According to media reports, the Securities and Exchange Commission is looking at an 18-year-old male as the originator of an false story earlier this month that Apple CEO Steve Jobs had been rushed to a hospital after suffering a heart attack. According to Bloomberg, the SEC is still investigating motive for the actions, but does not currently believe the teenager was trying to manipulate Apple’s stock price or profit from the false report.
The initial report was posted to CNN’s iReport "citizen journalist" Web site, which posts information without vetting by CNN editorial staff. The report was briefly picked up by the Silicon Valley Insider and Apple also moved quickly to put down the rumor. Nonetheless, Apple’s stock price dropped roughly three percent as a result of the fake news report.
CNN removed the posting and disabled the posters’ iReport account after being contacted by Apple; however, CNN has said it has no plans to alter the policies of its iReport site, which purports to offer citizen journalists a place to post "unedited, unfiltered" news.
The SEC launched an investigation into the false report in an effort to determine whether it was an effort to influence Apple’s stock price or gain an advantage in the sale or purchase of stock or other securities. Barring any financial tie-in to the report, it’s not clear that the SEC has any jurisdiction to punish the teenager it apparently believes to have been responsible for the posting, but it’s possible other law enforcement agencies could get involved in the investigation.
