Netroots A-Lister Settles with SEC
Jerome Armstrong, one of the big guns of the Leftist Netroots, agreed to pay the government $30,000 to settle charges of stock pumping. Allahpundit reminds us that
You’ll recall, I hope, that this “non-story” was allegedly the subject of a Townhouse communique last year from the Chairman himself, who urged the illuminati on the cc list to kindly keep their fat mouths shut about it. And darned if those irrepressible truth-speakin’ morons didn’t comply.
Remember this when Armstrong or his buddy Markos Moulitsas complain about Republican/conservative corruption.
UPDATE: Here’s an added bonus the SEC litigation release where we learn Armstrong was accused of touting
the stock of BluePoint Linux Software Corporation (“BluePoint”) by posting unsubstantiated, favorable buy recommendations on the Raging Bull internet site. Armstrong posted over eighty such recommendations during the first three weeks that the stock of BluePoint was publicly traded. According to the Complaint, Armstrong praised BluePoint’s investment value and encouraged investors who were experiencing trouble having their orders filled to keep trying. The Complaint further alleged that the promoters of BluePoint were secretly transferring stock in three other companies to Armstrong at prices below the then current market for those three stocks and that Armstrong made at least $20,000 by selling the shares he received from the promoters of BluePoint. The Complaint alleges that Armstrong did not disclose in his internet postings that he was being compensated for making the postings.
[via memeorandum]
Never heard of the guy. I think “A-lister” is a little bit of a stretch.