Posted On: 04/08/2014 7:40:45 PM
Post# of 36729
Re: AmericanSavage #30633
I have no knowledge of that. The post was merely to consider a possible suspect with many shares to sell who can benefit from a pump and dump campaign.
Anyone holding free-trading shares is entitled to sell them. If the shareholder of free-trading shares is a control shareholder and/or affiliate, certain rules and restrictions can apply to the sale.
However, restricted shares are unregistered shares that cannot be sold on the open market without abiding by a prescribed holding period and other terms spelled out in SEC Rule 144. The post was in the way of reminding those orchestrating a pump-and- dump, in actuality illegal, about this "detail," as if they didn't know.
Pump and Dump
"A scheme that attempts to boost the price of a stock through recommendations based on false, misleading or greatly exaggerated statements. The perpetrators of this scheme, who already have an established position in the company's stock, sell their positions after the hype has led to a higher share price. This practice is illegal based on securities law and can lead to heavy fines."
Anyone holding free-trading shares is entitled to sell them. If the shareholder of free-trading shares is a control shareholder and/or affiliate, certain rules and restrictions can apply to the sale.
However, restricted shares are unregistered shares that cannot be sold on the open market without abiding by a prescribed holding period and other terms spelled out in SEC Rule 144. The post was in the way of reminding those orchestrating a pump-and- dump, in actuality illegal, about this "detail," as if they didn't know.
Pump and Dump
"A scheme that attempts to boost the price of a stock through recommendations based on false, misleading or greatly exaggerated statements. The perpetrators of this scheme, who already have an established position in the company's stock, sell their positions after the hype has led to a higher share price. This practice is illegal based on securities law and can lead to heavy fines."
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