Microcap Stock Fraud in Popular Culture
Microcap stock fraud has been explored in several books and movies.
A book that explored microcap fraud was the 2003 book Born to Steal by Gary Weiss. It described the microcap underworld of the 1990s through the eyes of a young broker named Louis Pasciuto. Although the book focuses on Mafia infiltration of brokerages, it also describes in detail the operation of microcap fraud.
Microcap fraud was explored in the anonymously written books License to Steal and in The Scorpion and the Frog. Both books explore pump and dump schemes in some detail but, unlike Born to Steal, do not provide the real names of the specific firms and people described.
This kind of fraud has also provided the title for a book by Robert H. Tillman and Michael L. Indergaard called Pump and Dump: The Rancid Rules of the New Economy.
A fictional account of pump and dump schemes can be seen in the movie Boiler Room. According to press accounts, the director and writer of the film worked briefly as a cold-caller for the Stratton Oakmont brokerage house, which was shut down by regulators in the late 1990s.
A pump and dump scam was also the subject of several episodes of the popular HBO series, The Sopranos, pulled off by Matthew Bevilaqua and Sean Gismonte.
On an episode of the legal drama Law & Order, entitled "Trade This," the murder of a young stockbroker at a prestigious firm is found to be related to his boss's involvement in several pump and dump scams financed by members of a Mafia crime family. Similarly, in the franchise's first computer game, Law & Order: Dead on the Money, the victim is a female stockbroker who was being investigated for a pump and dump scam involving a biotech company's suspicious IPO.
This strategy was also fictionalised by Jeffrey Archer in his book Not a Penny More, Not a Penny Less.
Read more about this topic: Microcap Stock Fraud
Famous quotes containing the words stock, fraud, popular and/or culture:
“I have, thanks to my travels, added to my stock all the superstitions of other countries. I know them all now, and in any critical moment of my life, they all rise up in armed legions for or against me.”
—Sarah Bernhardt (1844–1923)
“There exists in a great part of the Northern people a gloomy diffidence in the moral character of the government. On the broaching of this question, as general expression of despondency, of disbelief that any good will accrue from a remonstrance on an act of fraud and robbery, appeared in those men to whom we naturally turn for aid and counsel. Will the American government steal? Will it lie? Will it kill?—We ask triumphantly.”
—Ralph Waldo Emerson (1803–1882)
“I do not see why, since America and her autumn woods have been discovered, our leaves should not compete with the precious stones in giving names to colors; and, indeed, I believe that in course of time the names of some of our trees and shrubs, as well as flowers, will get into our popular chromatic nomenclature.”
—Henry David Thoreau (1817–1862)
“I wish to speak a word for Nature, for absolute freedom and wildness, as contrasted with a freedom and culture merely civil,—to regard man as an inhabitant, or a part and parcel of Nature, rather than as a member of society. I wish to make an extreme statement, if so I may make an emphatic one, for there are enough champions of civilization: the minister and the school committee and every one of you will take care of that.”
—Henry David David (1817–1862)