SEC stops trading on three over-the-counter stocks after email spam Thursday, October 04, 2007; Posted: 02:40 PM
WASHINGTON, Oct 05, 2007 (Thomson Financial via COMTEX) --
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PowerRating -- The Securities and Exchange Commission today suspended stock trading in three over-the-counter companies for 10 days in order to blunt attempts to talk up the value of the companies' stock through email spam.
The SEC stopped trading in Alliance Transcription Services Inc (ATSS), Prime Petroleum Group Inc (PMGU), and TW Christian Inc (TWCI).
Since earlier this year the SEC has tried to crack down on emailed notices encouraging stock purchases by stopping trading on the companies named until adequate public information about the companies has been disclosed.
All three of the companies trade on the Pink Sheets -- the electronic over-the-counter stock service for companies not listed on a major exchange. The SEC said all three companies changed their names on Aug 14 and have yet to disclose their assets, business operations and other information, making them "susceptible to spam stock promotions".
