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研究生:劉志豪
研究生(外文):Chih-Hao Liu
論文名稱:網際網路證券交易詐欺之研究
論文名稱(外文):A Study on Internet Securities Fraud
指導教授:馮震宇馮震宇引用關係
指導教授(外文):Jerry G. Fong
學位類別:碩士
校院名稱:中原大學
系所名稱:財經法律研究所
學門:法律學門
學類:專業法律學類
論文種類:學術論文
論文出版年:2001
畢業學年度:89
語文別:中文
論文頁數:210
中文關鍵詞:網路交易證券網路詐欺詐欺證券詐欺網際網路
外文關鍵詞:Securities FraudInternetOn-line TradingInternet FraudSecuritiesFraud
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隨著網路商業應用的普及與電子商務的興起,線上交易儼然已經成為商業活動的最新趨勢;其中發展最為迅速、成長最為驚人的非網路證券交易莫屬。根據美國證管會代理主席Laura S. Unger女士於一九九九年十一月所提出的研究報告指出,一九九七年至一九九九年第二季的二年間,網路證券交易帳戶呈現近三倍的成長趨勢,線上交易的成交量也成長二倍有餘。
至於國內的發展情形,根據台灣證券交易所的統計,民國八十六年十一月開放網路下單業務當月僅有3,677人開立網路交易帳戶,網路交易的成交金額僅占市場成交金額的0.02%;然而至民國九十年五月為止,計有1,785,284人已開立電子式交易帳戶,成交金額比例達8.95%。無論國內外的統計數據均顯示網路證券交易市場的發展呈現迅速擴張的趨勢,而此種趨勢將必然隨著數位化環境的日漸成熟而更為穩固。
然而,網路證券交易迅速發展的同時,網路投資詐欺案件亦隨著網路使用的普及而增加。綜觀國內外所發生的網路證券詐欺案件,均因網路交易之特性而有別於傳統類型,不僅偵查不易,而且通常損害十分嚴重。是以如何利用現有交易機制或法律規範來防範證券詐欺案件,或者利用其他方法維護證券市場交易安全,保障投資人權益,乃是值得進行探討的課題。
由於國內案例與文獻較為缺乏,故多以SEC起訴的案例為主,輔以證券自律組織、投資人保護組織或相關法律期刊之評論,其次以證券交易實務的觀點來觀察比較,藉以尋求妥適的解決方案。
本論文共分為六章;其中第一章係就本論文之研究動機與目的、研究方法等略作說明;第二章則就一般證券詐欺型態與責任概要性地介紹;第三章至第五章則分別就網路證券詐欺案例與特性、投資人保護以及法律規範與其他防範機制的建立等,以美國證券主管機關對於網路證券詐欺行為的因應措施,包括法令的增修以及其他配套的防範機制建立等為主要研究對象進行研究,進而提出可供我國證券主管機關擬定對策的參考建議。第六章結論與建議,係對本論文研究過程中所見的網路證券交易詐欺現況與案例、主管機關或業者的當前的因應作為等,提出防治或改進的建議以供參考。
Abstract
Online trading now becomes the main-street trend of commercial activities with the commercialization of internet and the development of electronic commerce, and securities online trading is the most conspicuous among. According to the report filed by Laura S. Unger, the acting chairman of Securities Exchange Commission of United States, in November 1999, the online accounts had almost tripled from 1997 to 2nd quarter of 1999, and the percentage of online trading volumes of all equity trades had also doubled during the period.
As to the development of securities online trading in Taiwan, there were only 3,677 accounts opened and the online trading volumes were just 0.02 percent of all equity trades in November 1997. After three years later, there were 1,785,284 accounts opened and the percentage of equity trades conducted online has grown to 8.95 percent in May 2001. The statistics shows that the securities online trading is going to grow continuously at higher speed and the tendency will stabilize with the maturity of digital environment.
However, the cases of the investment fraud have been increased with the commercialization and popularization of Internet usage. By reviewing the online securities fraud cases, we can find that there are many differences between online securities fraud cases and traditional ones, furthermore the online securities frauds always cause severe damage but usually diffcult to investigate. So it is important for us to find a sound way to keep the securities market safer and to protect investors by using all reasonable mechanisms and regulations.
Owing to the lack of cases and related materials in Taiwan, I compare and analyze the cases had been prosecuted by SEC. Besides, I refer to the policies and commentaries from self-regulation organizations, investor protection organizations, and related law reviews of United States to seek for a proper solution.
