Jobs Said to Be Targeted by Teen in Heart-Attack Tale
A fake Internet report that Apple Inc. Chief Executive Officer Steve Jobs had suffered a heart attack was posted by a teenager, and investigators haven't found evidence he tried to profit from driving down the stock, two people with knowledge of the matter said.
The U.S. Securities and Exchange Commission is examining the 18-year-old's motives after the article on CNN's iReport.com sent Apple shares down as much as 5.4 percent Oct. 3, according to the people, who declined to be identified because the probe isn't public. While the investigation is continuing, the agency hasn't unearthed any trading records that show he benefited from the drop, one of them said.
The so-called citizen-journalist article stoked investor concern that Jobs's health was in danger. The 53-year-old, who co-founded Apple in 1976, underwent surgery for a form of pancreatic cancer four years ago. The SEC is searching for traders who try to depress stocks by spreading false rumors amid a credit-crisis that has fueled the widest swings on a percentage basis in the Standard & Poor's 500 Index since 1932. The regulator opened a probe into the Apple report within hours.