The reason you might have heard about my Securities and Exchange Commission (SEC) lawsuit is because I didn’t settle the case.
When most people are sued by the SEC, they do their best to put the matter behind them – as quickly and quietly as possible.
This normally involves paying a large fine and essentially promising “not to do it again.” If you pay the fine, the chances are good most people will ignore the matter. You’re not required to admit any guilt. Thus, the damage to your reputation is largely mitigated and you can go on with your life. That’s why most people settle with the SEC when it comes to civil (noncriminal) lawsuits.
But I didn’t settle when they sued me.
Even when a settlement was offered to me for as little as $1 million, I refused it. Instead, I’ve faced a lengthy court battle that’s brought with it tremendous risks to my reputation and legal bills amounting to almost $3 million.
Why on Earth would I try to fight the “city hall” of the securities industry?
Because I’m eager for the facts of my case to come to the public’s attention. I know when the facts of my case are accurately known by the public, my subscribers will support my decision to fight the SEC. That’s why I’ve never tried to hide this matter from anyone.
Unfortunately, so far, almost none of the critical issues at stake in my fight have been accurately reported. Worse, people who have no idea what they’re talking about continue to assume my case is another example of a financial publisher acting scurrilously – front-running his subscribers or ripping people off by promoting penny stocks that he’s been paid to endorse.
And so… at the risk of upsetting the judges who have to date refused to believe a word I’ve said about the matter… I would like the opportunity to tell you, my subscribers, exactly why I’ve refused to settle my case. And why the matter is now pending before the U.S. Supreme Court.
I’d also like the opportunity to direct you to several reliable sources of information about the matter, such as The New York Times and The Wall Street Journal. Most of the things written about the case elsewhere are patently false and misleading.
For example, most people don’t know my battle with the SEC actually has nothing to do with stock trading or actual securities fraud.
The truth is, there isn’t any allegation that I ever owned the stock in question – and there never has been.
Nor is there any allegation I’ve done anything at all that’s directly related to the purchase or the sale of any security. I didn’t “front run” my recommendation. I wasn’t being paid by promoters to recommend a stock. These things have all been said about the case – even by a few fellow journalists. But in fact, I wasn’t even accused of doing them by the SEC.
So what is this case about, if it’s not about trading in securities?
My lawsuit with the SEC started as a fight over the First Amendment rights of a publisher – me. It has continued because I refused to settle or buckle under to the government. I maintain my writing was honest, materially correct, and is certainly protected by the First Amendment of the U.S. Constitution.
I claim a former unit of the Department of Energy – a unit that was sold to investors in 1996 and is now known as USEC – was withholding material information from the public. I believe it did so in order to reward certain investors, including its bankers, its corporate insiders, and members of the Department of Energy.
By revealing information about a major and long-pending agreement with USEC’s Russian supplier of uranium, I disrupted the opportunity insiders had to accumulate shares at lower prices. In short, I ruined the party by telling investors the agreement had been reached and would be announced in a few days.
Because USEC was trading at a very distressed price (half of book value) and was paying such a high dividend (yielding more than 8%), I believed the stock would soar once this long-pending agreement was made public. In my report, I explained why the agreement would turn USEC into a profitable company by lowering the company’s raw material costs dramatically. I predicted the stock would double on the news.
And that’s almost exactly what happened.
Based on what I’d learned from a company insider (the director of investor relations), I wrote the agreement would be announced at a major nuclear summit featuring presidents Bush and Putin on May 22, 2002. The insider explained the details of the summit to me in advance, long before they appeared in the newspaper and told me to “watch the stock on May 22.” And in fact, the long-awaited announcement came about a month later, on June 19, 2002. Keep in mind, this agreement had been pending for more than two years. And yet, somehow, I was able to pinpoint almost to the day when it would be announced to the public.
Did the stock soar? No, not exactly. It moved from around $8 to around $11. That’s roughly a 40% move in a few days. That’s not bad. More importantly though, following the new agreement with the Russian uranium supplier, the stock traded all the way up to nearly $20 over the following three years. In fact, by the time my case reached its first federal judge, investors who followed my advice would have made more than 150% on the investment, thanks to capital gains and big dividends. (The stock eventually went to $25 during the uranium bubble of 2007.)
Yes… that’s right. The SEC is suing me for a matter that involves a stock that went from under $8 to nearly $25. That’s more than a 200% gain. You’ve got to be kidding, right? Nope.
Here’s the heart of the matter.
I believe the company knew for certain its deal for cheap Russian uranium would receive the required final approval of both the U.S. and Russian governments at the summit. This approval was the only thing holding up the deal. With this knowledge in hand, it would have been easy for the company’s insiders and other senior officials in the Department of Energy to load up on the stock and profit once the news was announced to the public.
And I wasn’t the only analyst who was told when to expect the deal.
In the discovery process of our lawsuit, we found a notebook from USEC’s investment bank – Bank of America – where its analysts clearly indicated May 22 was the expected announcement date.
But instead of pursuing the possibility USEC’s managers and bankers were withholding this material information, the SEC decided to attack me. Keep this in mind: I didn’t use this information for my own personal gain. I didn’t buy the stock. Or even just tell my friends to buy the stock. No, instead I did my job. I published a report about what I’d learned and offered to sell my report to any (and all) interested investors.
I also sent a copy of my report (and the accompanying sales letter) to my source at USEC. He never asked me to change a single word of my report. He had my cell phone number. He had my office number. He had my e-mail address. If there was any legitimate problem with my report, all he had to do was ask for a correction. He never did. Not even to this day.
I did all of the things any reputable journalist would do. I checked my source’s facts. Sure enough, a presidential summit was approaching. Sure enough, there was a large pending contract. Sure enough, the new deal would change the economics of the company in a dramatically positive way. I sent a copy of my report to my source. And I offered it for sale to the public. If anyone wasn’t satisfied with the report, for any reason, I gave him his money back.
Even today, looking back at the matter through the lens of time and experience, I still think my USEC report was one of the great stories of my career and I’m proud of the report I wrote. Are there things I would have done differently? Yes. I would have made sure to have a recording of my interview.
You see, even though I never owned a share of the company, even though I had no incentive whatsoever to lie about the company, and even though third parties who have looked at the facts of the case (like The New York Times) agree my report on the matter was overwhelmingly correct… the SEC decided to come after me and not the people who were really defrauding the public.
Incredibly, the SEC sued me for securities fraud, saying I had lied about what my source told me and that selling my report about USEC was tantamount to brokering the stock. Specifically, the SEC claimed my source didn’t tell me to “watch the stock on May 22,” which was the only part of our conversation that I quoted.
Since I can’t prove what my source said, you might assume I must be lying. But if he didn’t explain the timing of the deal to me, how could I have known – within a month – exactly when the deal would close? The fact is, until our discussion, I didn’t know anything about the upcoming presidential summit. It wasn’t reported in The Wall Street Journal until about a week after our discussion.
