The umbrella group for state securities regulators is again warning investors to be wary of Internet fraud.

The alert followed an analysis of 1,000 unsolicited e-mail messages sent to investors from Oct. 5 to Nov. 12 and forwarded to the group, the North American Securities Administrator Association.

Several regulatory agencies jointly studied the e-mails. Most of the messages promoted eight over-the-counter stocks, six of which traded below their recommended purchase price.

Projections were so bullish that the prices would have had to quadruple on average to meet the promoters' predictions, according to the umbrella group.

The e-mails were transferred to individual regulatory agencies, which will decide whether to take action. "We forwarded e-mail to 26 states in all," a spokesman said.

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