Wade Cook

What you need to know before you invest any money with Wade Cook.

In 2000, WCFC, a company which sold seminars on investing and offered subscriptions to a trading bulletin board service called the Wealth Information Network (W.I.N.), posted $1.7 million in trading losses.

On October 5, 2000, Wade Cook Financial Corporation agreed to a settlement with the Federal Trade Commission and 14 state Attorneys General on charges that the corporation misrepresented earnings potential. WCFC claimed 20% monthly returns. As a result, WCFC was required to set up a redress program for consumers who purchased its products and to alter its advertised earnings claims.

In 2002 the FTC brought new charges based on failure to comply with the previous order. In 2002, WCFC was forced into Chapter 11 bankruptcy by a group of its creditors, including several employees and independent contractors, who claimed they had not been paid for several months.

In December, 2005, Wade Cook and his wife Laura were charged with several counts of income tax evasion. Both pled not guilty. According to court documents, the Cooks operated a fraudulent charity, ostensibly to benefit the Mormon church, but instead bought show horses, his and her Cadillac's, a 40-acre estate, and the majority share of an oil rig which gave Cook the right to name it. He named it after himself. The trial began on January 17, 2007.

On Aug 3, 2007 the U.S. Federal Court in Seattle, Wade and Laura Cook, were sentenced to 88 months and 18 months. This is a result of charges of not paying taxes on $9,500,00.00.

Laura Cook plead guilty in a plea agreement, she admitted they knowingly filed false tax returns for the years 1998, 1999 and 2000.

Before being sentenced Federal Prosecuting Attorney, Bob Westinghouse, said, "Wade Cook is prepared to blame everyone else other than himself. He refuses to accept responsibility for the fraud he committed."

I don`t know about you but as for myself I don`t think investing any money with Wade Cook and his programs would be a very smart move.

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