SEC charges two in get-rich-quick scheme By Andrew Coen March 11, 2008 The Securities and Exchange Commission has filed civil fraud charges against two promoters who made millions selling a get-rich-quick stock trading system on television infomercials and at investor workshops in hotels across the country. Utah residents Linda Woolf and David Gengler were charged for running the scheme between 2003 and 2006. The SEC claims the two tricked customers into believing they would make millions in the stock market by purchasing âTeach Me to Tradeâ classes, mentoring and computer software. The promoters conned victims, many of whom were senior citizens, into paying as much as $40,000 for the products. The two lied about the efficacy of their trading system and had never themselves been successful investors, according to the SEC. Ms. Woolf reaped roughly $4 million in commissions and Mr. Gengler received approximately $2.25 million according to the Washington-base government agency. âThe Commissionâs charges should send a warning to all those who would masquerade as successful traders on TV while prowling the country for victims,â said SEC chairman Christopher Cox.
The Securities and Exchange Commission should check out broker statements P/L from all guys that are selling mentoring, courses etc..
How sad that one bad apple gives this industry a black eye. There are thousands of promoters, who out of the goodness of their hearts, are trying to be charitable and teach everyone on earth how to make easy money, just like they do. For a fee, of course.
how sad that they bust those 2, which they should, and turn a blind on on the practices of the banking industry and hedge funds
nkhoi Moderator Registered: Aug 1999 Posts: 6425 New Post 03-11-08 11:46 AM How sad that I still have 2 CDs I bought from them unopened. Now where do I go if I want a refund? You been on Et for a long time. How did you fall for this BS Hype crap? Write it off as a bad trade and move on!
i say good on them fair play if people are thick enough to buy this sort of shit there will be people clever enough to sell it all fair game in my book this is how a lot of buisnesses make big money the informed selling to the uninformed e.g the dense
Yeah...and a whole lot of smart people believed in AAA ratings.... But I guess that is ok... And here is how it works.... The Fed just prints some money....calls it legal....but gives the dollar patriots a little taste of legalness.... And guess who runs the Fed.... And guess who made a lot of money from the very instruments that are costing the money..... Man.....this is very very third world stuff.....this is no joke...