But… just for the sake of the argument… what if you assume I knew about the summit from another source and I merely attributed it to the company in order to claim I really had “inside” information? Why then, even after I wrote the report and sent my source a copy, did he not demand a retraction?
And if the company knew my report was false, why didn’t it put out a press release denying it? The NYSE rules require companies to put out press releases anytime there’s a material misstatement in the press.
The fact of the matter is, my report was overwhelmingly correct. And my source couldn’t deny my report because he didn’t know whether or not I had a recording of our conversation (which took place over the phone).
When the SEC came calling later in 2002, I expected it would be going after the company for selective disclosure – a violation of SEC regulation FD. And sure enough, it wanted all of my personal records to make sure I wasn’t front-running the stock, etc. But then, instead of shifting its investigation to the company, it demanded to have the entire subscription list of not just my publishing company, but also of our parent company, Agora Inc.
It wasn’t going after USEC for withholding material information; it was going after us by intimidating our clients. And it didn’t ask for just the USEC report subscribers – it demanded every single name and address on our entire database, including my parent company’s database.
Rather than give in to this subpoena, we sued the SEC in federal court to protect our subscribers’ privacy. A well-established legal precedent protects a publisher’s subscriber lists. (What you decide to read is none of the government’s business.)
That’s part of the story I’m sure you’ve never heard before: We sued the SEC first. And we did so to protect our subscribers, the overwhelming majority of whom never bought the USEC report in the first place.
I understand that you might reasonably wonder… How could any of this be true? I mean, wouldn’t you expect that as soon as the SEC knew I’d sent my source a copy of the report, the matter would be closed? Or don’t you think as soon as it knew I wasn’t trading the stock or front-running it, the SEC would have simply left me alone?
Even after reading all of this, undoubtedly, a lot of people must think I’m merely trying to muddy the waters because I’m guilty of front-running the stock… or lying to investors. Why else would the government waste its time on a newsletter writer?
I understand my story might be hard to believe – at first. The public generally has confidence in our government. It will be hard for some people to imagine the SEC would actually go after a journalist with the intent of putting him out of business simply because it didn’t like what he was writing about.
But my story isn’t unique.
At the same time the SEC was abusing its power by subjecting me to interrogations, subpoenas, and crushing legal bills – all in violation of the First Amendment – it was also going after many other legitimate market participants – including David Einhorn, the well-regarded hedge-fund manager (Greenlight Capital) for merely speaking about securities.
As with my case, the SEC came after Einhorn for speaking openly about abuses taking place at a Washington-based business (Allied Capital), a company that – like USEC – was heavily staffed with former government officials, including Joan Sweeney, the company’s chief operating officer, who was a former senior member of the SEC’s Division of Enforcement. Our stories are eerily similar…
THIS IS WHAT EINHORN WAS WARNING INVESTORS ABOUT, AS EARLY AS 2002. THE SEC RESPONDED BY INVESTINGATING EINHORN.
Rather than investigating Einhorn’s claim that Allied Capital was cooking its books by using fraudulent accounting, the SEC instead began investigating him, alleging securities fraud because of what he’d said about Allied Capital during a presentation at an investment conference that’s held to benefit charities.
After several years of threats and abuses (like having his phone records stolen), Einhorn was vindicated. The shares of Allied Capital collapsed as the company was revealed as fraudulent. But even today, Joan Sweeney is still with Allied Capital. The SEC has never been forced to fire any of the agents who abused their power during the investigation of David Einhorn.
To draw attention to the abuse he’d suffered, Einhorn decided to donate all of the money he made from shorting Allied Capital to charity, and he wrote an entire book about the situation called, Fooling Some of the People All of the Time.
Says Einhorm about his experience:
Allied isn’t the biggest, most egregious, or most audacious fraud I have seen. In a sense it is a garden-variety fraud – dishonest business dealings by dishonest management. So why all the fuss? The story I am telling is one that has been surprising and unexpected – even to me. I think it is important and needs to be told. This book reveals some serious problems in the regulatory landscape that I am in a unique place to discuss.
I care that the SEC and other regulators seem to have stopped enforcing laws against corporate malfeasance. I care that company officials can lie with impunity on public conference calls. And I have been appalled that the government officials overseeing the lending programs that Allied has defrauded are so indifferent and unwilling to act even when presented with clear evidence of abuse. The overall lack of law enforcement is startling…
If we are going to permit the retribution against the whistleblowers shown in this story – defamation, investigation, invasion of privacy and so forth – then we surrender public free speech. If we allow the people in this story to operate outside the law, then we nourish a corrupt business culture. Rather than turn a blind eye to the fraud I witnessed, I made a decision to stand up and speak out despite the consequences. I hope my story inspires regulators and government agencies to do the right thing.
I hope you’ll remember most people don’t do what I’ve done and what Einhorn did.
Most people don’t fight the SEC because they don’t want their names in the paper, they don’t want the stigma of being investigated by the government, etc.
Believe me, I can understand why. When the news of the SEC’s investigation of me leaked out, publishers around the world refused to do business with me. Potential employees refused to come to work with me. Companies refused to be interviewed by me. The lawsuit has made it vastly more difficult for me to simply stay in business. Even today, every time a potential subscriber stumbles across information about the lawsuit on the Internet (and much of it is completely untrue) he’s likely to cancel his subscription or simply decide not to renew.
And think about this… the more people who simply refuse to write about securities because of the threat of an SEC action or because they fear retaliation from the businesses they write about, the less high-quality information will be available to investors. The less information is available, the more bad actors will take advantage of investors.
Whether you realize it or not, the SEC isn’t trying to protect investors. If it were, Bernie Madoff would have never happened. The SEC knew all about Bernie Madoff – the SEC audited him regularly. Many people – including Barron’s – pointed their finger right at Madoff and revealed his fraud. Still, the SEC did nothing.
The SEC knew all about Enron and WorldCom and the conflicts at the investment banks during the Internet boom. The SEC knew all about GM’s debt load. It knew all about the problems with Fannie and Freddie. In fact, it was the SEC that approved the huge increase to investment banks’ leverage in 2004 – a move that directly led to the financial crisis of 2008.
But… maybe you still trust the SEC. And if you do and you want to believe Porter Stansberry is out to harm investors by publishing independent reports on public companies – that come with a money-back guarantee – there’s probably very little I can do to change your mind.
On the other hand, if you ask any securities industry professional who reads our newsletters, I have no doubt he will tell you our work is among the best you can buy anywhere and is far superior to nearly all of the research put out by the brokerage firms. I know this is true because thousands of professionals are our clients and I have hundreds, if not thousands, of testimonials from these readers.
The truth of this case is so simple to see. Just ask yourself two questions:
1. How can the SEC accuse Porter of intentionally lying when Porter sent his source his full report and the source never requested a retraction or a correction to any of Porter’s reporting?
