248 Notes
5.SEC v. Remington-Hall Capital Corp. &Douglas T. Fonteno, SEC Litigation
Release No. 15943, October 22, 1998.
6.Alex Berenson, “Two Accused of Using E-Mail to Commit Stoc kFraud,”The
New York Times, February 25, 2000.
7.Jeffrey Keegan, “Regulators Step Up Fight against Internet Fraud,”Investment
Dealers Digest, August 7, 1998.
8.Philip L. Carret,The Art of Speculation(1st ed. 1930; rev. ed. Fraser, 1984).
9.Edwin LeFe`vre,Reminiscences of a Stock Operator(1st ed. 1923; rev. ed. John
Wiley & Sons, 1994).10.Benjamin Graham,The Intelligent Investor(1st ed. 1949; 4th rev. ed. Harper &
Row, 1973), 142.
11.Leslie Eaton, “Internet Investing: Spotlight on Risk,”International Herald Trib-
une, December 6, 1996.
12.SEC v. Aziz-Golshani, No. 99–13139 (CBM) (Federal Central District of Cali-
fornia, December 15, 1999); Rebecca Buckman and Michael Schroeder, “Web
Postings Draw Charges of Stoc kFraud,”The Wall Street Journal, December 16,
1999; Gretchen Morgenson, “Internet’s Role Is Implicated in Stoc kFraud,”The
New York Times, December 16, 1999.
13.SEC Litigation Release No. 16399 (January 5, 2000) (reporting onSEC v. Yun
Soo Oh Park, Federal Northern District of Illinois, Case No. 00C 0049); Jen-
nifer Friedlin, “The SEC Files Civil Fraud Charges against Tokyo Joe,”The-
Street.com&NYTimes.com, January 2000; John C. Coffee, Jr., “Tokyo Joe and
the First Amendment,”The New York Law Journal, January 20, 2000.
14.“Net Damage: PairGain Hoax Revealed,”Investor Relations Business, April 26,
1999; Associated Press, “PairGain Worker Sentenced in Fraud Case,”The New
York Times, August 31, 1999.
15.Alex Berenson, “S.E.C. Reaches Settlement in Web-Based ‘Pump and Dump’
Case,”The New York Times,March 3, 2000; Michael Schroeder, “Georgetown
Students Draw Web Investors—and an SEC Bust,”The Wall Street Journal,
March 3, 2000.
16.William M. Bulkeley, “Presstek Suit Alleges Short Sellers Posted False State-
ments On-Line,”The Wall Street Journal, September 18, 1997.
17.Gretchen Morgenson, “S.E.C. Says Teenager Had After-School Hobby: Online
Stoc kFraud,”The New York Times, September 21, 2000.
18.Lawrence Harris, “Volatility, Portfolio Insurance, and the Role of Specialists
and Market Makers,”Cornell Law Review,vol. 74 (1989), provided part of the
foundation for the following discussion.
19.Michael Schroeder and Randall Smith, “Sweeping Changes in Market Struc-
ture Sought: Major Firms Propose Central Order System and Single Regulator,”
The Wall Street Journal, February 29, 2000; Alex Berenson, “Top Wall St. Ex-
ecutives Urge Trading Overhaul,”The New York Times, March 1, 2000.
20.Michael Schroeder, “NASD, NYSE Discussed Merging to Keep Up With Mar-
ket Changes,”The Wall Street Journal, March 3, 2000; Greg Ip and Randall