Unreal experience

Ricky Laine Gaspard is a former roofing contractor who set up WallStreet Prophet, a stock-tipping website. The SEC alleges that he made false and misleading claims about the security selection system employed, about his experience and the performance record of past recommendations. Gaspard said that the system had “an 85 per cent success rate” and that some investors had made up to 860 per cent. He has since accepted that this was not the case. He also claimed to have more than 14 years’ trading experience although his personal investment activity was limited , he had never received professional training, he had no licence and had not worked for a securities or investment house. The software on which he based his forecasts could be bought over the Internet. WallStreet Prophet and Gaspard have neither admitted or denied the allegations but have agreed to an order to cease and desist from future breaches of section 10(b) of the Exchange Act and Exchange Act Rule 10b-5.They will also supply a copy of the order to all existing and future WallStreet Prophet subscribers for 12 months from the entry of the order. (In the matter of WallStreet Prophet and Ricky Laine Gaspard.)