ASIC acts to protect consumers in chatroom

From: Kelly 1


Hi All

Naturally all people on this forum, and in the chat room are trustworthy types, so I include the following just for your interest. It is from the ASIC website at http://fido.asic.gov.au/fido/fido.nsf/byheadline/02%2F27+ASIC+acts+to+protect+consumers+in+chatroom?openDocument


02/27 ASIC acts to protect consumers in chatroom

Tuesday 29 January 2002


The Australian Securities and Investments Commission (ASIC) has obtained final orders, by consent, in the Federal Court (Brisbane) requiring the removal of false and misleading information from an Internet website.

It is believed that ASIC's action in relation to Mr Alan Miller and use of Internet Relay Chat is the first such action in the world by a securities regulator.

The Federal Court orders prevent Alan Miller of Toowong, Brisbane, the owner and operator of www.stocktracker.com.au, from posting any false and misleading information on his website or in Internet Relay Chat channels (chatrooms) in the future.

The orders also prevent Mr Miller from giving investment advice on websites and on any chatrooms without holding the appropriate licence. Mr Miller is required to state on his website that the ASX announcement he posted in relation to IPT Systems Limited was false and unauthorised and has been ordered to remove this announcement and place a copy of the court orders on his website.

Mr Miller is also prevented from using the metatags 'stock market advice', 'trading advice', 'stock tips', 'online advice' and 'ASX'. These tags are used by Internet search engines to identify websites containing those phrases and to direct Internet users to those sites.

ASIC obtained interim court orders on 24 January 2002 following a live demonstration in court of the information at www.stocktracker.com.au.

'ASIC acted swiftly to protect consumers and the integrity of the market', ASIC's Director of Enforcement Mr Allen Turton said.

'The Internet provides investors with the resources and opportunities to become informed, however these benefits can be lost if it is used to spread false and misleading information.

'ASIC recommends that investors check that financial advice is provided by a licenced financial adviser. You can do this on ASIC's consumer protection website at www.fido.asic.gov.au', Mr Turton said.

Mr Miller is also an 'operator' of an Internet Relay Chat (IRC) channel (#daytraders) in which he promotes his website.
ASIC's investigation is continuing.
 
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Reply: 1
From: Michael G


This is interesting,

New laws being introduce in march regarding investment advisors could render forums such as this illegal too, maybe?

What what I've heard, anything that could be viewed as investment advice could be seen to be against the law.

Interesting

Michael G
 
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Reply: 1.1
From: Rolf Latham


Mg

Please dont tell your kids to save more.his could be construed as giving advice and may be contrary to the Good Advice Handbook.

I think the test of the the law comes down to reasonable people making reasonable assumptions about the information presented.

ASIC tend to only act where there is a blatant disregard for rules, and seemingly recently where there is some good media coverage available.

ta

Rolf
 
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Reply: 1.1.1
From: Sergey Golovin


Agree with Rolf,

Also, how could they get you if you do not know whom you are talking too on the forum.
Some of the people I have never seen in my life before. I do not know they real names.
It is about them, about me – imagine next, I’ll change my name to nickname tomorrow, take any advice from this forum, and people would not even know who responded on that "posted advice". Half year later I'll turn up in court accusing someone of illegal conduct… what lot of rubbish…!
From professional point of view this forum or any for that matter as good as news on bus or train. Any one can tell you anything but it does not mean a thing.

My father in law is good at it - tells someone lot of rubbish and they do listen him. After while those poor people walking around and asking why it did work out and my father in law seats at home, drinking beer, watching cricket and laughing his head off. He does not do it in regards to money but… he sends them to wrong addresses and alike, and those people do listen him? I just shake my head and do not say anything.

They only can sue you if did it deliberately - you pushed them into it and they have lost everything or part of it.
We are not pushing anyone into anything. It is their bloody choice and problem.
If they do have problem, they need a psychiatrist from hospital not mentor from the forum.
If this is true what they say in regards to the advice, three quoters of writers and journalists would be in jail by now, including the creator of “star wars”, simply because lots people missed out on they last "pre-booked" journey to the Galaxy 134-NX due to shortage of tickets.

God help us all.

Serge.
 
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Reply: 2
From: Dale Gatherum-Goss


Hi

There is also the burden of proof . . . the accused remains innocent in this country until the accuser proves that they misled that person for profit or gain.

Furthermore, if you worried about things like this too often, you would never get out of bed or do anything for fear of the repercussions.

My advice, as a fellow listener to these conversations that we have, as an investor, and as professional CPA, is to do what you do, consider all advice carefully and to seek a second opinion if you are unsure. Most of all though, listen to your instincts!!

Have fun and don't let the wowsers destroy the party.

Dale
 
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