A few months ago I wrote a post critical of the hardline that the SEC took against Jonathan Lebed for so-called “pump & dump”. Lebed was a 15 years old at the time, and he was promoting penny stocks that he liked using bulletin boards and the like. It turned into a pretty lucrative trade for him, but the SEC made him pay a huge fine. I said that it was not right for them to go after some kid, when the people on Wall Street do this sort of thing all the time. Today, I think I found an example with one of the securities that I trade, Petrobakken.