[mage lang="" source="flickr"]the penny stock robot[/mage]
Is it possible to trace purchases made on the stock market? Is there a record kept of every transaction?
Just wondering because I saw a scam where you pay 1000 dollars for a “robot” that would scan penny stocks and let you know when they would blow their tops, gaining 200% overnight. They even showed charts. I know this is a “pump and dump” scam, but is there a way to track out exactly who the buyer was? Over all the millions of transactions every day, is there some kind of master record recording each buyer and seller?
Update: Just to clarify, I am talking about a specific instance of a stock that went from 60 cents to 3 dollars overnight and quickly dropped. The average volume was originally about 20 contracts a day or something.
Brokerage houses keep records of each transaction they process, and the SEC and related regulators have access to all of these records. These are used in investigations into illegal trading and are not available for the public to review.
Regarding tracking the buyer and seller of the suspicious stock, I think you’re out of luck. If you think there was something underhanded the SEC does have a web page to collect tips at http://www.sec.gov/complaint.shtml
Tim Sykes Parody – He’s the penny stock millionaire guy