US regulators have brought fraud charges against a high profile web site which gives share advice to investors.

The Securities and Exchange Commission (SEC) alleges that Yun Soo Oh Park, also known as Tokyo Joe and TokyoMex, recommended stocks he held and lied about his performance record.

SEC enforcement director Richard Walker said: "Today's action makes clear that we will not tolerate fraudulent conduct or undisclosed conflicts of interest by those peddling investment advice on the internet."

The SEC is seeking an injunction against Mr Park and his company, unspecified fines and compensation for investors.

Mr Park, a South Korean immigrant, operated a web site called "Tokyo Joe's Societe Anonyme."

He charged members of his investment club $200 a month for stock advice and was able to earn more than $1m in less than a year, according to the SEC.

The SEC alleges that Mr Park misled his members by failing to disclose that he owned the stock he was recommending. While encouraging them to buy the stock, he was selling it.

The agency says that he would buy the stock shortly before offering his recommendation and profited by selling the stock as his members rushed to buy it - a practice known as scalping.

Performance 'exaggerated'

The agency also accuses Mr Park of misleading his subscribers about his own performance results.

In a 1999 interview with Money magazine, he claimed that the value of his portfolio increased by 6,400% in 1998.

In at least one instance, Mr Park also allegedly failed to disclose that he had received stock in exchange for recommending it.

'Smokin' Joe'

Mr Park discovered online chat rooms dedicated to discussing stocks in 1995. Since then he has become something of a legend.

In 1997 he began posting his own picks on Silicon Investor, one of the largest stock chat sites.

A flood of e-mails and phone calls prompted him to set up his own web site in 1998.

Mr Park described his method as one of "instant gratification." He advised his disciples to buy quick, take their profits and move on.

Ira Lee Sorkin, a former top official at the SEC and Mr Park's lawyer, said his client would fight the case.

"I would have hoped that the SEC would have dealt with these issues ¿ (such as use of the Internet and day trading) through regulation as opposed to litigation," Mr Sorkin said.