding naive boobs to its pump-and-dump schemes, by offering a "Club O
membership worth $29 to listeners to his MN1 rant. All references to this support of the MN1 scam have been nuked from the Internet, but a reference to it can be found here.
Well, their pal Lankford is in trouble. He was slammed with a federal court indictment yesterday, and according to an AP dispatch is considered a fugitive from justice.
Not to worry. Lankford (left) has taken the naked shorting nuts under his wing when they were most desperate for publicity, so I am sure that many of the stock market conspiracy theorists would be happy to reciprocate now that he is in need.
© 2009 Gary Weiss. All rights reserved.