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Black hair sprouted in many directions from the top of his head and joined together somewhere in the middle of his back. When I arrived one afternoon not long ago, the first person to the door was Greg Lebed, Jonathan's 54-year-old father. The Lebeds' house sits about a third of the way up one of the hills. The houses at the bottom of each hill are barely middle class the houses at the top might fairly be described as opulent. Its real-estate prices rise with the hills. ''He is exactly what you or I hope our kids never turn out to be.''Ĭedar Grove is one of those Essex County suburbs defined by the fact that it is not Newark. At any rate, by the time I asked him to explain to me what, exactly, was wrong with broadcasting one's private opinion of a stock on the Internet, he was in no mood. I was maybe the 50th journalist he'd spoken with that day, and apparently a lot of the others had had trouble grasping the finer points of securities law. As a result, Jonathan Lebed was still sitting on half a million dollars.Īt length, I phoned the Philadelphia office of the S.E.C., where I reached one of the investigators who had brought Jonathan Lebed to book. had demanded he give it all up, but then backed off when the kid put up a fight. The kid's take from six months of trading had been nearly $800,000. There had been many more than the 11 trades described in the S.E.C's press release, the lawyer said. And if the initial articles about Jonathan Lebed raised questions - what did it mean to use a fictitious name on the Internet, where every name is fictitious, and who were these people who traded stocks naïvely based on what they read on the Internet? - they were trivial next to the questions raised a few days later when a reporter asked Jonathan Lebed's lawyer if the S.E.C.
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It wasn't just that I didn't understand what the kid had done wrong I didn't understand what he had done. When I first read the newspaper reports last fall, I didn't understand them.
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Now the kid had agreed to hand over his illicit gains, plus interest, which came to $285,000. Between September 1999 and February 2000, his smallest one-day gain was $12,000. The average daily trading volume of the small companies he dealt in was about 60,000 shares on the days he posted his messages, volume soared to more than a million shares. said, each time triggering chaos in the stock market. He had done this 11 times between September 1999 and February 2000, the S.E.C. and E*Trade, the kid had bought stock and then, ''using multiple fictitious names,'' posted hundreds of messages on Yahoo Finance message boards recommending that stock to others. The S.E.C.'s news release explained that Jonathan - the first minor ever to face proceedings for stock-market fraud - had used the Internet to promote stocks from his bedroom in the northern New Jersey suburb of Cedar Grove. 20, 2000, the Securities and Exchange Commission settled its case against a 15-year-old high-school student named Jonathan Lebed.