全文翻译 | 美国证监会再发公告：警惕上市公司利用ICO“拉高出货”、操纵市场

8月28日，SEC发布了关于投资者的ICO预警公告（Investor Alert: Public Companies Making ICO-Related Claims）（以下简称“公告”）。公告指出，投资者要警惕上市公司利用ICO抬高股价的行为。公告还指出了可能导致停牌交易的情况，解释了上市公司如何利用ICO抬高公司股价并对投资者提出了投资建议。

此前，SEC曾发布关于ICO的投资者公告，介绍了ICO的背景、参与ICO时需要注意的问题等信息。

以下为公告翻译及原文。

2017年8月28日

美国证券交易委员会投资者教育和宣传办公室正在让投资者警惕ICO的风险：与ICO有关的上市公司股票或者正在进行ICO的公司存在诈骗的可能。欺诈者们经常利用新兴技术诱惑、说服潜在受害者进入投资骗局。欺诈行为包括声称能够让投资者接触新兴技术的上市公司在股票市场上的“拉高出货”和市场操纵行为。

近期的停牌交易

越来越多的开发者、企业、个人正在使用ICO——也被称为虚拟货币者代币的发行或者销售——来筹集资金。这种筹资方式引起了媒体的关注。虽然这种活动可能提供了公平合法的投资机会，但是可能会出现公司发行ICO或者虚拟货币/代币而影响到公司普通股股价的情况。

当SEC认为需要停牌交易来保护投资者和公众利益时，SEC可能会停止股票的交易。可能导致停牌交易的情况包括：

-缺少公司当前的、准确的或充分的信息——例如，公司在较长时间内没有提交任何定期报告；

-公司公开的关于目前经营状况和财务状况的信息的准确性存在问题，包括公司新闻稿和报告中提供的信息；或者

-公司的股票交易存在问题，包括内幕交易、潜在的市场操控和清算、结算股票交易的能力。

最近，SEC暂停了一些声称正在投资ICO或者兜售虚拟币/代币的股票发行人的普通股的交易。停牌交易的公司包括First Bitcoin Capital Corp., CIAO Group, Strategic Global和SunshineCapital。

当股票交易停牌后，投资者需要非常谨慎地考虑该股票。停牌交易是预警可能的空壳欺诈的一种迹象（微型股是低价格、低交易量的股票，其中一些是仙股和/或者纳米股）。如果目前不能获得关于公司和公司股票的可靠信息，投资者应该认真思考投资该股票的风险。有关停牌交易的更多信息，请参见我们的投资者公告：投资SEC停牌交易后的股票——要意识到风险。

“拉高出货”和市场操纵

欺诈者寻求利润的一种方法是市场操控，比如，通过散布有关公司的错误或者误导性的信息（通常是微型股）影响公司股票的价格。他们可能以不同的方式传播有关股票的谣言，包括通过公司网站、新闻稿、垃圾邮件、社交媒体、公告牌和聊天室散布。散布的信息可能是对公司有利的或者不利的。

例如，“拉高出货”通过对市场进行虚假和误导性的声明向市场兜售公司的股票，以此来操控公司股票的价格和交易量。“拉高出货”通常出现在互联网上。在互联网上，经常可以看到催促读者快速购买股票或者在股价下跌前出售股票的信息，或者是发起者采用同样的语调进行号召。事实上，这些信息的作者可能是公司内部人士或者是付费的发起者，他们通过出售因他们制造的购买狂潮而被“抬高”价格的股票来获利。一旦这这些欺诈者“售空”他们的股票并停止炒作股票后，股票的价格通常会下降，投资者失去了资金。了解更多欺诈情形，请参见我们更新的投资者警告：欺诈股票促销。

给投资者的建议

-在购买股票之前，先研究一下公司，尤其是在公司股票交易停牌以后。要考虑公司的财务状况、组织架构和商业前景。这些信息一般都包括在公司提交给SEC的文件中，这些文件是免费提供的，投资者可以在EDGAR档案系统中找到。

-有些公司不需要向SEC提交报告。这些公司被称为“不报告”公司。投资者应该意识到购买这类公司股票存在的风险，因为没有当前的和准确的信息可以让投资者做出明智的决策。

-投资者也应该自己研究并意识到网络博客、社交网站甚至公司网站发布的信息可能是不准确的，有潜在的故意误导的可能。

-要格外小心股票促销，包括跟新技术有关的股票，如ICO。当心以下可能的与ICO欺诈相关的迹象：

——公司有普通股票交易并声称进行ICO是“符合SEC的监管要求的”，但没有解释它是如何遵守SEC的证券交易法；或者

——公司有普通股票的交易并声称通过ICO或者从事ICO相关的商业活动来筹集资金，但使用含糊或者无意义的术语进行描述或者使用未明确的技术或者法律术语。

-当心以下可能的空壳欺诈的迹象：

——SEC暂停了证券的公开交易或者同一发起人发起的其他证券的公开交易；

——作为促销活动，同时发生股票价格上升和交易量增长的情况；

——通过新闻发布和促销活动宣布基本上不会发生的事情（比如，多次发布初步交易和协议的通告；与没有明确指定的合作伙伴的交易通告；使用夸张语言的通告）；

——公司没有真正在运作的业务（几乎没有资产，或者收入极少）；

——公司发行了大量股票但公司资产却没有增加；

——频繁更换公司名字、管理人员或者业务类型。

原文链接：

https://www.investor.gov/additional-resources/news-alerts/alerts-bulletins/investor-alert-public-companies-making-ico-related

