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.