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Teach Me To Trade

The Securities and Exchange Commission has charged Linda Woolf and David Gengler, former speakers for “Teach Me to Trade” (“TMTT”)–a division of publicly traded Whitney Information Network, Inc.–with securities fraud.  According to the Commission, Woolf and Gengler operated through companies called Hands On Capital, Inc., and Lashaico, Inc.
The Commission claims that Woolf and Gengler appeared as [...]

The Securities and Exchange Commission has charged Linda Woolf and David Gengler, former speakers for “Teach Me to Trade” (“TMTT”)–a division of publicly traded Whitney Information Network, Inc.–with securities fraud.  According to the Commission, Woolf and Gengler operated through companies called Hands On Capital, Inc., and Lashaico, Inc.

The Commission claims that Woolf and Gengler appeared as “satisfied TMTT customers” in television commercials and at workshops, claiming that they had made enormous profits after buying TMTT’s personal mentoring and software products and attending TMTT classes. The SEC’s complaint states that neither Woolf nor Gengler made money from trading, but instead made money from selling TMTT’s products to investors at prices ranging from $11,000 to $40,000.  According to the SEC’s litigation release:

Woolf targeted retirees, among others. Gengler urged investors to liquidate their retirement accounts to follow TMTT strategies. Through false stories of their own success and false claims of a 96.5% success rate for TMTT students who purchased personal mentoring, courses and software, Woolf and Gengler convinced investors that they too would make money in the stock market if they followed TMTT’s trading strategies that emphasized options trading and short-term swing trading.

The complaint alleges that Woolf reaped approximately $4 million from selling TMTT packages, and Gengler made approximately $2.25 million.

Please remember that if these classes that promise to teach you how to make millions in the stock market, in futures trading, in real estate investment, or any other investment, were effective, the people promoting them would be using their knowledge to make millions rather than teaching you for a few thousand dollars.  If you are seriously considering paying one of these people to teach you, please first get a former SEC Enforcement Branch Chief to give you an opinion on whether the program is legitimate.

 

20 Responses to “Teach Me To Trade”

  1. Melissa says:

    Can you tell me the status on this?

  2. Investor's Watchblog says:

    Hi, Melissa: The SEC’s case has been put on hold at the request of the U.S. Department of Justice which has charged the defendants with criminal violations. The criminal trial is set to begin on March 24, 2009. Thanks for the post, and please keep visiting. Pat

  3. Rob says:

    Woolf and Gengler were found guilty of many of the charges and sentencing was scheduled for July 31st. I have seen no news on the sentencing.

  4. Donna says:

    What happened at sentencing? This is now March 2010 and I can’t find anything on the internet about it.

  5. IW Dog says:

    Hi, Donna:

    I checked the Court docket. The jury returned guilty verdicts on May 7, 2009, but the Judge threw the verdicts out and entered judgments of acquittal on October 23, 2009. The prosecutors have appealed to the U.S. Court of Appeals for the 4th Circuit. The parties are preparing their appellate briefs. A pre-sentencing investigative report (not available to public) was filed on December 2, 2009, but it will, of course, be moot unless the Court of Appeals reinstates the guilty verdicts.

    I will check the docket periodically and post any updates, but the appeal will take many months to play out.

    Peace,

    Pat

  6. I recive a letter about a settlement on Teach Ne To Trade and ask me to sind my ID nember that thay sent me.

  7. Will you email me to let me know about case no 09-81470-CIVMARRA/ JOHNSON

  8. Dave says:

    What is the status of the legal action and settlement?

  9. Lewis Lane says:

    What is the status of legal acton and settlement.

  10. IW Dog says:

    All:

    Checking the court dockets, I see that the government dismissed its appeal of the orders of acquittal against these defendants. I see no current actions pending against these individuals in Virginia, where the initial charges were filed. If anyone knows of another case against them, please post a comment and fill us in. A federal judge in Virginia entered orders of acquittal, and the government abandoned its appeal. It looks like a win for the defendants.

    Peace,

    Pat

    P.S. Jacqueline, I don’t see a case with that file number with those named defendants. Is that a state court action? If you’ll give me the full name of the defendants, I can check further. You can search all federal court dockets at http://www.pacer.gov.

  11. Arnitra Oates says:

    Hello,
    I am emailing to register my case number for the lawsuit. My number is 1-1290-10593. Thank you for the information.
    Arnitra Oates

  12. John says:

    TMTT is a rip off, I never recieved all the classes i paid for and what they did teach was not benificial like they claimed.

