Wrong, Joe
SEC popped tokyojoe because his disclaimer did not state that he could be selling shares while he's hyping it. He would buy shares, hype it up, then sell it to his "members" aka suckers.
SEC Enforcement Director Richard H. Walker said, "This case has established groundbreaking precedent: Those who are in the business of offering investment advice on the Internet may take on the same duties and responsibilities as other investment advisers." Mr. Walker added, "Today's settlement demonstrates that we will not countenance undisclosed conflicts of interest or other fraudulent conduct from those recommending purchases or sales of securities – whether on the web or elsewhere."
SEC Midwest Regional Director Mary E. Keefe said, "In requiring Park and Societe Anonyme to pay a significant penalty and to give back all of the profits they made from their illegal trading and touting, we are sending a clear message to those in the stock-picking business: We will pursue you vigorously if you mislead your customers."
In its Complaint, filed in January 2000, the Commission alleged that Park, a self-proclaimed Internet stock-picking guru, operated an Internet web site through which investors who paid a monthly membership fee received stock recommendations and other investment advice from Park. The Commission charged that Park defrauded members of his Societe Anonyme by failing to disclose that, in several instances, he had already purchased shares of the stock that he was recommending and that he planned to sell his shares into the buying flurry and subsequent price rise that followed his recommendations, an illegal practice known as "scalping."
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