Jonathan Lebed, 14 Year Old Boy Fined 1/4 Million by SEC Message Board

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Pastimes : Jonathan Lebed, 14 Year Old Boy Fined 1/4 Million by SEC

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To: Follies who wrote (58)	9/21/2000 9:11:34 PM
From: Don Pueblo	Read Replies (2) of 172

You may be missing the point. Lebed bought shares in a publicly traded company, then went on the Internet under several different false names and hyped the stock that he secretly owned. When the stock went up, he sold it. He planned it all out before it happened. He paid over a quarter of a million dollars in fines, which gives me the distint personal impression that he was guilty, and the SEC allowed him to get away with it. Here is the applicable law: law.uc.edu Young Jon thinks he is too cool for school now, but he's too stupid to even see the truth, and the truth is that he is a lucky-ass kid. The truth is that anyone with a securities license of any kind that did what this punk kid is alleged to have done would probably be either in jail or worried about going. That's the difference. Your Goldman Sachs analyst may be a bonehead and he may make a really stupid call, but if he gets caught committing securities fraud, he's in some very, very, very deep ca-ca. Some people live in a dream world. Some of them occasionally wake up in a real room with a lock on the door. Sometimes that's what it takes for them to realize they were in a dream.

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