By: Staff Reports
College Student Formerly Worked At Internet Wire
A former Internet Wire employee was arrested yesterday for allegedly
distributing the phony press release last week that sent Emulex Corp.’s
stock tumbling, The Associated Press reports.
Mark Jakob, 23, a college student from El Segundo, Calif., was accused
of making nearly $250,000 from the stock after news reports reported
the bogus release. The false information was picked up by Bloomberg,
Dow Jones Newswires and other outlets and the company’s stock market
value plunged by $2 billion.
Emulex’s stock has since regained most of its losses from the incident.
The FBI alleges that Jakob sent the phony release to Internet Wire from
a computer at El Camino College.
Los Angeles-based Internet Wire distributes corporate information to
reporters and investors.
NEWS WIRES RED-FACED AFTER EMULEX STOCK HOAX (08/28/00)
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