Business Services Industry
SEC Halts Sales of Unregistered Stocks on Online Auction Site eBay.
Knight Ridder/Tribune Business News, October, 1999 by Fairbank, Katie
Knight Ridder/Tribune Business News
Oct. 21 -- Three people, including a Duncanville man, have agreed to stop peddling stock on the Internet auction site eBay as a part of settlements filed Wednesday with the Securities and Exchange Commission.
The SEC said the three cases were the first by the agency involving the questionable sale of securities on an auction Web site. For securities such as stocks or bonds to be offered to the public, they must be registered with the SEC or have a registration exemption from the agency, which oversees the sale of stock.
Richard Davis of Duncanville, J.R. Hoff of Hudson, Wis., and Louis Sitaras of Jupiter, Fla., all agreed to cease efforts to sell stock on the Internet.
The three men neither...
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