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Strategies & Market Trends : Anthony @ Equity Investigations, Dear Anthony, -- Ignore unavailable to you. Want to Upgrade?

To: Land Shark who wrote (48633)	1/5/2000 2:12:00 PM
From: Anthony@Pacific	Read Replies (1) \| Respond to of 122087

A@P<---------Puts Tokyo Joe Inthe Gutter!!!!!!!!!!!!!! SEC sues 'Tokyo Joe' for securities fraud Web-based guru accused of scalping, other violations By William L. Watts, CBS MarketWatch Last Update: 1:47 PM ET Jan 5, 2000 See: NewsWatch WASHINGTON (CBS.MW) -- Yun Soo Oh Park, the self-proclaimed day-trading guru and Web site operator known as "Tokyo Joe," faces civil fraud charges accusing him of defrauding members of his Society Anonyme stock-picking service, the Securities and Exchange Commission said Wednesday. Today on CBS MarketWatch Wall Street in stock split Japan set for its first ECN Macworld descends on San Francisco Loeb: Don't push the panic button Goldman Sachs, Morgan Stanley shares sunk by cuts More top stories... CBS MarketWatch Columns Updated: 01/05/2000 1:46:20 PM ET In a complaint filed in federal court in Chicago, the SEC said Park, a New York resident, engaged in scalping, illegal touting and lying about his performance record. The SEC said Park and Societe Anonyme charged members up to $200 a month for Park's stock picks and other investment advice. Meanwhile, Park allegedly misled members or lied to them about his positions in the stocks he was recommending. According to the SEC, Park was contemporaneously selling the same stocks he was recommending that Society Anonyme members to buy. In such cases, Park allegedly bought the stock shortly before his buy recommendation and then profited by selling the stock into the buying flurry that followed his recommendation, a practice known as "scalping." The commission said Park posted "materially false and misleading" performance results on his Web site and also engaged in illegal touting. "The Internet has witnessed the rapid growth of Web sites run by self-proclaimed investment gurus. Today's action makes clear that we will not tolerate fraudulent conduct or undisclosed conflicts of interest by those peddling investment advice on the Internet," said SEC Enforcement Division chief Richard H. Walker. The SEC is seeking a permanent injunction against Park and Society Anonyme, which is operated from Park's New York home, as well as disgorgement of any ill-gotten gains and civil penalties. William L. Watts is an online reporter for CBS MarketWatch. cbs.marketwatch.com