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Pastimes : Jonathan Lebed, 14 Year Old Boy Fined 1/4 Million by SEC
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To: EL KABONG!!! who wrote (124)9/24/2000 2:28:25 PM
From: donjuan_demarco  Read Replies (1) of 172
 
Re newspaper article on Jonathan Lebed:

I like the article because it focused on the harm done. I think that too often people get caught up in the minor details of the situation (he posted under several names ... lions and tigers and bears, oh my!) and ignore the big picture, which is that people are hurt very badly by these deals.

I still think that the SEC suffers from a total lack of cojones. They make a big fuss about their triumph over a dastardly 14 year old, while doing nothing to stop the real abuses in the system.

When the SEC goes after a journalist who predicts a 10,000% increase in a stock he owns (said company having no earnings and little revenue), with the prediction being made in a form whereby it will be read by hundreds of thousands of people, then I think the SEC will have accomplished something.

Whether the journalist in question sold into the hype, or kept his stock for six months after launching the hype, is of little concern to the people who got left holding the bag.
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