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...
Stay ahead of the curve
In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!