Greasy con-artist "Tokyo Mex" finally gets his ass kicked.
Securities Firms News
Wed, 7 Feb 2001, 1:16am EST
Stock Picker Tokyo Joe Reaches Agreement With SEC, Journal Says
Washington, Feb. 7 (Bloomberg) -- Tokyo Joe, an Internet
stock pundit, has agreed to return about $750,000 of his trading
profits as part of a settlement of securities-fraud charges
brought by the Securities and Exchange Commission, the Wall Street
Journal reported, citing people familiar with the matter.
The SEC has originally sought as much as $2.25 million, the
paper said, citing another person familiar with the matter.
Thomas Szromba, the SEC lawyer handling the case declined to
comment. Tokyo Joe, whose real name is Yun Soo Oh Park, will
neither admit nor deny wrongdoing as part of the settlement, his
lawyer, Ira Lee Sorkin said.
The SEC's suit against Tokyo Joe, filed in January 2000 in a
Chicago federal court, was closely watched because Tokyo Joe had
no securities industry experience and made stock tips on Internet
message boards, the Journal said.
While Tokyo Joe became a something of a folk hero because
stocks he recommended often rose, the SEC said he was a stock
manipulator, who defrauded investors on at least 10 occasions by
failing to reveal that he bought the stocks before recommending
them and would sell as prices rose following his advice to buy.
(WSJ 2/7)
For the Wall Street Journal's Web site, see {WWSJ }. |
