The Security and Exchange Commission's (SEC) top enforcement boss has voiced his concerned about investors being lured into bad investments pitched to them over the Internet.
William McLucas, head of the SEC's division of enforcement, was giving a speech to the Justice Department about the so-called "alternative trading systems" that are appearing on the Web. "Sitting at home in the den looking at the Internet and observing what purports to be a tremendous investment opportunity that is dressed up with some legalese, people will take out their cheque book, write a cheque and put it in the mail," McLucas said.
The SEC is currently looking into ways of regulating alternative trading systems, but admitted "monitoring these sites is a massive task". The SEC currently has more than 60 full-time staff devoted to tracking this such sites.
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