(FORTUNE Magazine) – There are 1,309 newsletters that cover investing, banking, and finance. Some are good, some are horrific--and some are downright bizarre. Take The Investolator, edited by Matt Morsa, a 34-year-old former stockbroker now living in Grants Pass, Ore. According to his monthly tip sheet, the stock market's meteoric rise is a big hoax. It's been rigged by a shadowy bunch called "The Manipulators."

The newsletter postulates that each stock is under the "sponsorship" of manipulators who keep its price low for several years. While the public ignores the underperforming company, the manipulators slowly buy large quantities of shares. Once they've accumulated enough, the manipulators will release favorable news about the company to inflate the stock price. Eager to get in on the action, the public rushes to grab the stock. When the stock reaches its peak, the manipulators sell and the price tumbles again. The public is stuck with a loser, while the manipulators get returns of up to 1,000%.

Curious, FORTUNE called the Securities and Exchange Commission and asked about Morsa's manipulators. The SEC has never heard of them, but if they do exist, a spokesman says the agency is willing to help. "If they'd give us a list of names, we'd be happy to investigate," says John Heine, an SEC spokesman. So we asked Morsa to rat on the market-rigging scoundrels. He couldn't come up with any suspects.

Then how is Morsa so sure there's a conspiracy? "I guess it's just a leap of faith," he says. Morsa may be the ultimate manipulator--his newsletter boasts 5,500 subscribers, each of whom shells out $149 a year. Now there's a case for The X-Files' Mulder and Scully.

--Katrina Brooker