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Monday, May 7, 2007

Dusty & 'the boys' II

Secrets of the Black Budget Scandal



The company which owned the DC9 airliner caught carrying 5.5 tons of cocaine at an airport in Mexico's Yucatan last year was also engaged in a massive "pump and dump" stock fraud scheme which involved a network of companies, including scandal-ridden San Diego defense contractor Titan Corp.

Titan was one of a group of companies which issued a steady drumbeat of phony press releases a concerted effort to pump up the price of the stock of SkyWay Aircraft of St Petersburg, FL. The press releases announced multi-million contracts for SkyWay products which didn't exist, or trumpeted major deals with SkyWay which never took place.

The goal of the scheme was to inflate SkyWay's stock price--the pump--in advance of a massive sell-off--the dump-- by company insiders.

FULL STORY