2. Why would the SEC risk a constitutional battle with a bona fide journalist over a report even The New York Times says was basically correct? Why would the SEC want to shut down a business like Stansberry & Associates Investment Research – which offers refunds to any unsatisfied customers and whose analysts never trade in the securities they recommend?
Don’t you wonder why the SEC would target my business – which doesn’t manage money or broker stocks – while ignoring enormous ponzi schemes going on in the businesses it supposedly regulates?
I can’t prove it… but I don’t think the government likes it very much when I tell investors the truth about things like Fannie, Freddie, and General Motors. I don’t think the SEC wants the American people to know the truth about our financial markets – or the state of our government’s finances. And I think the government is afraid of what will happen when you find out the truth.
Whatever happens with my court case, I hope you’ll know I did, and have always done, my best to tell you the truth.
After all, unlike the government, the truth is my only weapon.
Porter Stansberryfor The Daily Reckoning
Porter Stansberry founded Stansberry & Associates Investment Research LLC, a private publishing company based in Baltimore, Maryland, in 1999. His monthly newsletter, Porter Stansberry's Investment Advisory, deals with safe value investments poised to give subscribers years of exceptional returns. And his weekly trading service, Porter Stansberry's Put Strategy Report, shows readers the smartest way to book big gains during the ongoing financial crisis.
I FEEL YOUR PAIN AND COMMEND YOU FOR YOUR EFFORTS TO DISCLOSE SEC ABUSE AS WELL AS NEGLIGENCE. I HAD A SIMILAR EXPEREINCE WITH A STATE REGULATOR WHEREIN i ACCEPTED A PLEA BARGAIN ONLY BECAUSE i COULD NOT LONGER AFFORD THE TIME AND MONEY TO FIGHT. THE STATUTE WAS LATER DECLARED UNCONSTITUTIONAL.TOO LATE FOR ME. RUINED MY LIFE- PERSONAL, PROEFESSIONAL, FINANCIAL.
I HOPE YOU WIN YOUR BATTLE.
I admire you greatly. Always tell it like it is. I believe you.
After 20 years of reading ALL of the mainstream investment letters and following the lives of there founders..you are clearly one of the very few that is telling the truth..not only about investments but much more sadly…our Government. You are NOT alone and there are thousands who understand and believe what you have written and in you personally. Your greatest sin is that you have been right..and even worst, make people money!
Maybe you are “getting what you deserve” in relation to the “aids vacine promotion” you were doing a few years ago.
You don’t know how to fly small aircraft, do you?
K Grant’s comment came out of left field for me, so much so that I Googled “porter stansberry aids vaccine” to see what came up. I would encourage others to do the same. Not because the results are dispositive of anything, because I don’t think they are. However, they *are* indicative, in my opinion, indicative of the same basic thing in the same basic way as the argument here.
[To note, I am not in the trading business. I have a finance degree from a well-respected, very large, public University. I had little interest in trading even as I was getting that degree, and I don't work in the financial sector now. I do obviously know quite a few people in it, but I am not making any appeal to authority here. I had never heard the name Porter Stansberry before today.]
The results of that Google search indicate, to me, that Porter’s missives are well-written (especially when compared to their genre) hype sheets. Now, a hype sheet is not inherently illegal or immoral, any more than used car dealership ads are. But the arguments Porter chose to defend himself, and the way he used them, are a strong signal.
They signal the same thing I had in the back of my mind while reading most of this article. Then comes the end. Porter asks you to consider two simple points and the “truth of this case” will be easy to see:
This is ridiculous. Porter is very clearly not as dumb as he would have to be in order to think this is in any way a good, reasonable, or relevant argument. It is, quite intentionally and spectacularly, more of a straw man than the scarecrow.
That’s a lot of questions. They’re all rhetorical, of course. Porter knows the answers. The hope is that the way they’re presented will win the day over the substance. I think that’s the hope, because otherwise these aren’t doing much to help. Because here are the answers:
* They don’t consider you a bona fide journalist. Nor do they think most people would.
* They don’t consider this a 1st Amendment issue. Were it to be one, they’d be persecuting you. Your complex aside, they’re not. You can see the disconnect.
* The refund thing is hilarious. There’s no way you could deliver that line with a straight face. Even if it weren’t stupid, “we have a money-back guarantee” isn’t a defense (statutory, moral, or otherwise) to a single thing that the SEC prosecutes *anyone* for. This is some s**t an ignorant store-owner would say on Judge Judy. You’re smarter than that.
The indication I see everywhere here is that Porter is a smart guy, a good writer, probably a hell of a salesman (in fact, no probably about it.) He’s a hyper, at least a good portion of the time. He feels some, perhaps a lot, of shame about that. And you see the defensiveness rise. The crazily silly arguments, the puffery of his image. The persecution complex.
I’d have a beer with Porter, no doubt. Listen to, or god forbid pay for, the hype sheet? Pass. YMMV, but I’d suggest y’all do the looking.
“You don’t know how to fly small aircraft, do you?”
LOL, he doesn’t need to. This article practically put a 2000# bomb right thru the SECs front door!
Not to mention the USSC…
As someone from outside the US (Malaysia), all these economic and financial developments over the past two years have left us confused as to what that great country really is. Or has become.
Locally, there’s a lot of corruption and wrongdoings that are left unpunished. Often, it’s because of the regulators being (or `playing’) excessively dumb; which shields those involved from scrutiny.
We would shake our heads, close to despair, over how the crooks and the regulators – who were supposed to be the policemen – were actually `in the same team':
“It’s unfortunate our regulators are the typical Third World incompetents and corrupted enforcers of financial regulations… This wouldn’t happen in a real democracy with a mature market, and with government regulators zealous in their enforcement of the law with no favourites.”
What a crushing disappointment for us here – people who had looked up to the US as being the prime model of “super competitive but fundamentally principled businesses.” …
You have our moral support too, Mr Stansberry!
I’ve always thought of Stansberry as arrogant. I think I’m wrong. I have no idea if the facts as told by Stansberry are true or not. However, the story does not shock me whatsoever. Truth will always be vilified and the truth-teller does so at a great personal cost. It has always been this way and it will continue to be this way until human nature miraculously changes.
If what you are saying is true, you are a courageous man.
I am totally with you. I’ve been the victim of corruption and currently helping a person to sue the SEC in Texas over taking over a viable company.
Porter, I commend your stand in fighting the powers that be. I am continually finding other information addressing abuses, distorted facts and outright lies by numerous sectors of our Government. We need more “TRUE AMERICANS” like you to stand up and be counted. If Americans don’t wake up, Big Brother will rule.
The SEC actually did something?
Are you sure it wasn’t the NY A.G?
The U.S. Government? No Way.
Bon Courage Porter!
You should have seen what happened to Murray Neale, CEO of Dragon Skin. I did live fire testing of his body armor several years ago together with a Marine Corps champion. It was amazing as it “ate” a variety of rounds we fired at it.
