SEC Nails Alleged Stock Cheat

     FORT MYERS, Fla. (CN) – The SEC says a trader made $29,000 by faxing a phony press release to media outlets stating that WCI Communities had received a $220 million buyout offer. Richard Karp dumped 42,000 shares when the stock price rose on the phony news, which Karp made to appear came from WCI, according to the federal complaint.

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