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Strategies & Market Trends : Rande Is . . . HOME -- Ignore unavailable to you. Want to Upgrade?

To: Tradelite who wrote (22971)	3/31/2000 1:34:00 AM
From: ~digs	Read Replies (1) \| Respond to of 57584

No surprise here. I think I smell a trial coming up, one that will probably set precedence... _________________ Thursday March 30, 6:52 pm Eastern Time Tokyo Joe seeks dismissal of SEC fraud charges By Jeremy Pelofsky WASHINGTON, March 30 (Reuters) - Lawyers for the creator of the Tokyo Joe investment Web site filed a motion to dismiss fraud charges brought by the Securities and Exchange Commission claiming free speech rights and that their client did not violate securities laws. The SEC has accused Yun Soo Oh Park, also known as Tokyo Joe, and his company, Tokyo Joe's Societe Anonyme with taking $1.1 million in fees from members in exchange for investment advice, daily stock picks and access to a private chat room where he allegedly promoted stocks without disclosing his interests. The charges against Park and his company ``attacks only the editorial content of the tokyo.com website' which, based on previous case law, ``constitutes fully protected, noncommercial speech,' according to the motion filed on March 28 and was made available to Reuters on Thursday. Additionally, Park expressed his own ideas and opinions over the Internet which does not constitute investment advice and that he owed no fiduciary duty to the subscribers of his Web site, the motion said. The defendant resides in New York and operates his company from there. The SEC said he never registered with the agency as an investment adviser. Members also received an electronic mail message that detailed his daily stock picks and gave other investment advice, the SEC said. He posted 10 to 20 messages a day to a members-only part of his Web site and e-mailed the same information to members randomly throughout any given day. ``Park does not advise S.A. subscribers on an individualized basis to buy, sell or hold securities,' said the motion filed with the U.S. District Court for the Northern District of Illinois. SEC Chairman Arthur Levitt told Reuters in January that the First Amendment was ``not a shield for fraud' but conceded that it may take the judicial process to make that clear. The SEC will have until April 11 to file its response to the motion and the defendants will have until April 18 to file a reply to the agency's response before the judge will make a ruling. The SEC is seeking to force Park and his company to disgorge ill-gotten gains, including prejudgment interest as well as impose civil penalties and bar the two from engaging in these activities in the future.

To: Tradelite who wrote (22971)	3/31/2000 8:04:00 AM
From: Rande Is	Read Replies (6) \| Respond to of 57584

Excellent news on bogus press release. . .now if we could just get the SEC to nab those analysts and interviewees of CNBC, who knowingly pass along false information for the purpose of profiting from the moves. . . Speaking of which, we need to start a movement to lessen CNBC's influence on our markets. It hurts the individual investor and favors the anal-ysts and large brokerage houses. . . Soon, we will start tracking the favoritism they seem to show to both Goldman Sachs, DLJ and Merrill in the morning just before and after the opening bell, when viewership is at its peak. . . advertising their upgrades and downgrades over and over and over until individual investors are either scared out of their shares of the stock discussed or laying down their money to buy like sheep as the brokerages sell into the buying they created. . . . . .and of course we know that when investors follow the propaganda of the large brokerages, it is playing into the hands of the enemy. . seeing as how the market is primarily made of large brokerages and hedge funds against retail buyers. Furthermore, I prefer Bloomberg television throughout the day. . .far less opinionated. . .and far far less biased reporting, in my opinion. . .in fact, many of the reports have been helpful to the individual investor. . . I especially like the Money Flow reports. The main difference is that Bloomberg reports the news to the individual investor. . .recognizing who their audience is. . .while CNBC tends to favor the word and analysis of the large brokerages, forgetting that their audience is the other team. . .with very little useable or tradeable news or views by or for the individual investor, in my opinion. You can get Bloomberg TV through Direct TV. . .we need to request it at our local cable companies as well. . . but you can also get it via the net. In my opinion, the recent Abby Joseph Cohen report which tanked the markets this week, [which I immediately dismissed as fundamentally insignificant and showed why]. . . was shoved down our throats by CNBC. . .as they mentioned it every minute or two throughout the day. . . So the way I see it. . . we had a tag team tanking of the markets, whether they knew it or not. . . manipulated both by Cohen and CNBC. . .then the next day by Mobius and CNBC. . . I don't like it. And I don't need it. . . I am going to work on bringing us Bloomberg TV running alongside our browsers. . .on the website. . .as well as the many other cool things. . . thank heavens the market is cooling down. . so I can go back to work on it. And as always, I welcome alternative views to this one as well. Rande Is