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Strategies & Market Trends : Booms, Busts, and Recoveries -- Ignore unavailable to you. Want to Upgrade?

To: shades who wrote (62206)	4/18/2005 8:15:06 AM
From: Raymond Duray	Read Replies (1) \| Respond to of 74559

Re: but I bet the evil crooks on wallstreet loaded up - maybe I am wrong however. You are not wrong. There was a case very similar to this reported early last week. Wall Street specialists on the NYSE will be doing jail time for frontrunning their clients. chicagotribune.com <SNIP> Improper trading charged at NYSE 15 indicted `cheated markets, investors' By Andrew Countryman, Tribune staff reporter. Tribune news services contributed to this report Published April 13, 2005 In another black eye for scandal-tarred Wall Street, 15 former specialists at the New York Stock Exchange were indicted Tuesday, accused of improper trading that took millions from investors. The 15 were charged with securities fraud, with federal prosecutors alleging they illegally profited between 1999 and April 2003 by conducting thousands of trades from their own accounts, rather than properly matching customers' orders. Meanwhile, the Securities and Exchange Commission filed civil suits against the 15 and five others, alleging securities laws violations for the same activities. It also censured the NYSE itself, claiming it failed to adequately monitor and detect the improper trading. Specialists handle trades at the NYSE, first by matching buy and sell orders, and then by making trades from their own accounts when necessary to provide liquidity. By positioning themselves between customers' matchable buy and sell orders, prosecutors said, the specialists made illegal profits of roughly $13.5 million, while the damage for customers totaled just more than $19 million. Several of the specialists appeared in court Tuesday in New York, pleaded not guilty and were released on bond. If convicted, each could face up to 20 years in prison and a $5 million fine. "These defendants broke the rules repeatedly, they cheated the markets, and they cheated the investors who relied upon them," said U.S. Atty. David Kelley. The 15 worked for the same five firms that, without admitting or denying guilt, agreed a year ago to pay nearly $242 million to settle similar allegations. The specialists were accused of "interpositioning" and "trading ahead," in which they would trade from their own accounts for their own benefit, rather than matching customer orders as required. <Continues.....>

To: shades who wrote (62206)	4/18/2005 8:26:24 AM
From: redfish	Respond to of 74559

Florida's a hot bed for financial fraud, I heard these guys advertising guaranteed double digit returns on local radio yesterday: "In a related matter, Robert Broege and U.S. Financial Resources, Inc., also named Respondents, agreed to the Commissioner entering an order on June 11, 2002, prohibiting them from offering or selling securities, including viatical interests, in or from Colorado." dora.state.co.us They'll sucker some seniors out of their life savings them move to another state.

To: shades who wrote (62206)	4/18/2005 10:02:48 AM
From: Slagle	Read Replies (1) \| Respond to of 74559

Shades, Don't pay too much attention to Phil, except for the entertainment value and he has a lot of that. I am subscribed to his pay site ($39/mo) and think I'm gonna drop it. His long picks are just not very good, what he mainly does with these is just jump in and out of the same large cap stocks, BUD INTC MSFT ect. and his timing is not too hot. He also tends to "cheat" a little, claiming he bought stuff a little better than would have been possible. He is doing alot better with his short picks (currently AHC,GR,FPL,YELL,KBH,CTX,X) but many of the stocks he rails on and on about on his radio show HE is not short either. In other words if HE KNEW from looking at the chart the GM HDI ect were going down...then why did't he recommend them as shorts. But to his credit, I have tried several of these "paid advisers" and none of them have been any good. The EA direct is just a Level 2 and about all the discount brokers offer one; I use Schwab's. His big tale about the "bad prices" you get on web based trading is just not true, I have made trades on Waterhouse (web trader) and watched the market on the Level 2 and generally the web based is fine, sometimes it even works in your advantage. For agressive day trading Level 2 is a must and I like the Level 2 for the view of the market it offers. His "instant analyst" is not worth much, you can get the same stuff for free with stockcharts.com and others. I used to listen to the "Stock Doctors" on 1470 but I think they got the boot. They are over at Orlando. Tried their pay site too and its not worth much either. I think yo have to be a little bit the Buffet type and a little bit like Phil. By Feb 2000 I had sold every single share of stock and that turned out to be a super good move, despite the cap gains tax. Part of my motivation for doing that came from reading very sensible explanitions by many posters right here on SI, notably Earlie and Michael Burke on te Clown Free Zone board. Slagle