SEC Files Suit Against Fraud Perpetrator

Posted by accountingweb on Jan 7 2000 190 printer friendly

This week, the Securities and Exchange Commission filed a civil lawsuit in a Chicago Federal court against a man who calls himself "Tokyo Joe." The SEC claims the New York resident illegally advised investors to buy stocks that he, himself, was selling at the same time.

His real name is Yun Soo Oh Park, and he charged members of an investment club $200 for stock tips and advice. During a one-year period between July 1998 and June 1999, these fees totaled more than $1.1 million.

The SEC also contends that he lied about his performance record, that he never registered with the agency to sell investments, and that he illegally posted false and misleading results on his Internet site.

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