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Pastimes : Investment Chat Board Lawsuits -- Ignore unavailable to you. Want to Upgrade?

To: Jeffrey S. Mitchell who wrote (7962)	4/13/2005 2:28:37 PM
From: olivier asser	Respond to of 12465

Trading system based on SI posting activity? Now THAT I would like to see, lol. One major flaw with the hypothesis: what if the "anomalous" posting activity on a stock is the result of a cadre of maybe three or four "intrepid" chat site cohorts posing as 50-100 retail investors, through multiple aliases? That would seem to slant the data slightly. Speaking of which... I posted earlier about the software Trading Places used. It's from ChatSpace, Inc. of Carlsbad, California, now known as Akiva, Inc.: web.archive.org There was a kill switch entitled "kick member from desk." Click on it and the client was banned. There was also a "view only" button - click that and the client couldn't chat. I filed some photographs of the software in Texas. Remember Rea swore under penalty of perjury that TP made no recommendations, no advisory function whatsoever, but right there in the photos is the analyst module, including "long call," "short call," "profit call," "cover call," etc. On the boards. Rea got into hot water at one point when he called a rare swing (almost always only scalp trades but he could not resist this one) on RMII, at about 3-4, said it was going to 90. As it later turned out, Rea had undisclosed connections to RMII, and therefore had an incentive to drive the stock up. Well, he went onto the Yahoo boards, armed with about a dozen or so of his "multiple personalities." Here's how that worked. A few posts would be in his name supporting the call. Then a large number by a dozen so-called satisified and immensely profitable TP clients. But then there would be 1 or 2 taking square aim at Rea, mocking him and his call. Believe it or not, this was Rea as well. The stratagem was simple: control dissent yourself, make it seem as if there is dissent, and make the dissent seem weak. So the so-called honest detractors would lob up inopportune commentary, Rea would apparently good-naturedly respond - and blow all "criticism" of his RMII buy call right out of the water. BTW, LieSeeker, I know Berber, Moor and Rea are now likely growing very concerned about sanctions for destroying evidence, as well they should be. Well, I already have proof of that destruction and it's not just blocking the archive through bots. (I wonder how many of their software and site engineers are prepared to lie under oath for them? We saw what happened to one who tried that for AP, so we'll see.) But, I do have some of the logs, including the log from my last day at TP as an analyst, June 27, 2000. Rea called the IPO MRVL something like 50 times that day - and half-a-dozen during the first opening run from 47-63, which took maybe 20 minutes and which huge profits he completely smothered by saying buy, sell, buy, sell, buy, sell, instead of buy say at 48-49 when it was clear it would rocket and then maybe sell around the highs 50's when it neared a peak, looked stalled. Lots of TP clients PTP'ed me and said they were embarrassed to admit they had actually lost money - and you can't blame them because Rea had his aliases out in force claiming huge gains when there was just no way trading it for scalps.