This thesis including six chapters. First chapter, introduction, includes the reason of writing this thesis and the research method of it, The second chapter introduces the types and obligations of general securities fraud. The third chapter focuses on the cases and characteristics of online securities fraud. The fourth chapter and fifth chapter aim at investor protection, related regulations and other precaution mechanisms. In addition, the forth chapter and the fifth chapter try to file some suggestions by searching among precautions that adopt by SEC currently. Finally, the sixth chapter, conclusion, try to provide some ideas and suggestions for regulators and market participants.
第一章 緒論1
第一節 研究動機與目的4
第二節 研究方法5
第三節 研究範圍與限制6
第二章 證券詐欺概述9
第一節 證券詐欺之定義10
第一項 詐欺之定義10
第二項 證券詐欺的定義11
第二節 證券詐欺之類型與責任14
第一項 證券詐欺之類型14
第一款 初級市場詐欺-公開說明書虛偽不實14
第二款 次級市場詐欺22
第一目 財務報告虛偽不實23
第二目 重大訊息揭露與財務預測之虛偽不實24
第三目 內線交易25
第四目 操縱行為30
第二項 證券詐欺之責任34
第一款 初級市場詐欺-公開說明書虛偽不實之責任36
第二款 次級市場詐欺39
第三章 網路證券詐欺45
第一節 網路證券詐欺之定義48
第二節 網路證券詐欺之特性49
第三節 網路證券詐欺類型與案例52
第一項 微市值詐欺(Microcap Fraud)53
第一款 PSA炒作案54
第二款 PinkMonkey案57
第二項 發行詐欺(Offering Fraud)58
第一款 New Utopia案59
第二款 Families On Line案60
第三項 市場操縱(Market Manipulation)61
第一款 拉高倒貨(Pump and Dump)62
第一目 NEI Webworld案63
第二目 Heartsoft案65
第三目 Jesse Hogan案66
第二款 趨勢交易(Momentum Trading)67
第一目 FastTrade案68
第二目 Sunset案70
第三款 垃圾郵件(Spam)72
第一目 AOL Investment Snapshot案73
第二目 Unity List案74
第三款 抹黑資訊(Smearing Information)75
第四項 非法勸誘(Illegal Touting)77
第一款 Tokyo Joe案78
第二款 JMAX Online Communications案80
第三款 Stockstowatch案81
第五項 冒用名義(Imposter)83
第六項 內線交易(Insider trading)84
第四節 我國網路證券詐欺類型與案例87
第一項 利用網路交易之違約交割對證券商詐欺87
第二項 利用網路散佈不實訊息操縱市場92
第五節 網路證券詐欺之責任94
第四章 投資人保護97
第一節 前言97
第二節 IOSCO的建議作法98
第三節 美國的作法100
第一項 對發行公司的管理-資訊公開揭露100
第一款 加強資訊公開的要求101
第二款 便利資訊取得102
第二項 對金融服務業者-適當性義務104
第一款 全方位金融服務所衍生的新課題106
第二款 超連結資訊的責任109
第三項 對投資人-投資人教育與救濟措施111
第一款 投資人教育111
第二款 建立檢舉制度114
第四節 我國的做法115
第一項 對發行公司的管理-資訊公開揭露115
第二項 對金融服務業者-適當性義務116
第一款 全方位金融服務所衍生的新課題116
第二款 超連結資訊的責任122
第三項 對投資人-投資人教育與救濟措施123
第一款 投資人教育123
第二款 糾紛調處與救濟124
第五章 法律規範與其他配套機制的建立131
第一節 前言131
第二節 法律規範-主管機關的修法態度132
第一項 美國的修法方向132
第一款 防止證券詐欺行為132
第一目 Rule 504 of Regulation D133
第二目 Form S-8133
第三目 Rule 15c2-11134
第四目 Rule 701136
第二款 其他有價證券募集、發行與買賣137
第二項 我國的修法方向139
第一款 加強發行公司及證券服務事業管理139
第二款 其他有價證券之募集、發行與買賣的問題140
第三節 建立安全的網路交易環境144
第四節 其他配套機制的建立148
第一項 美國的做法148
第一款 成立專職單位148
第二款 利用網路特性加強投資教育149
第二項 我國的做法150
第六章 結論與建議153
第一節 結論153
第二節 建議156
附錄一 美國證券交易法規反詐欺相關規定摘錄161
附錄二 證券投資人及期貨交易人保護法草案181
附錄三 中國大陸《網上証券委托暫行管理辦法》193
參考資料199
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Jennings, Harold Marsh, Jr., John C. Coffee, Jr., Securities Regulation Case and Materials 209(7th ed. 1992)4.Alan R. Palmiter, Securities Regulation Examples and Explanations §4.3(1st ed. 1998)5.Daniel R. Fischel and David J. Ross, Should the Law Prohibit "Manipulation" in Financial Markets?, 105 Harvard Law Review. (1991)6.Frank H. Easerbrook. Monopoly, Manipulation, and Regulation of Futures Markets, 59 J. Bus. S103(1986)7.Christine T. Jarmer, International Internet Securities Fraud and SEC Enforcement Efforts, 5 Tul. L. Rev (1999).8.James M. Bartos, Erank D. Dangerard, United States Securities Law a Practical Guide 2 (1992)9.SEC V. Texas Gulf Sulphur Co. 401 F.2d 833(2nd Cir. 1968)10.Ernst & Ernst v. Hochfelder, 425 U.S. 185(1976)11.Zweig v. Hearst Corp., 594 F.2d (9th Cir. 1979). 