S.E.C. Charges Psychic With Securities Fraud

[DJ13]

March 4, 2010, 4:51 pm

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. (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.......

http://dealbook.blogs.nytimes.com/2010/03/04/s-e-c-charges-psychic-with-securities-fraud/
:rofl:

[Duer 157099]

1. Uh oh. I've heard him talking for years

never really checked out his claims, but I know he was full of claims of all sorts about his accuracy.

Good thing I was never in the market when I heard him...

[BeatleBoot]

2. I have ESPN 2

:rofl:

[dixiegrrrrl]

3. Didn't he see the arrest coming?

:shrug: :shrug:

[notesdev]

4. How is he any different in substance...

... than a typical stockbroker?

Maybe he's a little more honest about pulling his predictions out of his hindquarters?

[pokercat999]

5. Really, I don't see the problem (just read the headlines)

but "a fool and his money are soon parted" should have some standing here.