Author of Bogus Press Release Busted

Share this article:
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.
Share this article:
You must be a registered member of Direct Marketing News to post a comment.

Sign up to our newsletters

Follow us on Twitter @dmnews

Latest Jobs:

More in News

Customer Centricity Is Spurring Marketing-Tech Investments

Customer Centricity Is Spurring Marketing-Tech Investments

A majority of marketers rank customer satisfaction improvements as paramount in the technology investment decisions.

Big, Bold Moves in the C-Suite

Big, Bold Moves in the C-Suite ...

JCPenney appoints Home Depot's Marvin Ellison as CEO; Harte Hanks and JWT add hitting power to their C-level benches

Campaign Comes to the States

Campaign Comes to the States

DMN's UK-based sister publication launches Campaign US