二、網路資源(以文章標題首字字母順序編排)1.About Microcap Fraud <http://www.sec.gov/news/extra/microcap.htm>2.Adoption of Amendments to Form S-8 Information Sheet <http://www.sec.gov/news/extra/micros8.txt>3.Adoption of Amendments to Rule 701 <http://www.sec.gov/news/extra/micro701.txt4.Brian Kerbs, Internet-Related Stock Fraud Cases Increasing <http://www.newsbytes.com/news/00/157796.html>5.Class Action Suit Filed Against Internet Wire and Bloomberg over Emulex Hoax <http://techlawjournal.com/seclaw/20000905.asp>6.SEC v. James Sheret, Jr. and Glenn E. Conley, No. CIV 1411 (AGS) (USDC S.D.N.Y.) <http://www.sec.gov/litigation/litreleases/lr16451.htm>7.Cyberspace Fraud and Abuse <http://www.nasaa.org/investoredu/investoralerts/cyberspa.html>8.On-Line Brokerage:Keeping Apace of Cyberspace <http://www.sec.gov/news/studies/cybexsum.htm> or <http://www.sec.gov/pdf/cybrtrnd.pdf>9.Empowering Investors in an Electronic Age, May 17th, 2000 <http://www.sec.gov/news/speeches/spch380.htm>10.Emulex Web Hoax Not the First…and It Certainly Won''t be The Last. <http://www.cybersecuritieslaw.com/news/web_hoax.htm>11.Internet Enforcement Program About the Office of Internet Enforcemen, <http://www.sec.gov/divisions/enforce/internetenforce.htm>12.Internet Enforcement Program <http://www.sec.gov/enforce/intrela.htm>13.Internet-Related Stock Fraud Cases Increasing, Brian Kerbs <http://www.newsbytes.com/news/00/157796.html>14.Investor Protection in the Age of Technology <http://www.sec.gov/news/speech/speecharchive/ 1998/spch205.txt>15.Investor Protection in the Age of Technology, Remarks at the Third Annual Financial Services and Technology Conference <http://www.sec.gov/news/speeches/spch205.txt>16.Micro-Cap Fraud letter to Rep. John Dingell <http://www.nasaa.org/whoweare/speeches/dingell2.html>17.Microcap Stock: A Guide for Investors <http://www.sec.gov/consumer/microbro.htm>18.Neil Hare, Internet Financial Chat Rooms Raise Concerns for Regulators, Companies <http://www.law.com/cgi-bin/gx.cgi/AppLogic+FTContentServer? pagename=law/View&c=Article&cid=A10533-1999Nov30&live=true&cst=1&pc=0&pa=0>19.Online Investors Get 10 Tips from State Securities Regulators, <http://www.nasaa.org/nasaa/scripts/prel_display. asp ?rcid=106>20.Reproposal of Amendments to Rule 15c2-11 <http://www.sec.gov/news/extra/micro15c.txt>21.Ronald Hart v. Internet Wire, Inc. and Bloomberg, L.P. <http://techlawjournal.com/courts/emulex/20000831.asp>22.SEC and US Attorney Bring Charges Against 19 Individuals, Including Wall Street Professionals, for $8 Million Insider Trading Scheme First Case Charging Use of Internet To Pass Inside Information <http://www.sec.gov/news/press/2000-33.txt>23.SEC charges 41 people in 13 Actions Invlovimg more than $25 Million in Microcap Fraud <http://www.sec.gov/news/press/98-92.txt>24.SEC Charges 44 Internet Stock Promoters <http://www.internetnews.com/fina-news/article/0,,5_35131,00.html>25.SEC Charges 44 Stock Promoters in First Internet Securities Fraud Sweep <http://www.sec.gov/news/netfraud.htm>26.SEC charges 82 individuals and Companies in Second Nationwide Microcap Fraud Sweep <http://www.sec.gov/news/micro899.htm>27. SEC Charges Two People With Internet Stock Manipulation Scheme Spams Implied that America Online Had Issued or Endorsed the Recommendations <http://www.sec.gov/news/press/2000-16.txt>28.SEC Conducts First Even Nationwide Internet Securities Fraud Sweep,Charges 44 Stock