  13. John says:

    1-3451-5368 is the claim # I recieved, I am all for bringing them to justice. TMTT is a rip off

  14. IW Dog says:

    To Everyone:

    We’ve gotten a few calls here at Investor’s Watchdog about a purported settlement of a class action case involving Teach Me To Trade. Apparently the web address given brings many people to our site. Investor’s Watchdog is not involved in the case or its settlement. From what I can gather, the correct address is http://www.tmttsettlement.com/. If you are trying to register a claim number, please visit that site, as we cannot help you with that here.

    Peace,

    Pat

  15. sumpsi mus says:

    I just received my notice and knew nothing about the lawsuit. I’m a little concerned about registering personal information at the settlement website. The letter didn’t come from a court; it came from D.F. King, Inc. and I can’t find any reviews on them, just fluff on the internet and their own website. It’s not a lawfirm, it’s an investment firm. They’re not just TMTT in disguise, are they? What can you tell me? Is it safe to register? It’s legitimate?

  16. IW Dog says:

    Sumpsi mus:

    Is there a reference to the name of the lawsuit, the court, and the case number? If you can send those things along, I can see what I can find out.

    You are wise to be careful. There is a species of scam called the Recovery Scam, which targets those who have a claim against a previous actual or alleged scam. The perpetrators of the recovery scam usually ask first for personal information, and later say that you’ll need to send in payment for attorneys fees, taxes, etc. in order to receive your distribution. If you get word that you have to send money to receive your share of any settlement, the chances are good that it is a recovery scam.

    If what you’ve received does not include any specifics about the lawsuit, I’d be careful. Call whatever contact number they’ve given you and ask for those details if they haven’t provided them already.

    Peace,

    Pat

  17. sumpsi mus says:

    I’ll try to be brief.
    The notice looks very court-like, much verifiable information, but 6+ pages of legal-eze. Here’s how it starts:

    United States District Court
    Southern District of Florida
    West Palm Beach Division

    Case No. 09-81470-CIV-MARRA/JOHNSON

    ERIC SPRINGER and MAURICE J. SEGHERS, JR.
    on behalf of themselves and all others similarly situated,
    Plaintiffs,
    vs.
    TIGRENT INC. (f/k/a WHITNEY INFORMATION NETWORK, INC.), EDUTRADES, INC., WEALTH INTELLIGENCE ACADEMY, INC., LINDA WOOLF, DAVID GENGLER, HANDS ON CAPITAL, INC., and LASHAICO, INC.
    Defendants

    The notice tells me why I’m receiving the notice (I paid either for a TMTT seminar or product and didn’t receive a refund or the product), then it tells me that my personal password is included. I must register with my personal password at the “TMTTsettlement.com” website in order to gain access to online seminars for 90 days, if and when the court makes that access part of the settlement. Don’t discard this notice because I won’t receive any other document with that password.

    No phone numbers are included; there’s nobody to call if I have questions. On Page 5, the notice does tell me about plaintiffs’ lawyers:

    “The law firms of Colling Gilbert Wright & Carter and Fishman Haygood Phelps Walmsley Willis & Swanson, L.L.P., represent you and the other Settlement Class Members.” An address for the latter appears on Page 7, right before the last bit of text that states:

    DO NOT TELEPHONE THE COURT REGARDING THIS NOTICE
    Dated May 11, 2011 BY ORDER OF THE COURT

    I’m suspicious. Do you think this is a recovery scam letter? Do you think I ought to register at the TMTT settlement website? Would you do it?
    Thanks, Pat, for your time to respond.

    Sumpsi

  18. IW Dog says:

    Dear Sumpsi:

    I’ve looked at the Court docket and it checks out. There is, indeed, a class action case under that name and number, and the judge has given approval for a settlement. I do not think this is a recovery scam, but even if it were, you can protect yourself from such a scam by remembering that you’ll never be asked to pay anything to receive your share of a class action settlement. I hope it goes well for you.

    Peace,

    Pat

  19. Tom says:

    I see where the notice of settlement says – If you have not received a full refund on the money spent on such seminar, or service, your rights may be affected by the settlement of a class action.

    Does any one know how to contact TMTT for a full refund?

  20. Dan says:

    Hello,
    I thought I might chime in a little. This is what I know regarding the court case and settlement debate. You only have to give the number from the letter you received and an email address. The settlement is simply 90 day access to three courses, Cash Flow Options; Master Trader; and forex. They are recordings of previous live classes that they gave on line. They are nothing spectacular. My opinion, I think it is harmless to attend the courses since they are provided as part of a settlement.
    Regarding the full refund and affecting one’s rights, this is how I read it. To do anything else other than accept the settlement, you will have to petition the court etcetera and challenge it on your own. Getting a refund is not an option in the settlement. Of course, all that is at one’s own expense and you had to appear in Florida personally.
    I think you will have a long and expensive haul trying to get reimbursement or fighting them.
    Dan

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