Swiss guy fined 20,000EUR for posting stock rumors on message boards

Posted on Monday, January 18 2010 @ 19:46 CET by Thomas De Maesschalck

French stock watchdog AMF (Autorité des marchés financiers) has levied a fine of 20,000EUR on a Swiss web surfer for spreading fake stock rumors about wind energy company Theolia.

Roland Testuz claimed to be an accountant who had studied Theolia's financial records for years, he repeatedly posted rumors on Boursica.com, a website for French investors, including messages that the company's management was cooking the books and paying sums of money to American companies that didn't exist.

The AMF ruled Testuz misled investors by posting 15 messages that contained false or misleading information. The case creates a precedent as it's one of the first times that an Internet user gets punished for posting wrong information.

Source: Les Echos

About the Author

Thomas De Maesschalck

Thomas has been messing with computer since early childhood and firmly believes the Internet is the best thing since sliced bread. Enjoys playing with new tech, is fascinated by science, and passionate about financial markets. When not behind a computer, he can be found with running shoes on or lifting heavy weights in the weight room.

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