Yesterday, I INCORRECTLY reported on a story that eBay Insiders were dumping stock and CEO, John Donahoe was under Investigation by the FTC.
This story came from an apparent internet spoof and is completely untrue! I have spoken with eBay and been assured there is no basis for this story whatsoever. The FTC has not informed John Donahoe he is under investigation (which is standard procedure), only Lorrie Norrington sold stock and it was a long-planned sale which is quite normal for executives.
First of all my sincere apologies to John Donahoe, Lorrie Norrington, Jim Ambach and Bill Cobb. And, I apologize to my readers. I received a news alert that that Donahoe was under investigation by the FTC and that the others had been selling stock. A version of the story also surfaced on the eBay boards that predated my story. The story was falsely attributed to the New York Times which did not publish such a story.
Normally I double check things like this and I should have done so.
I have been at this for several years and should know better. It just goes to show you how sophisticated some spoofs can be. When the fraudsters can trap someone like myself it is no wonder they take in less experienced people. I am on the trail of the source of the story, but since I spotted it in a finance news alert, I suspect it was generate by someone who is trying to short eBay stock which has seen some spectacular gains in the past couple weeks.
So; Apologies to my readers and the folks at eBay. I will be more careful in the future.
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