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"Tokyo Joe" Charged With Fraud

From free instant quotes to easier order-entry, the Internet has made "trading" more accessible. But it has also brought the controversy of a new wave of Wall Street experts, whose credibility is a function of little more than their long subscriber lists and short track records. The SEC has already opened beachheads against online brokerages' order-filling practices and their lottery-like advertising. Next up are the online gurus. Stock tip whiz "Tokyo Joe" has been charged with using his influence to pump up the price of stocks just before he sold them and lying to members about his performance. To be sure, the SEC is mandated to pursue all such allegations, but all honest stock picking services, and Freedom of Speech watchdogs, will be watching as closely as Tokyo Joe. Online quotes and ordering are meaningless without access to opinion, and consumers have a responsibility to choose for themselves.

Thu, 16 Mar 2000 07:36:16 -0800