Posted on 03/04/2010 2:55:02 PM PST by BuckeyeTexan
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. (Read the lawsuit after the jump.)
Sean David Morton, 51, is accused of inducing more than 100 investors into pouring money into the Delphi Investment Group through his newsletter, Web site and guest spots on a nationally syndicated radio show.
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.
“Morton’s self-proclaimed psychic powers were nothing more than a scam to attract investors and steal their money,” George S. Canellos, the director of the S.E.C.’s New York regional office, said in a statement.
His wife, Melissa Morton, and their nonprofit religious organization, Prophecy Research Institute, were listed as relief defendants, meaning that while they are not accused of a crime, the S.E.C. is seeking a disgorgement of their share of the ill-gotten gains.
Neither Mr. Morton or Ms. Morton, nor a representative for their organization, could be reached for comment.
(Excerpt) Read more at dealbook.blogs.nytimes.com ...
He should have seen this coming.....
LOL! Yep...
the S.E.C. is seeking a disgorgement of their share of the ill-gotten gains.
A dog doth return to it’s own vomit.
wha? The guy’s a fraud? Who knew? I’m throwing away my Ouija board.
I can also predict that stock will go up and down, but not when. I’m psychic too I guess. I predict that the climate will also change. It will either be hotter, colder or in between in the next decade. Where is my scam...I mean...grant money?
Hell let him keep the $$ and let him go...anyone stupid enough to give a fortune teller money deserves to lose it....
Anbd Jim Cramer walks the streets a free man.
He didn’t see it coming....
*ping*
lol thanks for the ping hennie pennie kind of comical in a sad way.
Not one of my favorite people.
If he could really predict the market, he would be a quiet billionaire, with the money made from the market, instead of giving speeches and publishing newsletters.
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