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Did MG Siegler just violate SEC laws by not disclosing if he owns Apple stock and telling thousands of his readers that Apple stock will continue to increase?
by apphacker 16y ago
Did MG Siegler just violate SEC laws by not disclosing if he owns Apple stock and telling thousands of his readers that Apple stock will continue to increase?
- hugh3 16y agoAre SEC laws that easy to violate? Hey everybody, I think Apple stock is going to continue to increase! I may or may not own Apple stock.
- apphacker 16y agoYes, I think so. People have been forced to settle with the SEC for comments made on forums for example. http://news.cnet.com/SEC,-teen-settle-Net-stock-scheme-case/2110-1017_3-933247.html http://news.cnet.com/SEC,-teen-settle-Net-stock-scheme-case/...
- hugh3 16y agoCrud. Well in that case... hey everybody, I don't own any Apple stock!
- jedberg 16y agoI own a fund that owns shares of every public company on the market (VTI). Does that mean I have to say "I own this" any time I talk about stock?
- werrett 16y agoThe diference between a managed fund, where you're just investing in a basket that someone else controls, and a self-direct investment defines went to disclose or not.
- ekanes 16y agoIt makes sense. Without a law like that, people with circulation/influence could manipulate the markets by buying, boosting and selling.
- windsurfer 16y agoThat's a pretty crappy design.
- eru 16y agoJust buy some of everything (index fund), and always put the disclaimer in, and it will become meaningless. (Or do you have to reveal your net position, with shorts netted against longs?)
- ryanwaggoner 16y agoPerhaps he doesn't own the stock. Surely you can't be forced to disclose if you have no financial interest, right? If so, HN is a treasure trove of SEC violations :)
- deleted 16y ago[deleted]