SEC acts online stock auctions

Article Abstract:

The Securities and Exchange Commission has initiated moves to stop the trading of stock over online auction sites. The regulatory body has issued cease-and-desist orders to three people who auctioned stock on eBay in Apr and May 1999. These were Richard Davis who offered to sell a 5% stake in Mindhunt; J R Hoff who received bids for his offer to sell 1,000 unregisterecd shares in Ameriga.net; and Louis Sitaras who auctioned restricted shares in Metropolitan Health Network.

Government regulation (cont), Regulation, Licensing, and Inspection of Miscellaneous Commercial Sectors, Trading Regulations, Securities law, Securities trading

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Does Jfax.com IPO deal durck rules?

Article Abstract:

Internet-based messaging and communications provider Jfax.com will raise $342 million in an initial public offering of 8.5 million shares in the price range of $8 - $10 per share. To drum up interests, the company has sent e-mails to its customers announcing that people selected through a computerized lottery could buy up to 100 shares at the IPO price. The IPO is handled by Donaldsod Lufkin.

Organizational history, Jfax.com

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