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AIG's Role in the Worldwide Financial Crisis (according to By Porter Stansberry)
US Court Finds Stansberry's Lies Violated SEC Act
Readers should be aware that Porter Stanberry was found guilty in a US Court in August 2007 of defrauding his own subscribers...so it's clearly a case of "buyer beware!" with him. As Porter wrote himself, on 6 Aug 07, in his e-mailed newsletter "The S&A Digest" (available to the public through a "public archive" link on his website): "...for the rest of my life, I will probably bear the burden of having a federal court judge call me a liar." Interestingly, this year he used the same report for which he was found guilty of violating the SEC Act as an example of his supposed proficiency to hype another of his writings. The guy clearly has no shame...though fortunately it appeared that few people fell for his new scheme.
The US Court judge found Porter and his company guilty of (quoting from the formal judgment): "...violations of Section 10(b) of the Securities and Exchange Act of 1934, 15 U.S.C. § 78j(b), and Rule 10b-5 thereunder, 17 C.F.R. § 240.10b-5."
The judge ordered that Porter and his company "...shall be, and hereby are, enjoined from any and all future violations of Section 10(b) of the Securities and Exchange Act of 1934, 15 U.S.C. § 78j(b), and Rule 10b-5 thereunder, 17 C.F.R. § 240.10b-5"; and "...shall pay the Clerk of the Court the sum of $1,312,620 together with judgment interest thereon." And: "Defendant Frank Porter Stansberry shall pay a civil penalty in the amount of $120,000 pursuant to 15 U.S.C. § 78u(d)(3)(B)(iii)."
The judge described Porter's work as (quoting from the judge's decision) "a fraud scheme whereby victims were induced to pay $1,000 each for a 'sure thing' stock tip allegedly based upon 'inside information"....”
The judge also noted that "...Stansberry’s conduct undoubtedly involved deliberate fraud, making statements that he knew to be false." And: "the Court does not find that Stansberry recognizes his factual culpability and, indeed, finds that he testified falsely at trial."
You can find another example of Porter's "proficiency" (at something...) at briandeer.com.
So, anyone dealing with Stansberry and his company should know the type of person they're dealing with.Posted 26th November 2008 at 09:11 AM by Willard Underwood
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AIG's Role in the Worldwide Financial Crisis (according to By Porter Stansberry)
Actually it is only fair if you hadn't posted it at all without the author's permission. I know it is done by everyone but that doesn't make it right or even normal, just prevalent, like petty thievery.Posted 5th October 2008 at 08:19 PM by talewins
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