Web Stock Adviser Is Accused of Fraud In Lawsuit by S.E.C.
Revving up its pursuit of stock fraud on the Internet, the Securities and Exchange Commission yesterday filed a civil complaint contending that one of the Web's best-known stock pickers had committed four counts of fraud. According to the suit, he enriched himself at his customers' expense, lied about his past returns and secretly accepted payment in exchange for recommending one company's stock. The case, against Yun Soo Oh Park, known to his stock trading disciples as Tokyo Joe, is the most aggressive regulatory action so far against a Web guru. Previous S.E.C. Internet cases have been against relatively minor players. This is the agency's first move against an Internet celebrity, and is significant because it raises First Amendment issues.