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More On The Busted Psychic

Just a short follow up to last Friday’s posting.  Here is the link to the New York Times’ take on Sean David Morton, the self-proclaimed “psychic” facing charges of fraud by the US Securities and Exchange Commission.

The charges are based largely on the premise that Morton claims to be psychic and used that claim to defraud investors out of 6 million dollars.

We have not heard the last of this story. If this comes down to a battle in the courts for the government to have to legally prove that Morton acted as a conscious fraud, it is going to become a very big story well beyond the respective circles of skepticism and psychics.

2 comments to More On The Busted Psychic

  • johnc

    If you have any way of predicting the outcome of the markets effectively the SEC tend to come down on you hard for suspicion of insider trading.

    If you actively manipulate the markets like Jon Lebed did, then again, you’re considered a cheat and will be punished.

    I would have thought making bad predictions would suit the SEC just fine, it seems to be the only way they’ll leave you alone. :)

    I don’t know how it works in the US, but in the UK, you’re not allowed to make any promises of profit, and are legally bound to advise that any investment could lose money as much as it could profit. Claiming to be psychic wouldn’t be a problem, as long as you made that disclaimer.

  • Militant Agnostic

    What kind of idiot would invest their money with someone who has appeared on Coast to Coast? I think most of the suckers are from Hollywood.

    The NYT article mentioned he was making predictions as early a 2001, but it did not say when he started his scam. I imagine it was a while ago though. Why does it take the authorities so long to catch on to such obvious scam artists?

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