SECURITIES: Pitch & Push, Unltd.

Almost everyone has dreamed of striking it rich with a two-bit stock. Thanks to that dream, dozens of sharp, fly-by-night promoters in Toronto have struck it rich peddling worthless penny stocks to Americans. Spurred by the boom in Canadian oil (TIME, Sept. 24), dealers have flooded the U.S. with literature on such "promising opportunities" as Hy-Flow Petroleum, Golden Fleece Mines and Uranium Explorations, Ltd., have been able to bilk U.S. suckers of some $50 million (swindlers' estimate) a year. Sample come-on: "Our first stunned enthusiasm was fully warranted . . . This is the opportunity we had always dreamed...

Want the full story?

Subscribe Now


Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!