Friday, March 05, 2010

And the difference between this and a broker is what exactly ?

SEC accuses "America's Prophet" of investor fraud
The U.S. Securities and Exchange Commission sued Morton, 51, on Thursday on civil fraud charges, accusing him of fraudulently raising more than $6 million from more than 100 investors for Delphi Investment Group in 2006 and 2007.

"In soliciting these individuals, Morton claimed that he would use his psychic expertise to provide investment guidance to his investment team, and falsely touted his historical success in psychically predicting the various rises and falls of the market," the complaint filed in Manhattan federal court said.

Morton hosted "financial survival" workshops at the Mount Shasta Resort in California in September 2007, where he told prospectives investors he could make them "piles of money," according to the complaint.

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