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News > Technology
Day Traders On-line probed
April 2, 1999: 3:56 a.m. ET

SEC is investigating claims of payoffs for stock picks, report says
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LONDON (CNNfn) - The Securities and Exchange Commission has launched an investigation into activities at Day Traders On-line and may broaden its inquiry into market practices in the booming online retail sector, according to a published report Friday.
     The SEC is investigating allegations that the firm received pay-offs for some stock recommendations, The Wall Street Journal reported Friday.
     The company firmly denied the claims but said it would cooperate with any SEC requests. "We don't get any compensation directly or indirectly from any company, any stock, or any promoter whatsoever in relation to the recommendations we make on our site," Day Traders' founder Ray Johns told the Journal.
     The report said the SEC has stepped up its oversight of online retail trading operators, which have mushroomed over the past year. It has also contacted two other day trading players, Trading Places Founder Chris Rea and Joe Park, an Internet stock guru also known as TokyoMex, according to the Journal.
     The SEC declined to comment on the report but did launch a sweep of 44 Internet stock trading firms last October amid allegations of fraud and mis-selling.Back to top

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Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer. Morningstar: © 2018 Morningstar, Inc. All Rights Reserved. Factset: FactSet Research Systems Inc. 2018. All rights reserved. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2018 and/or its affiliates.