Investor Alert: Public Companies Making ICO-Related Claims

08/28/2017

The SEC’s Office of Investor Education and Advocacy is warning investors about potential scams involving stock of companies claiming to be related to, or asserting they are engaging in, Initial Coin Offerings (or ICOs). Fraudsters often try to use the lure of new and emerging technologies to convince potential victims to invest their money in scams.  These frauds include “pump-and-dump” and market manipulation schemes involving publicly traded companies that claim to provide exposure to these new technologies.

Recent Trading Suspensions

Developers, businesses, and individuals increasingly are using ICOs – also called coin or token launches or sales – to raise capital.  There has been media attention regarding this form of capital raising.  While these activities may provide fair and lawful investment opportunities, there may be situations in which companies are publicly announcing ICO or coin/token related events to affect the price of the company’s common stock.

The SEC may suspend trading in a stock when the SEC is of the opinion that a suspension is required to protect investors and the public interest.

Circumstances that might lead to a trading suspension include:

-A lack of current, accurate, or adequate information about the company – for example, when a company has not filed any periodic reports for an extended period;

-Questions about the accuracy of publicly available information, including in company press releases and reports, about the company’s current operational status and financial condition; or

-Questions about trading in the stock, including trading by insiders, potential market manipulation, andthe ability to clear and settle transactions in the stock.

The SEC recently issued several trading suspensions on the common stock of certain issuers who made claims regarding their investments in ICOs or touted coin/token related news.  The companies affected by trading suspensions include First Bitcoin Capital Corp., CIAO Group, Strategic Global, and Sunshine Capital. 

Investors should be very cautious in considering an investment in a stock following a trading suspension.  A trading suspension is one warning sign of possible microcap fraud (microcap stocks, some of which are penny stocks and/or nanocap stocks, tend to be low priced and trade in low volumes).  If current, reliable information about a company and its stock is not available, investors should consider seriously the risk of making an investment in the company’s stock.  For more on trading suspensions, see our Investor Bulletin: Trading in Stock after an SEC Trading Suspension – Be Aware of the Risks.

Pump-and-Dump and Market Manipulations

One way fraudsters seek to profit is by engaging in market manipulation, such as by spreading false and misleading information about a company (typically microcap stocks) to affect the stock’s share price.  They may spread stock rumors in different ways, including on company websites, press releases, email spam, and posts on social media, online bulletin boards, and chat rooms.  The false or misleading rumors may be positive or negative. 

For example, “pump-and-dump” schemes involve the effort to manipulate a stock’s share price or trading volume by touting the company’s stock through false and misleading statements to the marketplace.  Pump-and-dump schemes often occur on the Internet where it is common to see messages posted that urge readers to buy a stock quickly or to sell before the price goes down, or a promoter will call using the same sort of pitch.  In reality, the author of the messages may be a company insider or paid promoter who stands to gain by selling their shares after the stock price is “pumped” up by the buying frenzy they create.  Once these fraudsters “dump” their shares for a profit and stop hyping the stock, the price typically falls, and investors lose their money.  Learn more about these schemes in our Updated Investor Alert: Fraudulent Stock Promotions.

Tips for Investors

-Always research a company before buying its stock, especially following a trading suspension.  Consider the company’s finances, organization, and business prospects. This type of information often is included in filings that a company makes with the SEC, which are available for free and can be found in the Commission’sEDGAR filing system.

-Some companies are not required to file reports with the SEC. These are known as “non-reporting” companies. Investors should be aware of the risks of trading the stock of such companies, as there may not be current and accurate information that would allow investors to make an informed investment decision.

-Investors should also do their own research and be aware that information from online blogs, social networking sites, and even a company’s own website may be inaccurate and potentially intentionally misleading.

-Be especially cautious regarding stock promotions, including related to new technologies such as ICOs.  Look out for these warning signs of possible ICO-related fraud:

——Company that has common stock trading claims that its ICO is “SEC-compliant” without explaining how the offering is in compliance with the securities laws; or

——Company that has common stock trading also purports to raise capital through an ICO or take on ICO-related business described in vague or nonsensical terms or using undefined technical or legal jargon.

-Look out for these warning signs of possible microcap fraud:

——SEC suspended public trading of the security or other securities promoted by the same promoter;

——Increase in stock price or trading volume happening at the same time as the promotional activity;

——Press releases or promotional activity announcing events that ultimately do not happen (e.g., multiple announcements of preliminary deals or agreements; announcements of deals with unnamed partners; announcements using hyperbolic language);

——Company has no real business operations (few assets, or minimal gross revenues);

——Company issues a lot of shares without a corresponding increase in the company’s assets; and

——Frequent changes in company name, management, or type of business.