Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Pastimes : Brokerage-Chat Site Securities Fraud: A Lawsuit -- Ignore unavailable to you. Want to Upgrade?

To: - who wrote (1192)	10/30/2001 11:50:35 PM
From: CountofMoneyCristo	Respond to of 3143

I can't speak for Deron & Ed, and am not involved in their Hedge-Fund business, and I don't receive their updates. I will let them know that you are interested in sticking your hostile little nose into their business... That sounds a lot like a veiled threat against Mr. Chapman. Would you care to elaborate? Incidentally, did your former partners Terra Nova Trading, L.L.C. inform clients, whom they solicited and supervised at your site, that two of the three investment advisers at Intraday Investments, while being paid for their investment advice, were simultaneously trading on behalf of hedge funds? Was that disclosed? Also, FYI: your constant disclaimers that you were not investment advisers do not hold water with either the District Court for the Northern District of Illinois or the S.E.C.: sec.gov Before submitting his settlement offer, Park moved to dismiss the Commission's Complaint, arguing primarily that, since he dispensed his stock picks and investment advice over the Internet, he was not an "investment adviser" within the meaning of the Investment Advisers Act and that the antifraud provisions of that Act could not be constitutionally applied to him. The District Court denied Park's motion to dismiss in its entirety and held that the Commission's Complaint sufficiently alleged that Park was an "investment adviser" under the Advisers Act and that Park was subject to that Act's antifraud provisions. (SEC v. Park a/k/a Tokyo Joe, and Tokyo Joe's Societe Anonyme Corp., 99 F. Supp. 2d 889 (N.D. Ill. 2000). SEC Enforcement Director Richard H. Walker said, "This case has established groundbreaking precedent: Those who are in the business of offering investment advice on the Internet may take on the same duties and responsibilities as other investment advisers." Mr. Walker added, "Today's settlement demonstrates that we will not countenance undisclosed conflicts of interest or other fraudulent conduct from those recommending purchases or sales of securities – whether on the web or elsewhere." Nice try, though. O.A.