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$59 Computer Scam

There is a “pump and dump” circulating about “The $59 Computer”. A pump and dump scam usually happens with penny stock trades. A stock that sells for pennies is purchased and hyped by a “research” firm. When the price goes up from the fraudulent hyping, the originator of the scam sells their stock. When they dump, the stock price takes a dive and the scammed investors lose their money.

The research firm hyping the “secret” stock is Stansberry & Associates Investment Research. The name of the company use to be Porter Stansberry, Agora Inc. Porter Stansberry was fined by the SEC for fraud.

“An investment newsletter’s publisher and its editor have been hit with $1.5 million in financial penalties after a U. S. federal judge determined they defrauded their own subscribers in a securities scam.”

They changed their name a couple times. On October 24, 2005 they changed to its current name of Stansberry & Associates Investment Research, LLC.

Beware of a newsletter that starts like this:
“The Biggest Revolution since the Internet?”
~MIT’s Technology Review New “$59 Computer”
Hitting Chinese Markets It’s not a laptop, PC, or any computer you’ve ever seen or used. But it’s now being used by more than 100 of the world’s largest corporations, the Canadian Government, and more than 10,000 small businesses. Its next stop could unleash billions of dollars – and transform one tiny U.S. company into a juggernaut.”

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