Psychic Must Pay SEC $11.5M For Bogus Market Predictions

Law360, Los Angeles (February 13, 2013, 9:50 PM EST) -- 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.

U.S. District Judge Katherine B. Forrest ordered Morton to pay the $11.5 million, including a $5 million disgorgement and a $5 million penalty, finding Morton had missed the deadline to respond to the SEC's suit.

The SEC claimed that Morton violated securities laws by telling potential investors with the Delphi Associates Investment Group that he...

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