> Witness the recent SEC conviction of StockGeneration. > > SEC wrote: > > According to the SEC's complaint, the website described the > > StockGeneration program as a "virtual stock exchange" in which > > participants could buy and sell "virtual shares" in several "virtual > > companies" at prices set by SG. The website stated that the share > > price of one company, identified as "Company #9" or the "Privileged > > Company," would generate a risk-free, guaranteed return of 10% per > > month, or 215% per year. The complaint alleged that in April 2000, > > SG unilaterally reduced the virtual share prices by nearly 100% and > > stopped honoring investors' requests to redeem their virtual shares > > and recover their money.
Just FYI, Stock Generation was a game -- it was never a serious stock market. They had a gambling license displayed on their website. All the companies were fictitious, and they made no pretense otherwise. Their violation came when they 'promised' certain profits when the players did certain things. Then, they reneged on the promises, and took money out of players 'cash balances'. These were the accusations against Stock Generation. Unfortunately, there were no criminal prosecutions, and the people are back, making money in another game at http://www.magicmoneygame.com/ . Craig --- You are currently subscribed to e-gold-list as: [EMAIL PROTECTED] To unsubscribe send a blank email to [EMAIL PROTECTED] Use e-gold's Secure Randomized Keyboard (SRK) when accessing your e-gold account(s) via the web and shopping cart interfaces to help thwart keystroke loggers and common viruses.