In any case, the product “failed” the army testing, and lo and behold, the “gentleman” in charge of testing subsequently retired and “allegedly” went to work for a competitor. Then, the government went after Murray. You are living the rest of the story.
You fellows have been right for years. Bet against honest, or even competent, government and you are likely to come out ahead in your investments. Put your faith in FEMA after the next storm, and you will be screwed.
Keep up the good fight!
The incompetents at the SEC, nailing you or trying to for insider trading, You were just the journalist, it was the one who had given you the information on a significant event from someone in the know in the company that would normally be in the hot seat;. You would have better luck pushing your defense as an investigative journalist who thought something could happen after all no one really knows the future, except maybe a spirit more all-seeing than us.
During the past 9 years I observed from the inside how a government bureau was not allowed to enforce the law (it was an enforcement bureau). It’s inspectors were told to stay in the office and not to visit the field and issue fines for activities that were forbidden by law. Why? The answer is that it interfered with business prosperity. The regulators were not allowed to do their job. They insecure civil servants complied since they did not want to lose their jobs. In all of the BS that I have heard and read about the regulators and their failures which led to the depression in which we now find ourselves I have not heard anyone state what I have just stated. They are afraid to name names and organizations. You notice that I have not named any organizations but as an honest person I can tell you I saw it happen in the Federal agency where I worked. When your boss tells you not to do something which you know you should be doing as a civil servant what would you do especially when your not independently wealthy and trying to feed, clothe and put a roof over your family? They simply said OK to the boss and fell in line.
You go, Porter.
And more power to you, Sir.
I moved to the Philippines last year to escape Obamaland, and have no regrets, either.
I commend You, for your stance, Porter, for your wish to tell the truth to the public that needs it the most, the in-informed public. The picture of you as a “hyper”, went out the window the moment you decided to stand up against “Big Brother”, despite the risks, corporate and personal, to you, to defend the rights of “small people to have access to qualified business information, and not only the corporate and government “insiders”. I tip my hat for You. The creepy signature “Jeff K” is probably someone of that camp.
To end off, I’d like to quote one of your great statesmen, who said something like this:
When the people is aggressive, and the government is afraid, democracy prevails.
When the government is aggressive, and the people is afraid, tyranny prevails.
I commend You, Porter.
Shame on you, “Jeff K”. Creep back to under the stone, from whence you came.
As an investment professional who subscribes to your research, I can highly endorse your analysis. Also, as one who has been through the pain of SEC accusations, and settled for all the reasons you mentioned, I applaud your courage. I didn’t have the resources to fight, or I would have. I regret that decision to this day. My lawyer told me we would win my case… but it would take 4 years and tens of thousands of dollars – money I just didn’t have. The game is nearly over, and the crooks and cheats at the highest levels are pulling out all the stops to try and keep it going. Fight to the end, and I pray for your victory.
where I a little wealtheir, or a litle retired, I would send you a small donation to add to your fighting fund. It is in every sense of the word our duty to fight tyranny wherever it is, even if it is in our own backyard, but when, as many men do, they have a family to feed and clothe, it can take the fight out of many men.
You have my deepest respect.
Although not a religious man, the remark made by the Good Samaritan springs to mind… “don’t pass by on the other side”
This is not the first time the Government has attacked Newsletter editors. James Davidson, Chris Ruddy and E.C. Harwood all come to mind. All fought and I believe eventually “won” after losing a lot more money than if they had settled. The Government knows they can outspend you even if they are wrong and it will cost you big bucks to clear your name.
For additional testimony on the SEC, the reader might like to listen to a podcast of Eric King’s interview with Harry Markopolis on the matter of the Bernie Madoff Ponzi scheme. The SEC was completely derelict in its responsibilities. Go to kingworldnews.com and look for the link.
The government really doesn’t give a hoot what he writes about Fannie Mae. Even if he were a “journalist”.
The SEC sued Stansberry for FRAUD, plain and simple.
A well-regarded Federal judge agreed with them. So did an appeals court. He just barely avoided calling Stansberry a conman. He also called him a perjurer. He called him reckless. He called him not credible. He called him a liar. He slammed him with the maximum fine the law allows.
That’s NOT the SEC or “the government”.
Before going rah-rah Stansberry, go read the opinion.
It’s an eye opener. This here is whitewash.
Here the SEC is acting just like the afternoon TV trial cases. If the defendant is a registered business the Judge generally finds in that businesses favor.
The SEC ignored the warnings on Madoff for years but threw the book at Stansberry? Is this the same government agency that spends its working hours watching Internet porn?
People in Wall St/D.C. commit fraud of epic proportions everyday – the effects of which have led to recession and 10% unemployment – and I’m supposed to shake in fear of Mr. Stansberry over one stupid report?
He’s being targeted precisely because he is not “Wall St” or a good ol’ boy mainstream financial “journalist”, i.e. he’s not a guardian of a fundamentally fraudulent financial system, and he learned how to profit honestly on that system but committed the “crime” of doing so outside high society financial circles.
This whole thing also fits right in with the ongoing “old media vs. new media” battles.
I personally find Stansberry’s style arrogant. But that does not mean he’s guilty of fraud or is deserving of this.
And as a subscriber to two of his newsletters, I can tell you that most of the recommendations are good and have benefited me. If he stay’s in business, I will continue to subscribe.
If yoy have all the silver and gold in the world and your neighbor has nothing how do you you trade?
Find and “use up” another neighbor
Imagine thousands of companies and millions of humans that are not suppossed to take advantage of their knowledge?
And also imagine a few public servants figuring out who profited from the knowledge?
How about the great aunt in St Louis that bought 200 shares? They didn’yt catch her!
He was using a fake name? Come on everyone. This guy is a fraud.
Anyone who pays, now $49 a year for Stansberrys newletter is a sucker born every minute….don’t bite off on this con mans fearful ideas….yes, do invest in poormans silver or richmans gold as it is probably going to go up like everything else…but don’t bite off on the BS that he tries to sell us…
You literally are the most self serving joke.
Really???? You think that you are on the ball by saying the dollar is in trouble??? Wow.. You are genious. Your firm has been in place since 1999.. I didn’t look close so I may be off…
I had a friend send me some 45 minute joke, in which you literally almost blew yourself in the disclosure…
Yeah.. the markets are in trouble.. I’ve been in the biz for 20 years too… There are a lot of uneasy minds out there for all of the reasons you babbled. But make no mistake..
You are not the first person to say this… It’s not a giant conspiracy. Any 3rd year rookie could say the say stuff you have..
Go get em on that 3 Million dollar case..
Porter sounds like Beck without the crying and Jesus references.
I watched the video, sounded interesting but more in a conspiracy theory way, I’m sure there are many elderly seniors falling for this and spending money on the newsletter to get the continuing story of the doomed economy.
