Today marks the death of big paid stock promotions run by opt-in email stock promoters. The number and effectiveness of the big promoters had been declining for years, with numerous SEC trading suspensions, lawsuits against promoters, lawsuits against gatekeepers (brokers and lawyers), and criminal prosecutions. First went BestDamnPennystocks, then Awesomepennystocks, then StockTips. The number of lawsuits against lesser stock promoters over the last few years is too high to count.
Today’s suspension of trading in the FinestPennyStocks pump Midwest Oil and Gas (MWOG) after their previous pump BRKO had also been suspended should end the effectiveness of this stock promoter and leave the US markets with no truly effective stock promoters. Perhaps the most interesting thing is that FinestPennystocks has connections to AwesomePennystocks and Eric Van Nguyen — so it is not surprising that they were targeted by the SEC but only surprising that they were targeted so slowly.
MWOG will resume trading on the grey market on May 23rd. The reason for the trading suspension was “recent, unusual and unexplained market activity in the company’s stock taking place during a suspicious promotional campaign.”
SEC Trading Suspension (PDF)
SEC Trading Suspension Order (PDF)
Big budget snail mailer stock promotions have almost completely ceased over the last few years; from scores per year in 2013 to only one effective big budget mailer last year (Nugene International, NUGN, endorsed by Kathy Ireland). This all started back in 2013 with the SEC suspension mid-pump of Biozoom (BIZM) and the creation of the SEC’s microcap task force.
For the record, here are all the websites of which I am aware that are affiliated in some way with FinestPennystocks (whether by having promoted the same stocks or having the same IP address as websites that have promoted these stocks):
There were a number of stock promotions that both the FinestPennystocks and ElitePennystock websites promoted and a number that only one or the other group promoted.
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