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SEC probes lies about SPAR Group.

Publication: Westchester County Business Journal
Publication Date: 10-JAN-05 		Format: Online
Delivery: Immediate Online Access
Full Article Title: SEC probes lies about SPAR Group.(Securities and Exchange Commission)

Article Excerpt
Lies posted-on Internet message boards for investors portrayed SPAR Group Inc. of Tarrytown in a falsely positive light in late November and early December when the company's stock price and trading volume briefly soared.

The marketing services company announced Dec. 22 that it was helping the federal Securities and Exchange Commission.

A spokesman for the SEC refused to confirm or deny the existence of an investigation, citing agency policy.

SPAR officials said that on Nov. 30, someone fabricated a news release to tell investors on a Yahoo Finance message board that SPAR was expecting a large monetary award from a lawsuit. The writer of the posting lied that Business Wire, a company that distributes news releases over the Internet, had sent out the statement.

On Dec. 3, another posting on the same message board provided readers with excerpts of a phony Associated Press article claiming that SPAR was entering into a business deal.

On both days, officials of the 37-year-old company informed Yahoo that lies had been posted on the message boards, and Yahoo removed the messages, said Charles Cimitile, SPAR's chief financial officer.

The postings didn't harm SPAR, but they...

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