A true helper of the human race NEVER CHARGES FOR ANYTHING, PERIOD (and your info has been said WAAAY long ago by Max Keiser, just being honest (and your vid is to long with nothing knew to say which realy wasted my time, no wonder you don’t have a pause or fast forward on it, you should not have your ads on ALEX JONES’s INFOWARS as the ad itself is misleading,as it’s not offensive to anyone, you just tell us what we already know, I for one had to switch off after 13 minutes, I just could not wait for the BIG SELL. (Which is what you are doing)
I little long winded… I don’t believe everything he is saying (or at least to this extent)but I do believe things will be getting much worse and it is always a good thing to keep your guard up. Meaning keep extra can’s in case something like this does happen…imagine the internet goes down. This will affect everything from banks to grocery stores. And not to mention Gas prices going up so much which is already starting will change the way we live. Only God knows but God does give us brains to figure things out…unlike the Gov’s irresponsible spending.
WOW! The variety and flavors of the peoples comments have left an overwhelmig explosion of proof that for the most, the people truly are ignorant.
The bottom line is that we all have to earn a living to play in the game of life. So marketing and selling a product is not any more a scam or fraudulant than prostitution is. Because once you work out the details, make a decision, and commit to the act, all your left with is either satisfaction or not!
The problem I see through my perspective is that there are those who do and those who complain about doing. And if your not doing, then suffer the consequences for your lacking. What needs to be done is for this country stand up like they did in Egypt. Fire ALL of the government, and start fresh. Remove not 1 or 2 or just those you believe are corrupt. Because 1 rotten apple did spoil this bunch. Sorry for those who are true. If you are that true, then maybe you will be put back in with the fresh crowd.
TAKE BACK OUR NATION PEOPLE. AND INSTALL A WORKING GOVERNMENT FOR THE PEOPLE BY THE PEOPLE. WE HAVE THE ABILITY AND POWER TO DO JUST THAT. BUR WE MUST ACT SOONER THAN LATER. Turn this country back into the industrial nation it once was. End free trade. Create products here and create jobs here! That creates wealth here! On all levels! America can certainly support and prosper WITHOUT ANY FOREIGN PRODUCT! Sure the rest of the world is going to be pissed off! Possibly want to go to war for the amount of debt they receive when we close the doors on all the fraudulant deals this government has made with them. At that time, I say hand over those that made the deal and walk away. Put up our military within our own borders for any further protection we may need. AMERICA WILL STAND VICTORIOUS! AND FREE!
The Government wants to convict Porter of “fraud”? What about the real fraud the Government is doing…printing money endlessly? Porter may have flaws, but I do admire anyone who stands up the “Big Brother”. I like him and his ideas, so I will subscribe to his newsletter.
Wow You mean to tell me the Government twists the truth, covers it up and persecutes those that are telling the truth? No…say it isnt so! This is something that most of us lowly Truck Drivers have been dealing with for a very long time now.
Truck Drivers are fighting for their very livelihoods and the US Government started out almost the same way by demonizing us, persecuting a few of us at first to “test the waters” and then went for our throats.
“They” always use the same M.O. with a slightly different twist. The Trucking Industry is under fire also, as I suspect others are as well. This is no longer a Business friendly country.
I wish you luck, your words are getting out.
Amen to RENO2012’s comments!
I subscribe to the newsletter and will continue to do so. I sincerely hope that the scenario laid out by Porter Stansberry surrounding the fall of the dollar as the world’s reserve currency doesn’t (continue to) happen but I’m watching everything I buy, and am watching interest rates and finance charges increase as my income remains static. I see the insolvency of my own financial situation as there is less and less at the end of each month. Had I not been paying extra into my mortgage every month I had the means to do so, I’d be dead in the water. You can call what he says hype and ignore it. That’s your prerogative. I on the other hand will heed his advice with the only downside being having to retrieve my money from the overseas institutions I’ve elected to store it in. This is Pascal’s theory applied to money. It’s a win-win for me…while someone choosing to gamble may indeed lose everything and be begging (or robbing) your Stansberry-heeding neighbor for food.
This is to jay (or Jay) on January 28, 2011:
This entire paragraph appears to be a run-on sentence. It is a bit difficult to see where sentences begin and end.
A excerpt reads, “PERIOD (and your info has been said WAAAY long ago by Max Keiser, just being honest (and your vid is to long with nothing knew to say which realy wasted my time, no wonder…”
…….PERIOD (and…….needs a closed parenthesis.
..honest (and…….. needs a closed parenthesis.
..vid should be video.
..to long should be too long.
..nothing knew should be nothing new
There should be a comma in “to say, which”
Really is not spelled realy.
It would be nice to see some periods, period.
Dear Mr. Christopher said:
The beginning of your second paragraph should have read, “An excerpt”, rather than “A excerpt”.
I’m sorry. I just couldn’t help myself.
Jay (above) wrote: “A true helper of the human race NEVER CHARGES FOR ANYTHING, PERIOD”
What an extremely sick and twisted thought, masquerading as altruism, but completely disconnected from reality. The frightening part is that this kind of thinking permeates in today’s world, as ideological contagion.
Unintended consequences much?
To see just how demented Jay’s thought is, think about what is being said: The more a job “helps humanity”, the less it should benefit the “helper”, down to absolutely zero if it’s a real help? Ergo, it is completely acceptable to take a wage or charge for something…unless it is perceived as “helping humanity”?
News Flash for Jay: Porter isn’t even pretending to “help humanity”. He has stated clearly that he sees “humanity” as having screwed itself royally, and knows that there is nothing he can do to change that. He is, instead, purporting to help protect people “from humanity”, and only those who are willing to pay him for his advice, which is (big shock, I know) what all writers, counselors, teachers, professional advice-givers, etc., do.
Jay, if you actually do anything for a living, and it “helps humanity” in any way, directly or indirectly, I suggest that you live that wonderful philosophy of yours and stop taking money for it.
Yes this is going to be a long message but
Wow, I too agree with the statements made by RENO2012,
The simple fact is, I have been trying so hard to find like minded people willing to get back to the basics of humanity. So many people need to get away from what appears to be a relative “zombie zone”. It would seem that too many people are turned off, not part of the obvious events that if unchallenged WILL change the way they desire to live and be an even bigger challenge to change once it takes hold.
I mean, think of where your “views” would be, if you were born into a country that raises your beliefs from day one in an environment of prejudice and hate. If that is all you know then there is a good chance that, that’s all you’ll believe.
I am not just focusing on politics here I am talking about quality of life and the fact that, if we do not assemble and start standing up for ourselves then even more injustices and inequalities will prevail. We need to join together NOT AS “Americans” or any other nationality but as “HUMANS” with a common goal to set in motion the desires and expectations of the masses instead of the elite few.
