***OT***
Badon...
Thought you'd get a laugh out of some of the SEC complaint on TM...
SECTION b 55 from SEC COMPLAINT
#55 Finally, the past performance results on Tokoyo Joe's web site purporting to reflect his preformance for the period from January 1998 through June 1999 did not report all of Park's actual trades and recommendations for the relevant period. In February 1999, for example, Park traded 100 different stocks. However, the corresponding performance pages for Febuary 1999 only disclosed results for 20 different stocks. In total, Park failed to disclose in his past performance results for the period from January 1998 through June 1999, trades in approximately 1,000 stocks, including trades in at least 40 stocks resulting in losses of up to approximately 90%.
In an example of scalping cited by the SEC complaint, Park allegedly bought 16,000 shares of The Vialink Company (iqiq) and 8,000 shares of Vialink warrants on Dec. 11, 1998. Three days later, Park identified the company as his pick of the day, without disclosing that he already owned shares or that he had placed a limit order to sell them one minute before issuing his buy recommendation, the SEC said.
Vialink volume reached 457,000 shares after the buy recommendation, exceeding average daily volume by nearly 1,000%. The stock's closing price rose from $7.38 on Dec. 11 to $8.50 on Dec. 14, allowing Park to profitably sell his entire position, the SEC said.
The SEC also alleged that Park didn't disclose that performance results posted on his Web site included hypothetical trades. The agency said past performance pages on the site also contained more than 800 false or misleading entries, giving rise to differences between the actual and reported gain or loss on these trades ranging from about 1 percent to 2,000 percent.
The complaint also said Park failed to disclose that he had received 100,000 shares of cigar marketer DCGR International Holdings in exchange for recommending the stock.
Where are all his sheeple who used to jump all over me on this thread?
<smirk> |
