Fun with the SEC

Discussion in 'Trading' started by thetraderprofit, Feb 2, 2003.

  1. I don't know how to paste this link, but you've got to read this:

    Go to the, in the upper right corner do a search on the word "penis" and read the third item-- from 1996. It's hilarious. Somebody should paste the link here.

    i must ask, what prompted you to make this discovery?! that is pretty funny though.. i especially liked:

    "When I'm done with you - the SEC won't hav [sic] money in their budget for paperclips." :D
  3. There wasn't anything under vagina or cu*t.
  4. cheeks


    How could the SEC make anyone that mad?:D
  5. come on qdz, admit it, that was you!
  6. cheeks


    I use to wonder what other traders did to keep busy when the markets were not open.
  7. thetraderprofit: when you go to the link you want to paste, you put your cursor arrow in the Address window, when the address turns blue, you right click and Copy. Then you can Paste it in the message on here.

    daniel_m: although that's actually one of the funnier things you've written, it is in fact a good example of warning to qdz about what the consequences of dealing with the SEC in this manner can be.

    cheeks: What the SEC did to make this guy so mad was try to make him register as a Financial Advisor because he was managing some kind of investment fund. For whatever reason he was determined not to comply. After he specifically stated that if they didn't quit trying he would kill them, they got him locked up in a mental hospital for 5 months. God kows how he might have been worked over when they had him in that vulnerable position.

    Then, they succeeded in barring him from continuing to act as an investment advisor by saying that he lost his case by default because he failed to show up for a hearing that they scheduled while he was locked up in the mental institution. Shortly after they succeeded in ruling against him in this way, they released him from the mental institution.

    Shows you how far the SEC will go to squash anyone who dares oppose them.

    On January 6, 1995, Judge Cohn found that Mr. Smith acted as
    an unregistered investment adviser in the period 1987 to 1994;
    that he managed between three and five million dollars in assets
    in 115 client accounts; that at least seventy-five percent of the
    value of the assets consisted of securities; and that his clients
    resided in 14 states and foreign countries. In the civil action, Mr. Smith did not dispute the Commission's charges that he failed to comply with the statute.

    An alternative basis for my findings is that Mr. Smith did
    not file an answer to the Commission's Order which is the basis
    for this proceeding, and that he had notice of the hearing held
    November 16, 1995 but did not appear.
    Commission's Rules of Practice provide that a person who fails to
    file an answer to the Order, or who does not appear at a hearing
    of which he has been duly notified, shall be deemed in default
    and the allegations in the Order may be deemed to be true.

    It is in the public interest to bar Mr. Smith from participating in the securities industry because he does not accept federal jurisdiction over activities which Congress and the courts have described as those of an investment adviser. In addition, Mr. Smith's irrational death threats against federal government employees indicate that Mr. Smith does not have the temperament and judgment required of a person who acts as a fiduciary in a position of trust and responsibility.

    Mr. Smith's illegal activities were blatant, widespread, and continued for some seven years. Mr. Smith had been a co-owner and president of a registered investment adviser from 1982 through March 31, 1987 so he knew that what he was doing for compensation from 1987 through 1994 came within the definition of investment adviser activities and that registration was required.
  8. qdz2


    NASD is whining bust just like SEC is.
    Both are whore houses often lobbied by special interests groups. PDT rules is just one of many examples. Sucks. They should be fine to bankrupt and shut down their hypo house.

  9. Yes, but be warned by the example of Gary Smith. Do not try to threaten them or swear at them. They will lock you up in a mental hospital and then do whatever they want to do about you while you are locked up there.
  10. I think it was quite a bit more than swearing.

    Like, threatening the lives and bodily appendages of persons opposing him including , I think, the judge. He HAD to be NUTS!
    This just isn't done.

    Further, he had been registered in the past, so he knew he was subject to the Act.

    You simply can't threaten the civil authorities' lives.

    Only 1 sitting federal judge was murdered in the last century and the government is going to make sure this nut doesn't crack the head of another one.

    But, for shear entertainment value, you can't beat the pleading.
    #10     Feb 2, 2003