Author of Bogus Press Release Busted

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A day trader who posted a fraudulent press release regarding Lucent Technologies earnings was arrested last week and could face a sentence of up to 10 years. The release, posted on a Yahoo message board as well as on a Lucent bulletin board, drove the stock down 3.6 percent. It claimed that Lucent was failing to meet expectations for its second-quarter earnings. Fred Moldofsky, the accused trader, allegedly posted the press release 20 times under various names.
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