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Wade Bruce Cook born October 9, is an American author and self-proclaimed financial guru. Cook claims to have started washington stock trading option 101 success when he was a taxi driver in the s. His first book, Real Estate Washington stock trading option 101 Machinewas originally self-published in He filed for personal bankruptcy in An updated version of his book was published in His company was liquidated in after it had been forced into Chapter 11 bankruptcy by creditors, and he served 88 months in prison for tax evasion.
He still offers trading advice through his website and publications. In the s, Cook was notorious for paid radio programs which he used to market investment seminars. He claimed he could teach people to double their money every 2. The government forced him to recant that claim. Cook is a proponent of rolling stocks stocks that regularly vacillate between "predictable" highs and lows and has been very vocal about stock splits being a good way to make money, claiming that many stocks rose post split since the end of the s bull market, Cook has not been as strong a proponent of this concept.
One of his more famous phrases was meter drop. Cook said that as a cab driver he learned that money was made every time the meter dropped, and that it was better to take many small fares rather than one big one. This translated to Cook's short-term investment strategy of buying and selling many stocks for smaller, quicker profits rather than buying and holding securities for an extended period in the hope that they will increase greatly.
The stock now trades on the pink sheets for around "a penny a share". He has continued writing books and launched a multi-level investment program. Wade Cook is a member of The Church of Jesus Christ of Latter-day Saints and has been known to use references to religion in his writings and presentations.
InCook filed personal bankruptcy. Two companies he controlled, American Business Alliance and Monarch Funding Corporation, also went bankrupt that year. InCook was charged with securities violations by the Arizona Corporation Commission.
The following year, the Arizona Attorney General charged him with several criminal counts, including selling unregistered shares of a company he controlled. InCook won a settlement against self-help guru Anthony Robbins over his claim that Robbins had illegally used concepts particularly the "meter drop" from Cook's book Wall Street Money Machine to create a financial seminar. Robbins agreed that he had read the book and met with Cook, but disputed the illegality of his use of the concepts.
InWCFC, a company which sold seminars on investing and offered subscriptions to a trading bulletin board service called the Wealth Information Network W. Subscribers to Wade's Trades washington stock trading option 101 purchase the same securities that Wade Cook purchased and theoretically, could duplicate his results.
The bulletin board often recommended the securities of obscure corporations or options in which there was a fairly small market. When Wade Cook's students began purchasing these investments, they tended to drive up the price. Initial purchasers could then liquidate their own positions in these investments at a profit, thus proving to Cook's students that he had a talent for picking securities that were poised to go up in value. Unfortunately, the increase in the value of the securities was often short-lived; since the price washington stock trading option 101 be driven back down as students began to sell their positions.
If washington stock trading option 101 of the activity in the recommended securities was due to transactions by bulletin board subscribers, it is reasonable to conclude that at least some of these washington stock trading option 101 recommendations would become self-fulfilling prophesies.
Washington stock trading option 101 October 5,Wade Cook Financial Corporation agreed to a settlement with the Federal Trade Commission washington stock trading option 101 14 state Attorneys General on charges that the corporation misrepresented earnings potential. As a result, WCFC was required to set up redress program for consumers who purchased its products and to alter its advertised earnings claims.
In the FTC brought new charges based on failure to comply with the previous order. InWCFC was forced into Chapter 11 bankruptcy by a group of its washington stock trading option 101, including several employees and independent contractors, who claimed they had not been paid for several months. Bankruptcy Judge Thomas Glover ordered the company liquidated on January 18,for failure to provide testimony creditors had requested.
In December,Wade Cook and his wife Laura were charged with several counts of income tax evasion. He named it after himself. His sentencing was set for June 22, On August 2,Wade was sentenced to 88 months in prison, his wife Laura Cook was sentenced to 18 months in prison. On Washington stock trading option 101 4,Cook was taken into custody at the Federal Detention Center in SeaTac, Washingtonpreceding transfer to a prison where was to serve the remainder of his month sentence. After his release from prison, Wade began selling the same literature he was selling for years before being imprisoned.
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