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

To: Jorj X Mckie who wrote (1602)	7/11/2003 4:19:15 PM
From: CountofMoneyCristo	Read Replies (1) \| Respond to of 3143

It would seem that law enforcement officials must be aware of the illegal activities by now, why no charges? Excellent question. The SEC has only strictly limited subpoena power - far less than in a civil case. For example, when they investigate a charge and want to subpoena evidence they have to apply for that power from a special panel. They can only make the request once on the same set of charges. After that, it's no mas. So in some important ways their hands are tied. Also, their suits are almost always brought under the securities laws, so that also limits just what action they can take.

To: Jorj X Mckie who wrote (1602)	7/12/2003 2:48:57 AM
From: Yogizuna	Respond to of 3143

>>> If they are found guilty, they should be punished. Absolutely. Charges should probably be brought against them first though. Are you under the impression that this is a criminal case where someone will be found guilty? <<< I am just going by what I have read here from the beginning. If it is legal to get customers to "churn" their accounts when those customers have some faith in the advice being given, even though that advice is being made simply to generate more commissions and to inflate the future sale price of the company, than it should not be legal by any means whatsoever.