1/11/00 9:15:00 AM Jaws of Death Slam Shut!! by The Stock Detective
"Meanwhile, Great White's $200 million libel lawsuit against Financialweb.com was voluntarily withdrawn several months ago."
Stock Detective fans no doubt saw this one coming: "Great White Marine and Recreation, Inc. Announces Suspension of Business Efforts."
That's the headline on a Dec. 20 press release, when this Stinky Stock announced it would focus all of its attention on "asset recovery," which it needs in order to fund all the litigation Great White's involved in. "We do not intend to take on any new business until we recover sufficient funds to pay current debt, publish a financial statement, and determine an accurate stock count," Chairman William Harvey said in the press release.
Meanwhile, Great White's $200 million libel lawsuit against Financialweb.com was voluntarily withdrawn several months ago. Former Great White CEO Colin Smith's portion of the same claim was dismissed by a federal judge last month.
The SEC is back on the trail of fraudulent stock promoters and scam artists. This time their sights settled on Yun Soo Oh Park, better known as Tokyo Joe, whose Societe Anonyme charged members up to $200 per month for stock picks and other info. Only problem is, according to the SEC, while Tokyo Joe was telling subscribers to buy, he was placing sell orders in anticipation of a price spike. That's called scalping, and one of the Commission's least favorite transgressions.
But not only was Tokyo Joe allegedly selling shares while telling subscribers to hold on until they reached a target price, he also posted on his Web site "materially false and misleading performance results. By so doing, Park recruited new members for Societe Anonyme and urged current members to follow his recommendations."
As always, tread lightly…
The Stock Detective
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