(October 20 – 15:10 ET) – The
Internet auction site, eBay Inc.,
has played host to people pitching
automatic weapons, a human kidney
– even a baby. But when someone
tried to sell stock over the site
it proved too much for the U.S.
Securities and Exchange Commission.
Today the SEC brought and settled
charges against three people who
illegally offered securities on
eBay.
The SEC issued cease-and-desist
orders against the three who are
from Florida, Texas and Wisconsin.
They settled without admitting
nor denying the charges. eBay
wasn’t accused of any wrongdoing.
They were variously accused of
securities fraud, illegally
offering unregistered securities
and a couple of other Securities
Act violations.
No one actually bought any of
the stock that was offered. In two
of the three cases bids were
received, but in one case the
respondent withdrew the auction
after the SEC told him it was
illegal, and eBay cancelled the
other auction itself.
-IE Staff
For more please see: