This is a subscription site so the full article is not available. But I will try to find another link.
A New York federal judge on Monday ordered self-described psychic Sean David Morton to fork over $11.5 million to the U.S. Securities & Exchange Commission over claims that he fraudulently told investors he could predict the market, ruling Morton hadn’t responded to the suit on time.
Unfortunately I can’t see the details. Does anyone have access to the entire thing?
I can’t see if the fine is completely related to the charges or to a penalty for not responding.
Sean Morton is an astrologer and popular radio guest. He claims he is the “number one guest on the number one late night radio show in the world COAST TO COAST AM with ART BELL and later with GEORGE NOORY.”
He’s also quite high on his abilities:
Sean is a natural psychic, trained Remote Viewer, intuitive consultant, investigative reporter, and accomplished award winning director, screenwriter and film and TV producer.
He is also Managing Trustee of the Prophecy Research Institute, which since March 1993 has published the monthly Delphi Associates Newsletter, which now has nearly 20,000 subscribers worldwide.
Sean uses his talents and abilities to predict future occurrences and trends such as earth changes, political events and stock market fluctuations. He has an astounding “hit rate”, or percentage of successes. His extreme accuracy has led radio host Art Bell to call him “America’s Prophet!
Bet you can’t say the same for those he is charged with defrauding. He must not be so good. Everyone knows economics is voodoo, not astrological…
UPDATE (15-Feb-2013) Sean David Morton, Vajra Productions, LLC, 27 Investments, LLC, and Magic Eight Ball Distributing, Inc., defendants, and Melissa Morton and Prophecy Research Institute, relief defendants (Release No. LR-22619; February 15, 2013).
On March 4, 2010, the Commission filed a civil injunctive action in the United States District Court for the Southern District of New York charging Morton and his corporate shell entities for engaging in a multi-million offering fraud. According to the Commission’s complaint, Morton fraudulently raised more than $5 million from more than 100 investors for his investment group, which he called the Delphi Associates Investment Group (Delphi Investment Group).
According to the Commission’s complaint, Morton used his monthly newsletter, his website, his appearances on a nationally syndicated radio show called Coast to Coast AM, and appearances at public events, to promote his alleged psychic expertise in predicting the securities markets, and to solicit investors for the Delphi Investment Group. During these solicitations, Morton made numerous materially false representations.
Whoa. He lied and said he was making true predictions. Then he claimed he was above the law, more or less. Pretty nasty stuff.
I tweeted this story to Coast to Coast AM. No reply.