S.E.C. Charges Psychic With Securities Fraud

S.E.C. Charges Psychic With Securities Fraud

dealbook.blogs.nytimes.com

It may read like it’s ripped from the pages of The Onion, but yes, it’s real.

The Securities and Exchange Commission on Thursday sued a well-known fortune-teller who called himself “America’s Prophet,” charging him with securities fraud for swindling investors out of $6 million with the promise that he could accurately predict market moves.

Among his pitches: “I have called ALL the highs and lows of the market giving EXACT DATES for rises and crashes over the last 14 years.”

S.E.C. officials on Thursday were less impressed by his purported investment prowess.

(visit the link for the full news article)



[edit on 4-3-2010 by timewalker]

I mean really. Investing is a gamble to begin with. If you were dumb enough to invest with this man, you deserve to reap what you have sown. I have had my fortune read a couple of times, and a few of the things made me think...hmm

But this gives new meaning to the title.."Fortune Teller"

Misfortune Teller is more like it.

In fact I think the investors should be fined on a stupidity clause.

More reason to make your money the old fashioned way - Earn It!

dealbook.blogs.nytimes.com
(visit the link for the full news article)

reply to post by timewalker


What really upsets me about this article is the fact that this charlatan is giving the rest of us sensitives a bad name. Many of us are just out there to help counsel people on their issues and maybe give some spiritual guidance....certainly not winning lotto numbers or stocks that are going to make money. That is not our purpose.

This just upsets me to no end, and once again, the serious "sensitive" community has taken yet another hit.

reply to post by truthseeker1984

I am sorry for that. I mean no bashing. I am not discounting the fact that some do have abilities. But I do not think I would give up my money on his or her word, and if I did my loss. I should have known better.

Originally posted by timewalker


I mean really. Investing is a gamble to begin with. If you were dumb enough to invest with this man, you deserve to reap what you have sown.

I take it you would apply the same logic to people like Bernie Madoff then? Or crooked bankers. I guess the tens of thousands of people who are facing foreclosure have reaped what they have sown too.

Fraud is fraud is fraud.

Originally posted by timewalker
reply to post by truthseeker1984

 

I am sorry for that. I mean no bashing. I am not discounting the fact that some do have abilities. But I do not think I would give up my money on his or her word, and if I did my loss. I should have known better.

Oh, no offense taken whatsoever. I was simply stating that the man in question is a disgusting human being, and if he does have some sort of ability, he has truly lost his way.

Just makes me really sad.

That is some funny sh*t! IN the meantime, all of the executive management at Goldman remain free even after selling faulty securities as AAA rated and then shorting them to earn BILLIONS!!! Apparently justice isn't just blind, it's also stupid as hell!

reply to post by timewalker


I have a question, what is a NORMAL investment broker?

Couldn't they be considered, FORTUNE TELLERS?

I think any of them that has lost money for say a 5 year period for their investors should get the same treatment.

Am I being too "something" in this point of view?

I wonder if C2C Radio will finally distance themselves for this snake-oil salesman. Sean David Morton been a recurring guest in the past. SEC's corrupt double standards aside , the C2C production staff should have Sylvia Brown'ed this obvious fraudster a looong time ago.

looks like the "oracle of omaha" had better lay low for a little while

reply to post by fumanchu
Oh there is always a sour apple in the bunch.

I personally do not mess with the markets, simply because I would not trust anyone to play with my money as they see fit. I also don't know that much about Bernie, but I think we are talking two different things. Bernie and the mortgage companies probably had a portfolio so show, be it a fraud. Not just mental telepathy.

Sounds like an interesting story I heard a while back, don't know if it is true, but........

This psychic sent a newsletter to 64 well known big time investors saying he could tell FOR CERTAIN what a certain well known stock was going to do.

For only ten dollars, he would say if the stock was going up or down the next week. He told 32 of them the stock was going up, the other 32 he told the stock was going down.

He then contacted the 32 that he had correctly advised, and said for two hundred dollars, he would again let them know what the stock would do next week.

The week after he contacted the lucky 16 and said, I have been right twice, trust me. For five hundred dollars I will again tell you which way this stock is going to move next week.

Again he contacts the eight winners and says for a thousand bucks I will tell you.....

Anyhow, you can see how this works.

Some poor greedy bastard who had now been advised correctly SIX TIMES IN A ROW forked out an absolute fortune to make the financial killing of his life.

Maybe he succeeded, but the ral winner was the shonky "psychic".

I believe this scam has been run quite a few times (in several forms), and always works.