Georgia teen settles bogus online posting case

WASHINGTON - A Georgia teenager settled a Securities and Exchange Commission proceeding today in Washington, claiming he posted a bogus news story on Internet message boards last month to boost shares of Viragen International Incorporated. <br> <br> Viragen, a biotechnology company, is based in Plantation, Florida. <br> <br> Benjamin Snyder, a 17-year-old high school student, settled the matter without admitting or denying SEC allegations he created a fake Bloomberg.com news article reporting that the Food and Drug Administration had approved a Viragen International drug to treat anthrax. <br> <br> The bogus news story, which carried the name of a real Bloomberg reporter, said Viragen&#39;s stock was expected to multiply six- or seven-fold. <br> <br> The SEC says Snyder used a computer at the Lawrenceville, Georgia public library on May 13 to spread the fake report. <br> <br> Stark said Snyder&#39;s attempts to manipulate the stock market and evade detection by using the library&#39;s computer failed completely. <br> <br> Snyder admitted to the alleged scheme and, since he made no profit on it, the SEC didn&#39;t impose any fine or require him to fork over any ill-gotten gains. <br> <br> Snyder settled the SEC administrative proceeding by agreeing to a cease-and-desist order.

http://accesswdun.com/article/2002/6/193190