U.S. News

CNBC Probing Alleged Violations by Finalists in Million Dollar Challenge


CNBC said it has launched an investigation into complaints of unusual trading among some of the 20 finalists in the CNBC Million Dollar Portfolio Challenge, which ended May 25.

Million Dollar Update

In a statement, CNBC said it has been contacted by several contestants alleging unusual trading in violation of contest rules.

"Once these questions were raised, CNBC immediately launched a thorough investigation to determine who may have violated the rules."

"As the rules state, CNBC has until July 8, 2007 to declare a winner. Although CNBC hopes to announce a winner before that date, it is more important to ensure the individual awarded the Grand Prize is in compliance with the rules."