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Strategies & Market Trends : Anthony @ Equity Investigations, Dear Anthony,
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To: scion who wrote (88014)11/16/2004 10:42:52 PM
From: Jeffrey S. Mitchell  Read Replies (1) of 122087
 
What is quite ironic is that Zweig v. Hearst Corp also played a prominent role in Tokyo Joe's case (another prolific SI poster and Elgindy's early nemesis):

In this case, Park had an ongoing relationship with his subscribers and communicated to them electronically on a daily basis. That the stock picks were sometimes directed at a group did not mean that the subscribers did not place their trust and confidence in Park. Park was comparable to a newspaper columnist in an earlier case deemed to have a duty to disclose to readers when "‘with knowledge of the stock’s market and an intent to gain personally, he encouraged purchases of the securities in the market.’" Park, 998 F. Supp. 2d at 899 (citing Zweig v. Hearst Corp., 594 F.2d 1261, 1268 (9th Cir. 1979)).http://www.mediainstitute.org/ONLINE/FAM2001/Online_O.html

It's going to be interesting to see how the government attempts to prove this. I know with Joe he was selling into the run-up he created and people were stuck in crappy stocks that never recovered. But with Elgindy, even if he were covering as others were shorting, the companies did usually seem to implode because most truly were suspect. And, of course, a jury needs to be able to understand all this as well.

- Jeff
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