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SEC busts 27 over ‘independent’ stock commentary that was anything but

The SEC has charged 27 individuals and entities for allegedly posting bullish articles about public companies on the internet under the guise of impartiality.

By Melanie Waddell | Updated on April 11, 2017
More than 250 articles specifically included false statements that the writers had not been compensated by the companies they were writing about, the SEC alleges. (Photo: Getty)

The Securities and Exchange Commission said Monday that it has brought enforcement actions against 27 individuals and entities for carrying out various alleged stock promotion schemes that left investors with the impression they were reading independent, unbiased analyses on investing websites while writers were being secretly compensated for touting company stocks.

The SEC said that it filed fraud charges against three public companies and seven stock promotion or communications firms as well as two company CEOs, six individuals at the firms, and nine writers. 

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