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SEC May Go Online To Alert Public To Scams
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Published: September 27, 2007
WASHINGTON - U.S. securities regulators are studying a new method to fight fraud through online postings of investor complaints.
The Securities and Exchange Commission announced the online initiative Wednesday. It will seek public comment for 30 days.
The SEC said it hopes the approach will give retail investors a new tool to avoid scams and questionable investment solicitations by high-pressure 'boiler room' operations that are not registered with federal regulators.
SEC chairman Christopher Cox said the initiative, called Public Alert: Unregistered Soliciting Entities, or PAUSE, will post information on the SEC's Web site about solicitations that have generated investor complaints, including 'fictitious government agencies and international organizations.' It also will warn of offers by scammers posing as SEC-registered firms, using similar names or addresses.
The Associated Press
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