So, Did He Predict His Own Arrest?
Everyday we seem to hear about another Ponzi scheme or an executive bilking millions from a company that is losing money faster than the U.S. government can print it. Most of the time, I feel for the investor that put his or her life savings into an investment only to watch it disappear before their eyes because of the illegal actions of the “investment manager.”
However, there are situations where the investor has no one to blame but himself for losing it all. The Securities and Exchange Commission recently filed charges against “America’s Prophet,” Sean David Morton, for bilking investors for more than $6 million on the promise that he could predict the future outcome of the stock market based on his psychic abilities. Morton didn’t just con a few people; rather, he had nearly 100 investors that bought into his scam. This is the situation where I don’t feel bad for the investors that lost money. Basically, this was the equivalent of Ms. Cleo of late night TV telling people what was in store for them in the future. For more on the story, read the SEC Release. Also, for a good laugh you can check out Morton’s newsletter here.