5 ms·
Oh, that's nice. I was following this case [1] for some time. Raging bull is a stock picker letter subscription service. Their books were laid open in the cour
by tommiegannert 5y ago
Oh, that's nice. I was following this case [1] for some time. Raging bull is a stock picker letter subscription service.
Their books were laid open in the court case. IIRC they were easily raking in $10M in 2020. The $2.4M isn't more than a tax.
The most striking thing in this whole case is Jason Bond's early testimony (I think it was Jan-Feb 2020) that he didn't go into the business to trade stocks, but to make money teaching others to trade stocks. After seing Tim Sykes (IIRC) make huge profits from subscriptions. There's some evidence that he's a net loser in trading, presented by a forensic accountant.
On top of that, there are some heart-breaking testimonies from customers about "they made it sound so simple, and when I lost money, I bought in to the next level subscription."
There was a receivership and order to halt operations a year ago, but it only lasted a couple of months. I was very disappointed the FTC couldn't find more to shut this operation down. It doesn't seem like a business the world would miss.
[1] https://www.courtlistener.com/docket/18719211/federal-trade-commission-v-ragingbullcom-llc/ https://www.courtlistener.com/docket/18719211/federal-trade-...
- hackernewds 5y agoWondering when this comeuppance arrives for Motley Fool, and their ambitious claims and mathemagical claims of returns on their clickbait ads