John Stefancik's "Wealth Without Boundaries" book and his multi-thousand dollar training program on how to get rich in private real estate mortgage notes have taken another, perhaps final blow.
The FTC charged him with deceptive trade practices and last year obtained an injunction as well as a fine of over $17M. Stefancik appealed and as of this month the 9th Circuit has upheld the ruling of the lower court.
Stefancik, using a sales organization out of Salt Lake City, convinced nearly 8,000 people to buy the book. Some number of those were sold the additional training materials and engaged in trying the program. The investigator found that the notes showed 153 customers had submitted deals to potential paper buyers. Out of that total, 68 had their deals rejected, 77 did not have conclusive comments regarding either acceptance or rejection, and only 8 customers had successfully completed a deal.
Like so many of these kinds of businesses, the chances of success for anyone but the promoter are slim.
The Honorable Judge Roy Bean
Tuesday, March 17, 2009
Thursday, March 05, 2009
Jim Cramer just doesn't get it.
Jim Cramer has come out and complained about the way he’s being assailed by the Obama faithful for his telling the truth on live morning television (NBC) about the administration’s advancement of wealth destruction as a lever to advance the socialist agenda.
The problem is, Cramer is a major Democrat supporter – including financially (until recent contract limitations precluded any further donations). He admits to six figure contributions. He voted for Obama and admits that he wants most of what Obama is all about, just not while the stock market is in such bad shape.
You can’t have it both ways, Jim. At the risk of using a catch phrase, elections have consequences, and your political mindset is ludicrous given your alleged dogmatic support for stockholders and their financial well-being.
Jim, what part of socialism do you believe contributes to accumulation of wealth for individuals? And why, if you support the Obama agenda would anyone believe what you have to say about stocks – other than you predicted the earlier declines? Given the realization on the part of investors that Obama was going to be the next President, the declines were a no-brainer. And right after the election there was another collapse. Then come the stories about just how far into a managed economy the Democrats are willing to let Obama take us and here we all are. Knowledgeable wealth has fled the stock market and regular folks, the ones you so adamantly claim to want to protect, are facing the consequences of not getting out or being agile enough to get out in time.
Methinks you doth protest too much.
The Honorable Judge Roy Bean
The problem is, Cramer is a major Democrat supporter – including financially (until recent contract limitations precluded any further donations). He admits to six figure contributions. He voted for Obama and admits that he wants most of what Obama is all about, just not while the stock market is in such bad shape.
You can’t have it both ways, Jim. At the risk of using a catch phrase, elections have consequences, and your political mindset is ludicrous given your alleged dogmatic support for stockholders and their financial well-being.
Jim, what part of socialism do you believe contributes to accumulation of wealth for individuals? And why, if you support the Obama agenda would anyone believe what you have to say about stocks – other than you predicted the earlier declines? Given the realization on the part of investors that Obama was going to be the next President, the declines were a no-brainer. And right after the election there was another collapse. Then come the stories about just how far into a managed economy the Democrats are willing to let Obama take us and here we all are. Knowledgeable wealth has fled the stock market and regular folks, the ones you so adamantly claim to want to protect, are facing the consequences of not getting out or being agile enough to get out in time.
Methinks you doth protest too much.
The Honorable Judge Roy Bean
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