Drinks Americas Holdings, Ltd. (DKAM)

[Toxic Avenger]

Let's review the purpose of Regulation FD.
"Regulation FD (Fair Disclosure) is a new issuer disclosure rule that addresses selective disclosure. The regulation provides that when an issuer, or person acting on its behalf, discloses material nonpublic information to certain enumerated persons (in general, securities market professionals and holders of the issuer's securities who may well trade on the basis of the information), it must make public disclosure of that information. The timing of the required public disclosure depends on whether the selective disclosure was intentional or non-intentional; for an intentional selective disclosure, the issuer must make public disclosure simultaneously; for a non-intentional disclosure, the issuer must make public disclosure promptly. Under the regulation, the required public disclosure may be made by filing or furnishing a Form 8-K, or by another method or combination of methods that is reasonably designed to effect broad, non-exclusionary distribution of the information to the public."

FD covers a situation where material information has been made to "enumerated persons" and NOT to the public.

However as soon as you post something material and non-public on the web, it will be considered "public" (as you noted in your own post) because ihub is clearly a "public" site. You, or anyone else who overheard or otherwise came into possession of material, non-public information about a stock would be prohibited from trading based on it of course.

Your suggestion that the SEC is going to look at who has read, posted or visited any MB for the purpose of trading a security and then determine they acted on "illegal inside information" by doing so, is fanciful, (kindest way I can put it), IMHO.