Unique effort to increase stock value fails
In a story that should really be titled, “And just what was he thinking?” a 3Com investor has been arrested for threatening investment firms if the firms did not raise the price of 3Com’s stock and Navarre stock, both stocks he had invested in.
Last modified on Thursday, 20 September 2007 07:44
The man, an individual investor, sent 17 threatening letters and two bombs to various investment firms located in the Midwestern part of the United States, apparently in an attempt to threaten the firms into boosting the price of two stocks he had invested in.
The investor was a machinist from Dubuque, Iowa and had dubbed himself, “The Bishop” in the written threats and bombs he had sent. He was arrested and has been charged with violating federal U.S. laws to commit securities fraud, intention to extort, possession of an unregistered destructive device and using a destructive device while committing a violating crime.
We would say he’ll be going away for a long time and will have lots of time to ponder the technology stock market from Federal prison.