Friday, January 14, 2011

50 Cent May See SEC Investigation


When I read earlier this week that 50 Cent Tweeted about a company he owned stock in and told all his followers to buy the stock too, I started the countdown to when the SEC decided to take an interest. I mean, the guy made almost $9M in one day getting people to buy the stock and telling them they would all make money too. Really? The company is for crap. The only reason anyone would buy the stock is because 50 told them too. Anyway, there are whispers the SEC is investigating his actions and apparently 50 spoke to his lawyers because he deleted the original Tweet and then told people they should never buy stock without consulting a financial advisor and learning about the company. Not that the SEC would really ever do anything. They probably want to investigate him so they can get his autograph and find out how often he has sex with Chelsea Handler. I bet she doesn't own any of the company.

14 comments:

timebob said...

honestly fiddy is just getting crazier and crazier with his tweets.

sunnyside1213 said...

Sad for the suckers that bought the stock.

timebob said...

My question is did he pump and dump the stock after the fans started buying.

Miss X said...

@Timebob, that's what it sounds like. If so, I'd say it's pretty likely 50 could face prison time. The SEC takes these things very seriously.

(I've been working in the Finance Industry for over 10 years).

HannahPalindrome said...
This comment has been removed by the author.
Treesap-Covered Lady, the Humanist said...

Yeah, I think I'll stick with my gold mine shares...

HannahPalindrome said...

Timebob-
I was thinking the same thing.
I can't see the SEC getting involved unless he dumped the stock.

Why would these idiots buy the stock based on his rec??

Sue Ellen Mishkey said...

Maybe he pumped up the stock to make more money for himself? Maybe this is a pyramid scheme?

I think he's too smart to pump and dump.

I vote scheme.

Barton Fink said...

He seems to get away with a lot. Remember the coke-snorting video?

jess said...

I say the people who invested in this company were so stupid that they deserved to lose their money, I mean 50 cent tells you to jump and you say how high? And I agree with Sue Ellen, this is a scheme.

MCH said...

The stock market makes my head spin.

So, if I am understanding correctly, him Tweeting about it is considered illegal b/c it's like the company paid him to Tweet to buy their stock? I wasn't aware you couldn't tell people what stock to buy as long as it wasn't someone on the inside. Someone please 'splain it to me.

P.S. That picture is ridic

RJ said...

I think the SEC would have to prove that he planned to "pump & dump" (buy the stock low, manipulative investors to buy and inflate the stock value, the sell the stock at it's inflated value) which could be done by investigating when he bought the stock. Also if he owns a substainal interest in the company or if he is a paid representative of the company, that could be considered inside trading. If he's questioned about it, he better come clean. Martha Stewart went to prison not because she was guilty of insider trading, but because she lied to the Feds about it. Fifty seems like someone who automatically lies when asked any question, so he very well may end up in prison.

selenakyle said...

Well, one can only hope.

lanasyogamama said...

I feel kind of embarrassed about my contribution to Fiddy's wealth by buying so much Formula 50 Vitamin Water, but it tastes soooooo good!