An old article from the always exciting Michael Lewis about a 15 year old kid who was fighting the SEC:
http://www.nytimes.com/2001/02/25/magazine/25STOCK-TRADER.html?pagewanted=all&pagewanted=print
"On Sept. 20, 2000, the Securities and Exchange Commission settled its case against a 15-year-old high-school student named Jonathan Lebed. The S.E.C.'s news release explained that Jonathan -- the first minor ever to face proceedings for stock-market fraud -- had used the Internet to promote stocks from his bedroom in the northern New Jersey suburb of Cedar Grove. Armed only with accounts at A.O.L. and E*Trade, the kid had bought stock and then, "using multiple fictitious names," posted hundreds of messages on Yahoo Finance message boards recommending that stock to others. He had done this 11 times between September 1999 and February 2000, the S.E.C. said, each time triggering chaos in the stock market. The average daily trading volume of the small companies he dealt in was about 60,000 shares; on the days he posted his messages, volume soared to more than a million shares. More to the point, he had made money. Between September 1999 and February 2000, his smallest one-day gain was $12,000. His biggest was $74,000. Now the kid had agreed to hand over his illicit gains, plus interest, which came to $285,000."
http://en.wikipedia.org/wiki/Jonathan_Lebed
Actually the article mentions later that he still kept 500K of his winnings, because the SEC didn't dare to prosecute him in curt. The SEC first wanted all of the 800K, his lawyer came back with 125K and eventually they agreed on 285K.
http://www.nytimes.com/2001/02/25/magazine/25STOCK-TRADER.html?pagewanted=all&pagewanted=print
"On Sept. 20, 2000, the Securities and Exchange Commission settled its case against a 15-year-old high-school student named Jonathan Lebed. The S.E.C.'s news release explained that Jonathan -- the first minor ever to face proceedings for stock-market fraud -- had used the Internet to promote stocks from his bedroom in the northern New Jersey suburb of Cedar Grove. Armed only with accounts at A.O.L. and E*Trade, the kid had bought stock and then, "using multiple fictitious names," posted hundreds of messages on Yahoo Finance message boards recommending that stock to others. He had done this 11 times between September 1999 and February 2000, the S.E.C. said, each time triggering chaos in the stock market. The average daily trading volume of the small companies he dealt in was about 60,000 shares; on the days he posted his messages, volume soared to more than a million shares. More to the point, he had made money. Between September 1999 and February 2000, his smallest one-day gain was $12,000. His biggest was $74,000. Now the kid had agreed to hand over his illicit gains, plus interest, which came to $285,000."
http://en.wikipedia.org/wiki/Jonathan_Lebed
Actually the article mentions later that he still kept 500K of his winnings, because the SEC didn't dare to prosecute him in curt. The SEC first wanted all of the 800K, his lawyer came back with 125K and eventually they agreed on 285K.
remember the guy,who was watching the porn all day at SEC? remember what his punishment was? like 1 day dismissal from work. pretty much like a day off. nothing surprise me today. the only thing that really worrisome is that on all gvt levels things got progressively worse for last decade or so.. and there is no end in sight..