Editing Pump and dump (section)

====Jonathan Lebed====
During the [[dot-com bubble]], when the stock-market fever was at its height and many people spent significant amounts of time on stock Internet message boards, a 15-year-old named [[Jonathan Lebed]] allegedly used the Internet to run a successful pump and dump. Lebed bought penny stocks and then promoted them on message boards, pointing at the price increase. Allegedly, when other investors bought the stock, Lebed sold his for a profit, leaving the other investors [[Bagholder|holding the bag]]. He came to the attention of the [[U.S. Securities and Exchange Commission]] (SEC), which filed a [[civil suit]] against him alleging [[Market manipulation|security manipulation]]. Lebed settled the charges by paying a fraction of his total gains. He neither admitted nor denied wrongdoing, but promised not to manipulate securities in the future.<ref>{{Cite news |url=https://www.nytimes.com/2001/02/25/magazine/25STOCK-TRADER.html?pagewanted=all |title=Jonathan Lebed: Stock Manipulator, S.E.C. Nemesis – and 15 |last=Lewis |first=Michael |date=February 25, 2001 |newspaper=The New York Times}}</ref>