Word: fraude
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...Colt, a third-year law student at prestigious Georgetown University in Washington. With his mother Joanne, who is a city-council member in Colorado Springs, and three law-school buddies, he scored profits of more than $345,000 in an online scam made public last week. "The migration of fraud from boiler rooms to the Internet is the most important new trend to hit U.S. markets in years," warns Richard H. Walker, top cop at the Securities and Exchange Commission...
...send the SEC up to 300 e-mails every day complaining of one scam or another. That's why the agency has bulked up its CyberForce to 250 investigators, who prowl tip sites, chat rooms and other back roads on the Web. Another crew of 50 electronically monitors Internet fraud on the tech-heavy NASDAQ as well as other over-the-counter markets...
Tokyo Joe is still in business and plans to vigorously contest the civil fraud charges against him. The California students also protest their innocence. Some experts in securities law point out that Internet stock-fraud cases are such a new and rapidly evolving area of jurisprudence that it is too soon to tell how judges will treat the SEC's recent wave of them. "Messages on stock bulletin boards are nothing more than graffiti," argues Mark Werksman, a lawyer for one of the California defendants. "Posting them is an exercise in free speech that imposes no clear legal obligation...
...sell a stock simply because it's moving in a given direction. As long as the information moves the market, they may be willing to act on it. "Traders today are willingly complicit in the dissemination of false information," says John Coffee, an expert on Internet securities fraud at Columbia University Law School. "That's why they often flock to [the] chat rooms with the worst information, so they can find material that will destabilize the market one minute before they profitably pull out the next...
Since a great deal of the effort of modernist painting was devoted to expelling illusion as a fraud, a lie and a cheat on the deeper impulses of art, one can easily see why Dali's illusionism was so bitterly attacked as mere trickery--an imposture made even worse by Dali's flagrant preference for Raphael and even the arch-academic Meissonier over Matisse or Mondrian, and by his impertinent way of calling true-believer modernists les cocus du vieil art moderne, the cuckolds of old modern art. Dali flew into such flak right from the beginning of his career...