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Strategies & Market Trends : The Thread Formerly Known as No Rest For The Wicked -- Ignore unavailable to you. Want to Upgrade?

To: Junkyardawg who wrote (25556)	4/8/1999 9:56:00 PM
From: Tim Luke	Read Replies (1) \| Respond to of 90042

SEC investigates bogus news story By Bloomberg News Special to CNET News.com April 8, 1999, 5:05 p.m. PT WASHINGTON--Federal and state regulators are searching for the source of a faked news story posted on the Internet yesterday that boosted PairGain Technologies shares, and legal experts said they expect a swift crackdown to prevent the spread of similar securities fraud. Lycos said it has been contacted by the U.S. Securities and Exchange Commission and New York state authorities and will provide information to them after it receives subpoenas, said spokesman Brian Payea. Lycos operates the service where the phony Web page appeared and is "cooperating fully," Payea said. A PairGain official also said he was contacted by the SEC. With a recent explosion of interest in Internet chat rooms, stock market Web sites, and online trading, securities regulators must move quickly, experts say. "The commission will dedicate a lot of resources to it because they want to prevent copycats, and this has gotten a lot of publicity," said Washington lawyer Harry J. Weiss, a former SEC associate enforcement director.