News from The Globe and Mail
Web guru settles with SEC
02:55 GMT-05:00 Friday, March 09, 2001
WASHINGTON -- A flamboyant, self-proclaimed stock expert calling himself Tokyo Joe has agreed to pay $754,630 (U.S.) to settle allegations by federal regulators that he defrauded investors on his Web site, the Securities and Exchange Commission said yesterday.
Under the settlement, approved by a federal court in Chicago, Yun Soo Oh Park and his company, Tokyo Joe's Societe Anonyme, neither admitted to nor denied the allegations. They also agreed to refrain from future violations of securities laws and to post a hyperlink to the court order approving the settlement on the Tokyo Joe Web site for 30 days.
Mr. Park and his company agreed to pay $429,696 in civil penalties and $324,934 in restitution.
The SEC sued Mr. Park in January 2000.
The SEC alleged that Mr. Park, 50, a former restaurant owner and New York City resident, charged members of his investment club up to $200 a month for stock picks and other advice. Those membership fees amounted to more than $1.1-million, the SEC said.
The SEC said Mr. Park misled members of Societe Anonyme by failing to disclose or lying to them about the fact that he already owned -- and was selling -- the same stocks he was advising them to buy.
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