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Strategies & Market Trends : Market Gems:Stocks w/Strong Earnings and High Tech. Rank
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To: kendall harmon who wrote (89330)3/21/2000 9:29:00 AM
From: Doug Robinson  Read Replies (1) of 120523
 
Interesting article from today's WSJ - Operator of Stock-Trade Site
Agrees to Repay Subscribers
Associated Press

WASHINGTON -- A man who operated a Web site dispensing stock-trading tips has agreed to repay subscribers $40,107 plus interest and pay a $15,000 fine to settle federal regulators' allegations he committed fraud by posting false and misleading statements.

David A. Rudnick, operator of the DynamicDaytrader site, neither admitted nor denied the allegations in his settlement Monday with the Securities and Exchange Commission, in which he also agreed to refrain from future violations of securities laws.

Mr. Rudnick, 37 years old, of Cumberland, Maine, falsely claimed that his site's stock recommendations had brought high returns, including a return exceeding 747% last year, the SEC said in its civil complaint.

The agency alleged that Mr. Rudnick lured people to trade stocks by falsely stating they could use a real-time Internet window called "the Trading Floor" to watch the actual trades of a successful day trader. The stock trades shown were only hypothetical, the SEC said.

"I'm glad the matter has been resolved," Mr. Rudnick said. "I've been cooperating with the SEC for several months." He declined further comment.

Mr. Rudnick said he now will operate the site as a free investment newsletter online with no subscribers or membership fees and obtain revenue from ads.
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