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Pastimes : Jonathan Lebed, 14 Year Old Boy Fined 1/4 Million by SEC -- Ignore unavailable to you. Want to Upgrade?

To: art slott who wrote (21)9/21/2000 1:36:56 PM
From: Paul Kern  Respond to of 172
 
Actually he and other manipulators should spend a little time in a Federal Prison.

Best,
Paul



To: art slott who wrote (21)9/21/2000 1:43:15 PM
From: Mike 2.0  Read Replies (1) | Respond to of 172
 
He certainly is not the only person to front-run a stock on this website. If I understand this story, this kid posted BS here and elsewhere and often made his $ while he was in school, when his stocks would later get bid up. Relying on the dumbness of strangers, so to speak.

If that is the long & short of all this, I don't see how one could equate this behavior with the person who issued the phony Emulex press release, which was lies deliberately disguised as an official company press release, versus chest-beating postings on a message board. One situation is premeditated criminal fraud, the other situation is not too different from some goof on a street corner wearing a sandwich board, hollering his nonsense to anyone dumb enough to listen.

Caveat emptor still exists.

I have read crap posted by people about sound companies all over the place (maybe disgruntled fired ex-employees, maybe short-sellers, a competitor with a bad attitude, who knows?). The precedent the SEC set can't possibly be enforced, and IMO this kid is just being made an example of with the hope there will be a "chilling effect." I don't think that will happen again IMHO.

JMO, interested to hear others' thoughts



To: art slott who wrote (21)9/21/2000 1:50:38 PM
From: donjuan_demarco  Read Replies (2) | Respond to of 172
 
Based upon what I have read, he was not charged with any crimes, just civil fraud.

A guy gets caught with the tinest piece of crack, he goes to jail. So if this kid broke the law, put him in juvi for a year to teach him a lesson. If he didn't break the law, leave him alone.

What the SEC did is something "in between" actually punishing him and doing nothing at all.


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