Word: sec
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...rising tide of disinformation has prompted furious investors to 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...
Then there's the case of a well-known stock tipster who calls himself "Tokyo Joe" and uses his investment website to post colorful snapshots of himself. The sec says the New York-based entrepreneur, a Korean whose real name is Yun Soo Oh Park, charged members of his investment club up to $200 a month and then pushed them to buy stocks he was simultaneously selling from his own account. Beyond this practice, known as "scalping," the agency also claims Tokyo Joe lied about his trading record and touted companies without disclosing that he had received shares from...
...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...
...Colt, his mother and fellow law students, their travails with the SEC have already cost them hundreds of thousands of dollars in legal fees, depleting their savings, which is why the agency waived further penalty. At Georgetown law there are plans for workshops starting next month on "the ethical responsibilities of lawyers" in a high-tech environment, including trading securities on the Internet. The school has not yet decided whether enrollment will be mandatory...
...frenzied growth of investing via the Internet has spawned a more virulent kind of stock manipulation where, in a matter of minutes someone can drive up a stock price, reap the profits and run. The SEC's recent complaint against Douglas Colt highlights an old scam called pump and dump...