I am sure if you really explored the root of an individuals true necessities and/or desires for their individual life, for most people it would not be to control, hoard and consume every resource known to man while simultaneously crushing and destroying the enjoyment, possibilities and opportunities of their neighbour and fellow man. To me, destroying a persons life by any means is virtual murder and is not necessary one to enjoy life’s pleasures.
It is always amazing to me how many people DEFEND mismanagement and control. So many people have forgotten that the GOVERNMENT is US …We own it, we pay for it and we expect it to perform in OUR best interest… Yet, it would appear that so many of us are blind to notice that pretty much NOTHING the Government does is in the best interest of the PEOPLE and therefore like RENO2012 eluded to, needs to be restructured from the bottom up.
The simple fact is TODAY’S existence of GOVERNMENT is set up so that the average “Majority of PEOPLE” (You know, the ONES government are supposed to represent!) are actually paralyzed by incomprehensible red tape designed by elite driven high paid lawyers so that the ones with the means (themselves) can continue to control and thrive on the ones without (us), simply because the ones without (us) don’t have the resources to decode and decipher through the red tape and prevail to a end result of what would be FAIR, JUST and RIGHT.
The population at large are so powerless (because of the design of government) the people (us)will unfortunately ONLY react when the flood waters are up to their noses… Oh, I know, there a few that can swim, but the problem is the people with the boats or I should say yachts are the ones who either made the rules or influenced the ones that do and they stay far clear of all the drowning swimmers because they made sure that the regulation they influenced was passed so the “little people” are designated to deep area of the flood waters far away from their yachts …
Instead of us all making excuses and protecting shadows maybe it’s time to wake up and join one another to bring to this existence, to what it is that most of us want. I am sure if you get to the root of what that is for most of us it would be a life of freedom, happiness, peace and love…
If we as intelligent human beings do not focus on what it is that we expect from the organization (government) that we not only created, pay for and entrust with power, but also “lately” seem to permit this organization to solely MAKE FULL decisions on our behalf under the guise of “OUR BEST INTEREST” and our necessities of life and YET seldom do Our elected leaders make decisions based on OUR expectations. It would appear that decisions are always based on corporate, political and privilege and nothing to do with it’s people that it is supposed to represent…
If allowed to continue this way, soon before we all know it, humanity won’t even be allowed to breath without filling out the right 260 page form in triplicate, notarized by a government approved solicitor at $1600.00 per hour plus expenses and pending a “supreme court” approval… Oh ya and that is for STEP ONE.
(insert LAUGH here)
Plus don’t forget to pay the current, new and proposed carbon taxes, Eco taxes, sales taxes, debt retirement charges (insert hundreds of other known taxes here – you get the point) And all that, just for the privilege of breathing.. Oh yes, and by the way, it does not end here… and I am sure you know this is true.
Okay look, I know that this statement is LONG and somewhat extreme but just take the time to review all the NEW restrictions, complications, excuses, expenses, waste, injustices, lack of accountability, fees and so much more that has transpired in just the past year not to mention the past decade or century. And then let me know if we should NOT be talking about this.
Think of all the terrible things that have happened in the past that had pretty clear signs but no one wanted to talk about it and before you know it, it’s our NEW existence and then TOO LATE.
OH what I would do if I were head of this country… It’s all about people as a whole and not about ME ME ME ME ME….. But I digress… To many of you haters out there are thinking “I am just an moron”… Well my only hope is, maybe just maybe, this time, if we are all aware of what is happening by communicating with each other, spreading the love and possibility, joining forces and taking action we can set our journey on a new course to a better, less stressed existence, especially, IF we can all get on the same page. But then again that is just that just my stupid opinion… and now I will bow out …
Okay all you haters, now show your true colours as you always do. but remember attitude is a choice, which one will you choose…..
Whitewash. And your current scare video is BUY GOLD.
Are you sure you don’t write for Glenn Beck?
Pathetic scammer. Who’s too afraid to post this.
Porter has always justified his beliefs, whether you believe them or not, his marketing value I is worth what you pay for. Now his online reputation precedes him. Thank you for this article Porter, thank you for being so honest.
what he says about the u.s. economy and the world reaction to it is obviously correct. buying gold and silver hasn’t proved wrong. if you pay $20 for a romance novel that makes you feel good, whats wrong with paying 49$ for a newsletter that leads you in the right direction? he gives you $100 worth of free information before you sign up for anything, i’m following his advice.
Jay on Jan 1-28 makes a lot of sense. The no pause, to allow a break, is a manipulative maneuver as well as the testamonial from the person whose financial gains allowed him to buy a boat and take it through the Panama Canal. The worst kind of people are those who use uncertainty and fear to make their money. May he choke on it.
I watched the video. The first “fact” he used in the video is demonstrably false. Why continue?
A fool and his money are easily parted — and wily Porter Stansberry is sure looking to pickpocket them fools!
Jeff K’s comment almost a year ago, near the top of this thread, is very perceptive.
The deficts, debts, and unfunded Ponzi scheme entitlement programs are real. The numbers are staggering. No one, that is NO ONE, in Washington has a concrete plan to deal with these problems that enough other legislators will support to implement. So I have one question for those who doubt what Porter Stansberry says. How do you think this will play out? All Ponzi schemes end the same.
It’s not so much as what’s being presented in the video that bothers folks…it’s the way it’s being distorted for mere profit.
It’s not so much as what’s being presented in the video that bothers folks…it’s the way it’s being distorted for mere profit.
Jack, give me a break; it’s $49 bucks for information. Should he just sit around and feed you with a silver spoon for free?
But if his problems with the SEC isn’t a red flag for you, then go ahead and give him your $49 bucks, I’ll keep mine in my pocket. And after you give him your initial “buy in”, be prepared for further sales pitches for the more expensive information which he limits to a select group of subscribers. Mr. Stansberry is just another hustler. What makes him even more sinister is the slick presentation of his grift… a video which distorts the facts with use of half-truths to try and con an unsuspecting public with fear into buying into his scam. You don’t have to buy his “information”, it’s already out there being commented on via various sites on the web. Just don’t be so lazy and self-assuring and do a little leg work…unless of course you’re just a shill for his operation. If you’re not, then I apologize and will give you a piece of his investment advice from one of his “free” guides. This one is particularly hilarious because in his promotion he states that it has nothing to do with buying options, but then tells you in one the guides to sell “naked put options” as an investment strategy…one of the riskiest investment vehicles you can employ. If you don’t consider this deception and scamming, then you deserve to part with your money.
Many of the claims that are made in the video are just plain false.
International transactions DO NOT have to happen in dollars. They don’t even have to be dollar denominated. If the dollar hyperinflates we’ll have trouble buying things, but people who aren’t trading with the United States will be just fine.
I love that Yugoslavia was used as an example of a “European” nation. The financial problems Yugoslavia had weren’t just a few bad decisions. The breakup of the Soviet Union and the Serb/Croat war contributed.
