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Интересное чтиво.



Написано VIVA | Mon, Jun 11 at 10:23am:

ИНТРЕСНАЯ ИСТОРИЯ ТИНЕЙДЖЕРА - ТРЕЙДЕРА.

Teen To Return Illegal Stock Profit

9/21/2000 12:37:00 PM
NEWARK, N.J., Sep 21, 2000 (AP Online via COMTEX) -- In less than half a year, Jonathan G. Lebed made more than a quarter-million dollars trading stocks on the Internet.

Amid a raging bull market, the accomplishment would be of little note except that Lebed was a 14-year-old sophomore in northern New Jersey at the time.

He made his money through 11 illegal manipulations involving nine stocks, the Securities and Exchange Commission said Wednesday.

Lebed, now 15, of Cedar Grove in Essex County, has agreed to repay $285,000, which the SEC said represented illegal profits and interest. He neither admitted nor denied the commission's findings, but agreed to refrain from similar behavior.

The SEC said Lebed reaped those profits by buying large blocks of penny stocks, hyping them on financial message boards and then - within 24 hours - dumping his shares after the price rose. The trades took place from Aug. 23, 1999, to Feb. 4, 2000.

SEC officials said it is the first time the agency has brought charges against a minor.

Lebed's lawyer Kevin H. Marino described him as an intelligent, well-rounded youngster "who has been very interested in the securities industry for some time and has been an avid investor."

He declined to make the boy available for an interview. The family has an unlisted phone number.

In an interview with the Wall Street Journal, however, Lebed said he has been investing since he was 12 and learned about the market by watching CNBC and CNN, and visiting Internet Web sites. "It intrigued me watching all the numbers go by on television," he told the Journal. "I like mathematics."

Lebed declined to comment on the SEC settlement.

Regulators said the case demonstrates the risks of Internet stock tips.

"I implore investors to be highly skeptical of any advice they receive from the Internet. People should do thorough research before making investment decisions and verify all information before acting on it," said Ronald C. Long, administrator of the SEC's Philadelphia office, which handled the case.

His associate director, Joy Thompson, said the agency could not comment on how it learned of Lebed's trading. Marino said the case began after the SEC identified trades "it felt were problematic."

The stocks were in a variety of sectors, including entertainment and the toy industry, she said.

"They were very thinly traded, low-price stocks. They are very volatile because they are very thinly traded," Thompson said.

Lebed traded in custodial accounts in his father's name at two brokers, the SEC said.

The stocks, traded on the NASD Over the Counter Electronic Bulletin Board or the Nasdaq Stock Market, were Manchester Equipment Co. Inc., Just Toys Inc., Yes Entertainment Inc., Fotoball USA Inc., Man Sang Holdings Inc., West Coast Entertainment Inc., Havana Republic Inc., Classica Group Inc., and Firetector Inc., according to SEC documents.

"We've not alleged any harm against these companies. But anyone who was in the market and paying attention to these messages was hurt if they bought in too late or sold too late," Thompson said.

No aggrieved investors have contacted the SEC, and no decision has been made on whether they should be compensated, Thompson said.

The SEC found that after Lebed bought a stock he sent hundreds of identical, false e-mail messages, each under a fictitious name, touting the stock he had just purchased.

One claimed that a company trading at $2 per share would be trading at more than $20 per share "very soon." Other postings claimed that a stock would be the "next stock to gain 1,000 percent" and was "the most undervalued stock ever."

The SEC said, "The posted messages always caused the price and volume of the touted stocks to increase dramatically."

In some instances, Lebed placed a sell limit order before the market closed on the day he purchased the stock to ensure that he would not miss the price increase of the stock while he was in school the next day.

His profits on each trade ranged from more than $11,000 to nearly $74,000, ultimately totaling $272,826. The $285,000 settlement reflects prejudgment interest of $12,174.

On days that Lebed sold his shares, and realized his profit, the trading volume in that stock reached either record or near-record highs, in some cases reaching a 52-week high for both volume and price, the SEC said.

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Интересное чтиво. - VIVA on Mon, Jun 11 at 10:23am
  Re: Интересное чтиво. - Петrович on Mon, Jun 11 at 11:04am


 




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