Medallion Financial allegedly used pseudonyms to place bogus stories in The Huffington Post, SeekingAlpha, TheStreet.com, and other sites.
just how far one firm, New York’s Medallion Financial, was willing to go to stay relevant., the SEC accused the company, and CEO Andrew Murstein, of partnering with a California media strategy company called Ichabod’s Cranium to place fabricated positive stories in major publications using fake identifies in a desperate attempt to boost the company’s stock price. Those stories allegedly found their way onto prominent sites like The Huffington Post, SeekingAlpha, and TheStreet.com.
“Murstein allegedly paid for more than 50 articles and hundreds of positive comments, which were really paid advertisements placed across the web in an effort to deceive investors about the value of Medallion’s stock,” SEC Director of the New York Regional Office Richard Best said in a statement. In addition to paying for articles, the SEC accused Medallion of pressuring investment banks to inflate Medallion Financial’s value. “Companies also cannot shop for higher valuations when there is no evidence to support them,” Best added.
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