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8/25/14

The Jemi Fibre (JFI.v) pump and dump scam: What Bobby Genovese can do for your investment portfolio

Do you know what my favourite bit of this 2014 class action suit brought against Bobby Genovese and his bunch of scoundrel friends is? It is hard to choose, but on balance it's probably this bit:
Genovese is a penny stock promoter and is notorious for operating on the fringes of the financial markets, making tens of millions of dollars by touting and manipulating penny stocks. He uses television programs, newsletters, false and misleading press releases, and emails to pump up stocks, urging the public to invest in these stocks at artificially inflated prices, driving the stock prices higher; Genovese then dumps large blocks of the stock, which he has acquired at extremely low prices, at the artificially inflated prices created by the schemes, profiting millions of dollars in the process. When Genovese dumps his large blocks of stock, the stock price plummets leaving the general investing public with huge losses.
That whole document is a great read, by the way. And before leaving, a quick mention as to how you'd be amazed how many hits this blog's been getting from Haywood Securities ever since we started shining light on Bobby G and his nefarious ways at Jemi Fibre (JFI.v) last week. Wonder why that might be?