12-15-2011, 11:39 AM
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Registered User
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Join Date: Jul 2007
Posts: 48
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Uh oh......
Frank Porter Stansberry | $1.5 million payback ordered in SEC suit - Baltimore Sun
Quote:
According to the ruling, Stansberry sent a mass e-mail in 2002 offering to sell the Special Report, which claimed to have inside information about USEC dealings. The solicitation said investors could double their money if they bought and sold when told.
The information turned out to be wrong, and in April 2003, the SEC filed a lawsuit charging the defendants with securities fraud.
According to last week's ruling, Pirate must pay $801,600 in restitution, along with interest of $248,496, while Stansberry has to pay $200,400 in restitution and $62,124 in interest. Each party has also been assessed a penalty payment of $120,000...
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I don't know if he'd be the right guy to be getting my investment advice from...
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