Promoters in 23 Enforcement Actions <http://www.sec.gov/news/press/98-117.txt>29.SEC Continues Nationwide Crackdown Against Internet Fraud, Charging 33 Companies and Individuals With Fraud For Manipulating Microcap Stocks <http://www.sec.gov/news/press/2000-124.txt> or <http://www.sec.gov/news/headlines/intmm.htm>30.SEC Creates Office of Internet Enforcement to Battle Online Securities Fraud <http://www.sec.gov/news/press/98-69.txt>31.SEC Creates Office of Internet Enforcement to Battle Online Securities Fraud <http://www.sec.gov/news/press/pressarchive/1998/98-69.txt>32.SEC Forms Unit to Combat Internet Securities Fraud <http://techlawjournal.com/seclaw/80730.htm> or <http://www.sec.gov/news/press/99-9.txt>33.SEC Interpretation: Use of Electronic Media <http://www.sec.gov/rules/interp/34-42728.htm>34.SEC Litigation Release No. 16399 / January 5, 2000, SEC v. Yun Soo Oh Park a/k/a Tokyo Joe and Tokyo Joe''s Societe Anonyme Corp., (N. D. IL., Cicil Case No 00-C-0049, filed January 5, 2000) <http://www.sec.gov/litigation/litreleases/lr16399.htm>35.SEC Litigation Release No. 16925 / March 8, 2001 <http://www.sec.gov/litigation/litreleases/lr16925.htm>36.SEC Litigation release No.16117, SEC v. Gary D. Hoke, Jr., Civ. No 99-04262 (LGB)(EX) <http://www.sec.gov/litigation/litreleases/lr16117.txt >37.SEC proposes Rule Change to Combat Microcap Fraud <http://www.sec.gov/news/press/pressarchive/1998/98-53.txt>38.SEC Settles Securities Fraud Action Against "Tokyo Joe" <http://www.sec.gov/news/press/2001-26.txt> 39.SEC Sues Washington, D.C.-Area Law Students for Internet Price Manipulation Scheme.<http://www.sec.gov/news/fastrade.htm>40.SEC Sues Washington, D.C.-Area Law Students for Internet Price Manipulation Scheme <http://www.sec.gov/news/fastrade.htm>41.SEC v. Arash Aziz-Golshani, Hootan Melamed & Allen Derzakharian, U.S. District Court for the Central District of California, Civ. Action No. 99-13139 (CBM) (AJWX) (C.D.Cal. December 15, 1999) <http://www.sec.gov/enforce/litigrel/lr16391.htm>42.SEC v. Edward A. Durante (aka Edward Durant), First New Haven Corporation, Burton G. Vishno, Thomas J. Donahue, Investment Resources, Inc., Daniel C. Sanders, Thomas G. Scalzo, Jr., Timothy J. Pinchin, Shareholder Communications Group, LLC., Pacific Corporate Equities, LLC., Jackson L. Morris, Mark E. Gould, Thomas K. Williams, Syncom, International, Inc., and World International Marketing, Inc., Defendants, and Janice Sheeley Durante, Stanley T. Deck, Sr., and Walter J. Zink, Litigation Release No.16237(August 2,1999) <http://www.sec.gov/enforce/litigrel/lr16237.htm>43.SEC v. Families On Line Corporation, Mark C. Thurman, And Robert D. Fiene, Case No. 01-6369-CIV-LENARD (S.D. Fla., filed March 9, 2001) <http://www.sec.gov/litigation/litreleases/lr16930.htm>44.SEC v. Francis Tribble and Sloane Fitzgerald Civil Action No. 98-8699(RVX)(C.D. Cal. October 27, 1998) <http://www.sec.gov/enforce/litigrel/lr15959.txt>45.SEC v. Gary D. Hoke, Jr., Civ. No 99-04262 (LGB)(EX) <http://www.sec.gov/litigation/litreleases/lr16117.txt>46.SEC v. Gary D. Hoke, Jr., Civil Action No. 99-04262 (LBG)(EX)(C.D. Cal.) <http://www.sec.gov/litigation/litreleases/lr16266.htm>47.SEC v. Heartsoft Inc., Benjamin Shell and Jimmy Butler, Civil Action No. 00-CV-0766-B(m), USDC (ND OK) <http://www.sec.gov/litigation/litreleases/lr16685.htm>48.SEC v. James Sheret, Jr. and