During the summer of 2000, Jesse Hogan used four e-mail accounts provided through three Internet service providers to send thousands of fraudulent e-mails and to post thousands of fraudulent chat room and bulletin board messages at various Internet sites (including Yahoo.com and SiliconInvestor.com). Using various nicknames and aliases (such as stockboy2002), he targeted five publicly traded companies whose shares were quoted on the NASD Over-the-Counter Bulletin Board. In a simple “pump-and-dump” scheme, he sent the e-mails and posted the messages intending to create the appearance of trading activity in the companies' shares and to cause the share prices to rise. Subsequently he bought and sold shares and earned thousands of dollars in profit from the artificially high prices caused by his misrepresentations. Hogan defended his conduct by arguing that Internet users have different expectations regarding the accuracy of Internet information, and that a different regulatory approach ought to apply to Internet securities activity. Hogan emphasized the warnings and disclaimers typically found on Internet message boards and chat rooms, argued that it was patently unreasonable for investors to base their decisions on information found on Internet message boards or chat rooms, and submitted that members of the "Internet subculture" are "technically savvy and understand how the game is played". Do you agree with Hogan’s arguments? Do you think different rules should apply to the Internet? Should there be a different regulatory approach towards the Internet?