It's a wonder that Pump 'n Dump schemes continue to try and prey on unsuspecting investors. Although it's hard to imagine this stuff is legal, the frequency of penny stock solicitations in our inbox suggests these schemes are alive and well.
Every now and then, an email slips through that really offers some nice entertainment value.
The latest solication arrived last week, on 12/12/12 of all days for ticker symbol PFNI. You would think that the Psychic Friends Network Inc., of all companies, would have an edge in forecasting future stock price appreciation. We are not making this stuff up.
Just for kicks, a few days later, let's take a look at how PFNI is faring in the markets with its stampede of new investors. The yellow arrow points to the daily price candle on 12/12/12, when the spam – er marketing – email was received.
Instead of heading to the $1 level very soon, as prognosticated by Elliott Dobbs, esteemed publisher (but obviously not a psychic), we actually crater to nearly zero the past two trading days. You just can't make this stuff up.