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May 16: Phantom Console Called Pump and Dump Scheme

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Day in Tech History

Jeffrey Powers

Madison, WI

Description: For the Tech History Geek in all of us

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May 16: Phantom Console Called Pump and Dump Scheme

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Phantom Console

2006 - Phantom Entertainment former CEO Timothy Roberts was accused of running a Pump and dump scheme on the Phantom console – a Game system that never came to market. In 2004, he hired a promoter to send faxes stating the Phantom system would ship January 2005. Of course that drove up stock prices in which investors could profit on, including Roberts and the promoter (who got 4 million shares of restricted stock)

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