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SEC files suit against stock 'psychic'

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SEC files suit against stock 'psychic'

Postby Nostradamus » 07 Mar 2010, 11:48

From http://www.upi.com/Odd_News/2010/03/05/SEC-files-suit-against-stock-psychic/UPI-90601267835429/
SEC files suit against stock 'psychic'

The U.S. Securities and Exchange Commission filed papers Thursday in New York Federal Court alleging Sean David Morton, 51, owner of the Delphi Investment Group, scammed investors by claiming to have psychic abilities to predict the rise and fall of the stock market, the New York Daily News reported Friday.

The papers described Morton as a con artist who "falsely touted his historical success in psychically predicting the various rises and falls of the market."
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Re: SEC files suit against stock 'psychic'

Postby Nostradamus » 07 Mar 2010, 11:50

More on the story from http://www.dailybreeze.com/news/ci_14514777?source=rss
SEC alleges Hermosa Beach stock market 'psychic' ran $6M scam

Starting in 2006, Morton drummed up investors by telling them he would use his psychic powers to guide his investing team, according to the SEC. "I have called ALL the highs and lows of the market, giving EXACT DATES for rises and crashes over the last 14 years," he proclaimed in a July 2006 newsletter.
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Re: SEC files suit against stock 'psychic'

Postby The Professor » 07 Mar 2010, 12:49

Nostradamus wrote:More on the story from http://www.dailybreeze.com/news/ci_14514777?source=rss
SEC alleges Hermosa Beach stock market 'psychic' ran $6M scam

Starting in 2006, Morton drummed up investors by telling them he would use his psychic powers to guide his investing team, according to the SEC. "I have called ALL the highs and lows of the market, giving EXACT DATES for rises and crashes over the last 14 years," he proclaimed in a July 2006 newsletter.


So I gather you don't believe he was a real psychic?
THE MAN THE SKEPTICS REFUSED TO TEST FOR A MILLION DOLLARS
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Re: SEC files suit against stock 'psychic'

Postby Nostradamus » 07 Mar 2010, 12:51

I make no judgments about the issue since insufficient information was provided. At least 20 newspaper reported the actions of the SEC so I reported their actions here.
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Re: SEC files suit against stock 'psychic'

Postby ProfWag » 08 Mar 2010, 07:00

So is supporting psychic phenomenon and promoting its use a dangerous thing to do?
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Re: SEC files suit against stock 'psychic'

Postby Nostradamus » 08 Mar 2010, 10:46

All along I thought all stock analysts were guessing and faking their predictions. What's so different with this case? I hope that more articles will clear up why this guy has been singled out. Maybe there was a Ponzi scheme as well as the claims of being a psychic?
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Re: SEC files suit against stock 'psychic'

Postby Nostradamus » 08 Mar 2010, 22:22

From http://abcnews.go.com/Business/psychic-accused-financial-fraud/story?id=10028509
Morton's case is just the latest example in a long line of Ponzi schemes, scams such as Bernie Madoff's that schemers use to pry money from unsuspecting investors.

After the financial crisis, federal regulators are now uncovering so many of these scams that last year one regulator said it was "ponzimonium out there."


It isn't a definitive statement, but it seems that the guy was operating a Ponzi scheme.
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Re: SEC files suit against stock 'psychic'

Postby NinjaPuppy » 09 Mar 2010, 03:41

It seems that using the word 'psychic' would root out some people already weary of the usual ponzi scheme. It's a new marketing process to an old scam.
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Re: SEC files suit against stock 'psychic'

Postby Nostradamus » 10 Mar 2010, 10:33

Got to check the news many times to see who can get it straight. Now it seems that this may not be a Ponzi scheme after all but a more straightforward fraud case.

http://dealbook.blogs.nytimes.com/2010/03/08/past-statements-may-haunt-a-psychic/
The actual fraud claim, however, is much more mundane, accusing him of falsely portraying his past predictions about stock price movements and failing to properly register his investment program.


The fraud claim is based on Mr. Morton’s alleged statements about his past prowess at predicting where the market was headed, not his claims to psychic abilities. For example, in a Delphi Associates Newsletter, he wrote that “I have called all the highs and lows of the market, giving exact dates for rises and crashes over the past 14 years.” The S.E.C. includes in its complaint a list of various predictions Mr. Morton made in newsletters and radio broadcasts as compared with actual market movements to show that he was not nearly as prescient as he claimed.


Mr. Morton filed a lawsuit in March 2009 to try to stop the S.E.C.’s investigation that included some rather extreme claims about a government conspiracy that targeted his operation.
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Re: SEC files suit against stock 'psychic'

Postby Vcorreia9 » 10 Dec 2011, 11:09

Looking forward to see your posts again so to the viewers that will also shared their opinions because I really appreciate how you put time in your site it is very well arranged and I love the way how you share your information with us.
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Re: SEC files suit against stock 'psychic'

Postby Craig Browning » 10 Dec 2011, 11:20

Vcorreia9 wrote:Looking forward to see your posts again so to the viewers that will also shared their opinions because I really appreciate how you put time in your site it is very well arranged and I love the way how you share your information with us.


:shock: Huh?
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Re: SEC files suit against stock 'psychic'

Postby Jayhawker30 » 10 Dec 2011, 19:05

Vcorreia9 wrote:Looking forward to see your posts again so to the viewers that will also shared their opinions because I really appreciate how you put time in your site it is very well arranged and I love the way how you share your information with us.


"Us."? Who is "Us"?

Are you Illuminati?
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Re: SEC files suit against stock 'psychic'

Postby Craig Browning » 11 Dec 2011, 00:14

Jayhawker30 wrote:
Vcorreia9 wrote:Looking forward to see your posts again so to the viewers that will also shared their opinions because I really appreciate how you put time in your site it is very well arranged and I love the way how you share your information with us.


"Us."? Who is "Us"?

Are you Illuminati?


I think that Illuminnutty. . . :twisted:
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