SEC Picks on Little man Instead of Real Crooks
WASHINGTON — A man calling himself “America’s Prophet” and claiming the psychic ability to predict the stock market’s highs and lows was accused by federal regulators Thursday of bilking $6 million from more than 100 investors.
The Securities and Exchange Commission filed a civil lawsuit against Sean David Morton and three companies he is said to own under the name Delphi Associates Investment Group. The SEC says Morton lied to investors about his financial successes and the use of the investors’ money.
The SEC is seeking an injunction against Morton, and unspecified fines and restitution. Morton couldn’t be located Thursday for comment, and there were no phone numbers publicly listed in the area where he is said to reside. The SEC said it wasn’t aware of an attorney representing him.
Starting in 2006, Morton drummed up investors by telling them he would use his psychic powers to guide his investing team, according to the SEC. “I have called ALL the highs and lows of the market, giving EXACT DATES for rises and crashes over the last 14 years,” he proclaimed in a July 2006 newsletter.
Morton’s Web site, monthly newsletter, appearances on a national radio show and at public events were used to promote his psychic talents, the SEC said. Photos of him posing with celebrities including Mel Brooks, Robin Williams and the late Farah Fawcett are featured in his newsletter, along with his schedule of tours around the country and the motto: “All is One. Life has Purpose. God is Love.”
Morton, 51, a resident of Hermosa Beach, Calif., told investors that he would pool their money for trading in foreign currencies, but invested only about half the money that way, the SEC alleged. It said at least $240,000 of the investors’ money was diverted to Morton’s religious organization, Prophecy Research Institute.
“Morton’s self-proclaimed psychic powers were nothing more than a scam to attract investors and steal their money,” George Canellos, director of the SEC’s regional office in New York, said in a statement.
The SEC suit also names the Prophecy Research Institute and Morton’s wife, Melissa Morton, as so-called relief defendants — not accused of any wrongdoing but alleged to have received illegal profits from the scheme. The agency is seeking unspecified restitution from them. – AP
So let me get this straight. The SEC has the entire New York Financial community to pick for engaging in pure gambling violations; fraud; tapping into the NYSE black box, and a whole host of indictments they could make that wouldn’t sound as crazy as charging a guy for being a psychic. Does the SEC have absolutely no backbone? They go after some small potatoes guy, but leave the engineers of this entire financial debacle unscathed? The entire department needs to be fired, removed and the agency closed.
They are not doing their job. They are sucking up tax payers dollars, while accomplishing nothing. They have not enforced regulation and need to be out of a job, like the rest of us unemployed Americans. Instead of the media posting drivel about some psychic indictment, they need to ask the SEC what are they doing about indicting the real criminals of this mess. MSM is completely under the thumb of the likes of Goldman Sachs. The SEC is completely under the thumb of Goldman Sachs. Hell, Bernie Madoff was called in as a special adviser for SEC regulations. I mean how stupid are these people? I mean how out to lunch are they?
We are still pretending the SEC isn’t compromised? We are still pretending the SEC isn’t completely and thoroughly corrupted and useless? How come no one is blowing the whistle at the SEC? Does no one employed there have a conscious? Does not one at the SEC have and scruples or loyalty to the American public? Is everyone for sale there?