SEC complaint re MANUEL E. JESUS aka Manny Backus

[Kim]

https://www.sec.gov/litigation/complaints/2016/comp-pr2016-184.pdf

 

1. Backus and Wealthpire made materially false statements in advertisements.
2. As a result of their fraud, Backus and Wealthpire received $1,135,145 in ill-gotten gains from subscription fees for the Alert Services.
3. Joiner operated the First Hour Trading online chat room, posed as “MANNY_BACKUS,” and falsely represented that he (as Backus) was buying and selling certain recommended stocks when no such transactions were actually taking place.

I hope SEC will finally start prosecuting more of those charlatans. They make a bad name to the whole industry.

[Kim]

 

"Stock Trading Whiz Kid" Fined $1.5 Million By SEC For Being a "Paper Trading" Fraud

 

 

One of the most amusing "investor" types to emerge as a result of the Fed's 7-year-long attempt to centrally plan the market, has been the infamous 17-year-old "hedge fund" manager, who while not actually trading for lack of cash and, of course, the remotes clue what to do, was happy to advise others of his paper trades on twitter or via newsletters, and collect a fee for such "services." And while it was easy to pretend trade for years and years as long as the Fed injected trillions into the "market", levitating stocks every higher, lately it has been far more difficult, not only for real trader, but also for "paper traders" too.

 

Case in point, "stock trading whiz kid" Manuel E. Jesus, aka "Manny Backus" - and apparent chess prodigy based on his photo - and his newsletter company Wealthpire Inc.

 

There was just one problem for Manuel Jesus, aka "whiz kid" - he was a fraud, at least according to the SEC, which announced yesterday "that a self-proclaimed “stock trading whiz kid” and his stock newsletter company in Los Angeles have agreed to pay nearly $1.5 million to settle charges that they defrauded subscribers through false statements and misrepresentations."

 

[DavidR]

I think it was enough to look at his website to see that Manny Backus is a fraud. Personally I did not need the SEC to know that.