Glenn E. Conley, No. CIV 1411 (AGS)(USDC S. D. N. Y.) <http://www.sec.gov/enforce/litigre/lr16451.htm>49.SEC v. Jesse Hogan, U.S. District Court for the Northern District of Illinois, Civ. Action No 00 C 5637 (N. D. Ill. September 14, 2000) <http://www.sec.gov/litigation/litreleases/lr16704.htm>50.SEC v. John Freeman, James Cooper, Benton Erskine, Anthony Seminara, Norman Lehrman, Linda Karlsen, Timothy Siemers, Norman Grossman, Lawrence Schwartz, Michael Akva, Robert Fricker, Richard Zelman, Bradley Burke, Benjamin Cooper, Chad L. Conner, Deon Benson, Gordon K. Allen, Jr., Jon Geibel, and William H. Borders II, 00 Civ. 1963 (VM) (Southern District of New York) <http://www.sec.gov/divisions/enforce/extra/freecomp.htm>51.SEC v. Lazarus R. Long (a/k/a Howard Turney individually and doing business as New utopia,) USDC/NDOK/TULSA CA No. 99CV 0257BU(M) <http://www.sec.gov/enforce/litigrel/lr16425.htm>52.SEC v. Mark S. Jakob, Civil Action No. EDCV-00-687 VAP (Mcx) (C.D. Cal.) <http://www.sec.gov/enforce/litigrel/lr16671.htm>53.SEC v. Pinkmonkey.com, Inc. and Patrick R. Greene. Sec Litigation Release No. 16919 <http://www.sec.gov/litigation/litreleases/lr16919.htm>54.SEC v. Stocktowatch.com Inc., et al., Civil Action No. 98-2198-CIV T-26B (M. D. Fl. Tampa Division), available at <http://www.sec.gov/litigation/litreleases/lr15956.txt>55.SEC v. Sunset Investment Group, Inc., James Brown, Pinnacle Capital Advisors, and Austin Tanner <http://www.sec.gov/litigation/litrelease/lr16913.htm>56.SEC v. THOMAS CARTER, Civil Action No. CV 00-09457 GHK (SHX) (C.D. Cal.) <http://www.sec.gov/litigation/litreleases/lr16679.htm>57.Securities Activity on the Internet -A report of the Technical Committee of the International Organization of Securities Commissions <http://www.iosco.org/downed/pdf/1998-internet_security.pdf>58.See SEC v. Jason M. Chester and JMAX Online Communications, Inc., No. 8:00-CV1443-T-24F (filed July 17, 2000) <http://www.sec.gov/litigation/litreleases/lr16629.htm>59.Spams Implied that America Online Had Issued or Endorsed the Recommendations <http://www.sec.gov/news/press/2000-16.txt>60.Speech by SEC Acting Chairman: Raising Capital on the Internet, <http://www.sec.gov/news/speech/spch471.htm>61.The ease and speed of the Internet have made trading-not investing, but trading-easier than ever before." See Common Sense Investing in the 21st Century Market <http://www.sec.gov/news/speeches/spch280.htm>62.The SEC''s enforcement program seeks to promote the public interest by protecting investors and preserving the integrity and efficiency of the securities markets <http://www.sec.gov/pdf/annrep99/enforce.pdf>63.The SEC''s Office of Investor Education and Assistance <http://www.sec.gov/investor/pubs/aboutoiea.htm>64.U.S. SEC Report to the Congress, The Impact of Recent Technological Advances on the Securities Markets <http://www.sec.gov/news/studies/techrp97.htm>65.Use of Electronic Media by Broker-dealers, Transfer Agents, and Investment Advisers for Delivery of Information, Securities Act Release No.7288 (May 9, 1996)[61 FR 24644] (the 1996 Release) <http://www.sec.gov/rules/ concept/33-7288.txt>66. Use of Electronic Media for Delivery Purpose, Securities Act Release No. 7233 (Oct. 6, 1995) [60 FR 53458] (the 1995 Release) <http://www.sec.gov/rules/concept/33-7233.txt>
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