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Microcap & Penny Stocks : TGL WHAAAAAAAT! Alerts, thoughts, discussion. -- Ignore unavailable to you. Want to Upgrade?

To: SSP who wrote (29435)	2/21/2000 1:41:00 PM
From: star56	Respond to of 150070

Great info. SSP. That's what I always thought. Buying is good, selling can go either way. Didn't mean to put words in your mouth. Just had it unclear myself. Thanks again Dave

To: SSP who wrote (29435)	2/21/2000 3:34:00 PM
From: myturn	Respond to of 150070

SEC finds possible misdoing at day-trading firms By Reuters Special to CNET News.com September 16, 1999, 10:50 a.m. PT WASHINGTON--The Securities and Exchange Commission has discovered at least 10 instances of possible wrongdoing in an investigative sweep of day trading firms, SEC chairman Arthur Levitt told Congress today. The examination into the practices of 30 firms has led to 10 referrals to the SEC's enforcement division, Levitt told a Senate hearing on day trading, adding that his agency's investigation of 15 other firms is still pending. The SEC's probe of the largest and most active firms has found problems with money lending and misleading advertising, among other things, the SEC chairman testified. "Firms were simply sloppy with basic procedures," Levitt told the Senate Governmental Affairs Committee's permanent subcommittee on investigations. "I find that worrisome. The number of referrals indicates clearly there is a problem." But, Levitt told Congress, "to date we have not found marked and widespread fraud by these firms." According to the SEC, day trading is practiced by less than 7,000 people, who use computers to rapidly click in and out of stocks in hopes of capitalizing on price changes. By comparison, there are some 80 million individuals that own stock and more than 5 million who use Internet brokerages, Levitt said. Day trading firms, which number around 100 in total, were attacked in a recent report by state regulators who accused them of promoting get-rich-quick hype, among other things. The report came from a group of state regulators called the North American Securities Administrators Association. The industry got even more attention after the July shooting spree by Mark Barton, a day-trader who killed nine people at two Atlanta brokerages where he traded. It was reported that Barton apparently had become angry about the substantial losses he incurred. The SEC chairman told the lawmakers that day trading, while not illegal, is "very risky." At the same time, "the commission also does not believe that day trading currently presents systemic problems for our markets," he said.