For Psychic, Suit Came as Surprise

You know there’s a problem when your money manager:

• Claims to be today’s Nostradamus;
• Names his company, Magic Eight Ball Distributing;
• Runs a website with wellness products like “Holy Tea.”

According to the SEC and The New York Times, “America’s Prophet” may be “America’s Fraud.” You can find a copy of the lawsuit against Sean Morton by clicking his name. He’s the Svengali in question. What I don’t get is how a money manager can raise $6 million from 100 investors with nothing but a smile and a cloudy crystal ball.

Norb Vonnegut

About the author

Norb Vonnegut wrote 178 articles on this blog.

Do you ever feel the financial news makes no sense? Do stories leave you with more questions than answers? I created Acrimoney to discuss Wall Street’s behavior behind the headlines. As a veteran of a wealth management business that exceeded $1 billion in assets, I offer insight into the people and the “doings” that affect your money. I’ll start the discussion. But I hope you’ll jump in and say what you think.

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