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Tokyo Joe Creator's Lawyers Appeal Ruling

May 31, 2000|Reuters

Lawyers for the creator of the Tokyo Joe investment Web site, Yun Soo Oh Park, sought Tuesday to appeal a federal judge's decision that let fraud charges stand against their client.

The lawyers asked Judge Charles Kocoras to allow an immediate appeal to his May 4 ruling that kept in play charges that Park, also known as Tokyo Joe, fraudulently took $1.1 million in fees from members of his Web site.

The Securities and Exchange Commission has charged that, in exchange for the fees, Park disseminated advice and access to a private chat room where he allegedly promoted stocks without disclosing his interests.

Park's lawyers claim that the accusations are not covered by the Investment Advisers Act of 1940 and that there are conflicting issues in the judge's ruling and case law that warrant review by the U.S. Court of Appeals for the 7th Circuit.

"The '40 Act was intended to regulate only those individuals who provide personalized investment advice and that defendants, therefore, are not subject to regulation under the '40 Act because they provide non-personalized investment advice over the Internet," the motion said.

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