Most are part of corporations publicly traded in NYC exchanges, and have been bought and sold based on valuation that are based in large measure on circulation. They have been defrauding investors and advertizers.
Or, look at it this way: Shell's restatement of oil reserves amounts to securities fruad because of the strong tie to valuation. Same with circulation.
Yes, you are right.
Spitzer went after Mutual Fund Companies based all over America. (Did he whack any NY Fund Companies?)
Someone should contact Spitzer's office about this blatant fraud.