Financial Blogger Gets Indicted by SEC

In a species of high-water mark for financial blogging, the first blogger of whom I am aware was arrested yesterday on charges that he had failed to disclose that “he received more than $1 million in cash and stock from a marketing company whose shares he promoted.” Courtney Smith, who had appeared on CNBC, CNN, and Bloomberg Television, has himself in a tricky spot:

Mr. Smith promoted the stock of GenesisIntermedia, which is now defunct, as a “very hot speculative pick” and “very cheap from my perspective” in television appearances from late 1999 to mid-2001, according to the indictment. Unknown to viewers, Mr. Smith had received $100,000 cash and company shares valued at $1.2 million, the indictment said.

On a more ironic note, I’m sure he’ll now have more time to develop his ideas on fighting entropy.

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