網際網路證券交易詐欺之研究

A Study on Internet Securities Fraud

劉志豪(Chih-Hao Liu)

指導教授 ： 馮震宇

中原大學/商學院/財經法律研究所/碩士(2001年)

https://doi.org/10.6840/cycu200100462

摘要

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。

關鍵字

證券詐欺 ； 詐欺 ； 網路詐欺 ； 證券 ； 網路交易 ； 網際網路

並列摘要

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.

並列關鍵字

Internet Fraud ； On-line Trading ； Internet ； Securities Fraud ； Securities ； Fraud

參考文獻

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60. Speech by SEC Acting Chairman: Raising Capital on the Internet,