London, Feb. 16 (ANI): Pamela Anderson was conned into promoting a massive stock manipulation scam that defrauded 20,000 investors out of 30 million dollars.
Los Angeles police have arrested 14 people for fraudulently pumping up the share prices with slick marketing campaigns, including one that was fronted by the 45-year-old actress, the Independent reported.
The California attorney's office said in a statement that the suspects are alleged to have bought shares in publicly traded business then pumped up the share price with "slick market campaigns, slick press releases, payments to stock prompters and cross trading," which involved buying and selling shares amongst themselves.
Then, using their marketing to lure in investors, they are alleged to have dumped the stock onto unsuspecting buyers, thus making big profits.
One of the stocks in question was reported to be of a company called frogads.com, which was promoted in a commercial by Anderson.
However, Anderson herself is not suspected of any wrongdoing. (ANI)