If the psychic John Edward can make money off of idiotic fraus by convincing them the very general statements he makes in his talk to the dead shows are connecting them with their long-dead meemaw, I have no problem with Porter Stansberry taking what’s left of the rapidly dwindling fortunes of their smug husbands. Loot the middle class, they’ve got it coming!
My personal oppinion about Fannie and Freddie is that the man Bush put in charge of used the same tacktics here as he used at the Silverado and Lincoln Savings and loan. They even used the same excuses to explain away the loses. Then the middle class can pay for their losses.
Gee Mr. Stansberry, you’re so smart! So smart, in fact, that you stand to make millions off of your own advice and still swindle, I mean charge us $50 for all of your valuable inside information. Thanks for taking one for the team. America owes you one
Reading this thread was illuminating to me. I see the same zealots writing here as in most other threads on-line. It amazes me to see just how many true idiots there are in this country.
Mr. Porter is a writer. Writers write then they sell what they write, for money. Is his advice accurate? Time will tell. Do you HAVE to subscribe to his newsletter, or follow his advice, or even believe what he says? NO
Opinions are like ***holes, everyone has one, and they are entitled to have one! At least in America.
In my opinion anyone who takes a stand, through the court system today has my utmost respect. The problem is that most of us cannot afford the legal costs that would make known to the world just how much deceit actually goes on out there. It is always easier and cheaper to settle. The problem with that is; the hole it leaves in your gut when it is a matter of principal, such as Mr. Porter’s issue must assuredly be. For that reason alone Mr. Porter has my total respect for taking his stand. I do not have the money to take a legal position for my principles. Thank God, there are those who do!
Makes you wonder… why is he ONLY going to charge $49.00 / year for his subscription if he thinks $49.00 will be toilet paper tomorrow. ??
While I have no idea as to the merits of SEC examination Porter has gone through nor who is in the right or wrong – I am troubled Porter is paying cable advertising monies his subsbscribers are paying him to run ads on the Golf Channel about his http://www.endofamerica1.com video which is ripe with biased, inaccurate and fluff material…My god Porter, your example of where we are heading in the US is 1993 post war break-up Yugoslavia (there was no Yugoslavia in 1993 anyway)???? Geez, I do not think so, since you really did not take the information Hanke fed you and studied it properly…Yes, the conversation about the US Dollar is worth examining but your substance is thin, scares people into buying your newsletter and for that you need to keep your doors locked since the Fed may come knocking again…Sorry.
The newsletter is most definitely a bunch of recycled, blatantly obvious (or not, to some), information on some options for surviving the crisis ahead, I speculate; seeing as I didn’t fall for the newsletter bit.
The pitch isn’t important, and neither is the scam. What is important is that this video of his has reached so many people. It provides yet another vehicle for waking people up. I know the things he speaks of are coming. So do you. Basically, don’t send him money. Buy seeds, bullets, foreign currency, precious metals and anything else that will be useful when shit hits the fan. Unless we have a war, there is no way to continue this way of life. Introducing the BANCOR, or Amero, and unifying currency here, as the Middle-East supposedly is, and Europe has will be devastating. Oh well. Keep your families’ safe.
It really doesn’t have to be like Porter predicts. We’ve had a big wound to heal (9/11) but now we have recovered, a little battered perhaps but still fighting strong. We can all band together and put pressure on our reps (it would have to be serious like organize a one-day strike nationally to show we mean it) forcing a credit be given to buyers of American-made electric vehicles. This would spur demand organically, crank up our manufacturing plants again, build up our towns, put people to work, reoccupy the empty housing and spin off further clean tech innovations like battery technology. We could also give credits for solar installations or other renewable sources of energy to homeowners to further progress our energy independence. Where would the credits come from? The subsidies that now go to the oil companies. We can do this. We can get this country back to work. Congress and the Senate have proven they are not trustworthy. We must change the ridiculousness of private campaign funding. Completely and thoroughly. Politicians must not be bought! That is the source of our problem. But imagine, America rising up again, flying in the face of the naysayers. Don’t you love it! We are great even now in our seeming defeat. And we can ourselves up to prove this to the world again. No sir, we’re not finished yet. But every person needs to do things differently. Demand that we convert to clean energy. Free ourselves of the shackles of the oil industry. Laugh at gas prices. Each individual is responsible, we must act with integrity and honesty. We must trust each other. Forget about these idiotic political representatives who know nothing. Accept only candidates with a detailed business plan of their proposals. Our country is at stake, it’s virtually at war with those that are so selfish they are wrecking it for everyone else. Time to get moving in every way we can. Believing in ourselves again is the first step.
Reno2012 & SteveA have covered it! Well said!
Seems the SEC has become an ineffective TOOL used for every purpose other than what it was intended.
Search Youtube for the video “The Man Who Knew” it’s about Harry Markopolos the man who for years warned the SEC of Bernard Madoff’s Ponzi Scheme only to be ignored!
The American people would be better served if we bought lottery tickets with the SEC budget.
I do not live in the USA but I understand enough to know that what happens in the USA affects the whole world so I was interested to hear the opinions put out by Mr. Stansberry. I do not intend to buy any newsletter so he hasn’t and cannot do do any con job on me and may be it is easier for me to be objective since it is not my government that is being spoken about. It’s hard to be objective when things are close to home. There is really one simple issue; is the information presented by Mr. Stansberry true. He shared data on prices trends, taxes, unemployment, the US dollar as the reserve currency, etc. In making your comments, it may be of first importance to point out where the information is inaccurate, as opposed to whether Mr. Stansberry is trying to make money selling a magazine. If he is lying or mistaken, point it out. That will help more than attacking (or defending) him. Do his recommendations make sense or are they rubbish and, if so, why? That]s what we need to know.
never wrestle with a pig, you’ll both get muddy, and the pig actually likes it!
Danford said, has the most accurate response yet! All else are unsubstantiated attacks or support!
Show me! opinions are like armpits and they all STNK!
I am a new (3 month) subscriber to Stansberry’s monthly letter. I find no fault anywhere. (Except I do wish he was more into the London/Hemmingway style of writing) His reports seem to be exact, just a trifle long. Anyway, viva Stansberry! Looking forward to the May issue.
Hey Truther, Fraud for exactly what? Explain that “plain and simple” The court system and judges are very much a part of government. Arm’s length relationship, maybe, but not far enough. Influence is everywhere. Why are political leanings so important in judicial appointments? C’mon, if you are going to attack him, at least make a coherent point. Courts and judges have always been a part of the same hairball that governments and business inhabit, whether it be local, state or federal.
This is just a guy who is trying to market a product with a sensational advertising style. But he does make some cogent points, whether people like it or not. One of them is about the U.S. dollar being sheltered by its status as the world’s “reserve currency”. And, yes, all oil purchases around the world must currently be transacted in U.S. dollars. The reason we are involved in a “humanitarian” war in Lybia, while ignoring the struggles of other peoples against their governments in countries like Saudi Arabia, is because Ghadafi is the last Arab leader to call for oil deals to be made in gold-backed Dinar rather than hot-air-backed U.S. dollars.
