Thursday, March 4, 2010
California Psychic & Investment Manager Known As "America's Prophet" Charged With Fraud By The SEC
Sean David Morton, 51, of Hermosa Beach, California, and a self-described psychic and "America's Prophet," has been accused by the Securities and Exchange Commission of defrauding more than 100 investors out of as much as $6 million. The SEC complaint alleges Morton, through his investment firm, Delphi Investment Group, lured investors with claims that his psychic expertise would provide his investment team with guidance and fraudulently claimed historical investment successes. The SEC complaint also alleges that Morton and his wife, Melissa Morton, 42, diverted funds to their own non-profit religious organization, Prophecy Research Institute. The SEC claims Morton invested "only about half of the funds" invested with the foreign-currency trades he had promised. One of Morton's investment newsletters claimed he was getting average returns of 3% to 5% a day.
Hat Tip: Reader Doug
Listen folks: Not than it excuses his actions, but anyone that invested with this lunatic deserves to lose their money...