You don’t have to believe in Stansberry’s conclusions, nor do you have to pay for his advice. but anyone who ignores the realities that are tearing our Republic apart at the seams is a fool, not unlike anyone who makes investments money without doing their own due diligence.
Oh, and Yugoslavia’s economic problems could very well be a model for what would happen in the case of the collapse of our Republic. Probable? Hard to say. But well within the realm of possibility.
Warren Buffet once said, “If you have been in a poker game for more than thirty minutes and still don’t know who the patsy is, you’re the patsy.” The american people have been playing poker with the federal government for over 200 years. Guess who the patsy is.
On one hand I truly believe what Porter has to say. In lieu of events over the last 3 years it’s clear that our government does not have our best interests at heart.
However if your ultimate goal is to get the ‘truth’ out there why charge for it? It’s just another system of greed to contend with. So the option here is rely on the corrupted greedy government or this greedy bona-fide journalist? With 21,500 subscribers at $50-100 per year Porter is pretty well for himself. It’s not hard to do the math.
I just don’t see why I should trust him anymore than the government.
you see if stansberry cared about what was going on instead of asking for money he should have said , you must believe in God the Father and pray and second treat others as you want to be treated and not even ask anyone for money because money , gold silver or any other type of presious metals is going to save you. To ask to subscribe to his paper , he must be lost in the fact of God ,if you believe God will give or take care of you .The power of Prayer is the most powerful commodity you can hold on to ,Love the one and only Yaweh and treat others as you want to be treated, and begin to pray for help and for mercy .
Major scam artist and general all-around scumbag.
Here’s the bio on the shyster who defended Stansberry against the SEC:
As I read about Stansberry’s lawyer I perceive him as being well traveled and knowledgeable. As for the newsletter cost, Baron’s Weekly costs me more per year and has little to read on inflation, devaluation and sovereign state debt considerations.
As any learned adult should, I invest more than $ 1000 a year in reading materials outside of what I find on the WEB fro free. I find people like Stansberry or Beck(as others have referred to) I do not agree with in their entirety but do make me think more critically.
Where was the SEC when those crummy AAA-rated bad mortgage investments were pedalled ’round the world?
as a canadian i would like to subscribe to your news letter.
however your application form will not accept canadian postal codes …
please show me the way…..
Porter is not a fraud , at least with respect to his protect and hedge strategies though he missed one I believe . Having been through Paul Volker’s repair of the Jimmy Carter / Arthur Burns days I’d have to agree we have painful reckoning coming with this one being worse as we have such a large foreign trade deficit and a reduced manufacturing sector to restart the economy afterwards with investment in the US. After 10 yr. Treasury rates hit 7 % or so , high grade corporate bonds in non-financial US companies with AAA credit rating and significant multinational production and markets will be steals . We get that gift once or twice in our investable lives. So for “Jay” above this is one for free my friend and humanity is thus served .
I, apparently, am one of the idiots that subscribed to the porter newsletter. It cost me 4.16 per week and if nothing else motivated me to research my investments more carefully. I took my money out of the stock market and put it into safer investments. This alone is worth the 49.95 I would have been crushed these last two months. So maybe I do not agree with everything he promotes but I do my own research and come up with my own conclusions. People need to take motivation where they can find it.
Clearly, you are a liar.
The stock price for USEC in 2002 can be easily looked up; I found it here:
It’s obvious that your “tip” drove the price to nearly $10 on May 21st – look at the volume. After that it didn’t see $9 again for the rest of the year.
On June 19th, when the big deal you predicted happened, the stock closed at 8.390. By November it was down below $7, and the highest it went in that year after Jun 19th was $8.80.
So your alleged price move from “around $8 to around $11. That’s roughly a 40% move in a few days.” – is a complete fabrication.
Do you just expect nobody to check?
Doesn’t speak very well of your honesty or your skills as an investment adviser.
I read the decision and opinion and outline of the case, and you are right. I totally believe you caused an interuption in their insider plan to take the “first cut” and so you became the bad guy. It’s business as usual in our escalatingly upside down world.
If the SEC did come after you as aggressively as you say they did, then that is indicative of the top 1% trying to protect what it has maneuvered to protect for ages, their share of the wealth in this country. Anyone who jeopardizes their livelihood in order to protect their reputation could not be in it strictly for the money. Con men usually move on to the next big thing under a different name. Choosing to stand and fight, in spite of your monetary losses speaks volumes of your true nature. If what you are saying is in fact true, then stand firm and know that you will not be defeated because TRUTH ALWAYS PREVAILS!!!
You were sued for lying to your readers and saying that you have “inside tips” to the u.s government when you truly have no idea what you are talking about and you have no connection to the u.s government.
I read most of these comments at the beginning and then started skimming. I only have one question…
If someone told you to take an invisible mark on your hand or forehead or you wouldn’t be able to make money or buy anything, ever again would you take it?
I am not a doomsday-er, but there have been revelations available since the bible was written than talks about all of this and more. Just saying!!
Best of luck with this. SEC and most government agencies are out of control and off the track.
I commend you. I tried to fight the SEC and in the end they beat me down and I ” settled” but I am not done. I will be writing a book and exposing their lies.
I also started a blog.
The SEC fined you $1.5m for fraud, Porter.
and how about the advertisement “the great housing crash of 2004 “and how to profit from it from another DR advertiser. here is the archive:
i remember buying put options on that news but the housing crash did not happen in 2004, the $HGX index topped in summer 2005 , the fell into the fall of 2005, then rose again to make the head and shoulders pattern. the free fall happened in 2006. if a person shorted that housing index in 2004 for the long term , they would have awoke behind the wood shed with after a severe blungeoning . if they had the guts to hold on, and the money to withstand the huge rise into 2005 then finally the prediction would have made them money. and the hgx did tank into 2009 to their credit but i did not see the 2004 crash. the HGX housing index rallied huge into 2005 and then started the long head and shoulders pattern, the top came in 2005 for the $HGX and the final top in 2006.
Pfft. Write a 20 page book about it and sell it to us for 19.99.
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More than a decade ago, Addison Wiggin helped co-found the Daily Reckoning with Bill Bonner. Today, he recalls this life-changing experience, and explains how - despite being rooted in the world of finance - it is and will always be about much more than money. Read on...
Halloween is tonight! And just in case you waited until the last second to think about what you're going to wear, here are four costume ideas you can easily put together in about 10 minutes or less. With these costumes you'll be the hit of your friend's party - provided you're friends with a bunch of economists. (Downloadable masks included...) Happy Halloween!
The financial news is full of misinformation - reported by unreliable pundits and taken at face value by an easily swayed public that doesn't really no better. That's why today, Bill Bonner relays the four basic truths he's discovered during his 30 year career in the financial industry to help you make sense of it all. Read on...
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