“Teach Me To Trade” Instructors Indicted in a Multi-Million Dollar Stock Trading Seminar Scheme

People from all walks of life attended seminars nationwide to learn how to better invest their money. They attended “Teach Me To Trade” seminars – controlled by the Whitney Information Network, Inc. a nationwide seminar company. See their web site here.

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Seems that Linda Woolf, age 48, and David Gengler, age 34, both of Utah, were indicted on federal grand jury charges of wire fraud and conspiring to commit wire and mail fraud. In addition, the SEC also announced the filing of civil fraud charges against Woolf and Gengler.

According to the news release from the US Attorney’s office: Woolf and Gengler falsely represented themselves to be highly successful stock traders in order to sell “advanced” seminar courses costing from $3,000 to more than $40,000. Many of the attendees were senior citizens, who were encouraged by the Woolf and Gengler to take out large lines of credit and to show their retirement and investment portfolios to the seminar sales staff (known as “Success Coaches”), ostensibly to receive investment advice, but really to allow the staff to identify how much money an individual had available.

Woolf and Gengler worked for “Teach Me To Trade,” a brand name controlled by the Whitney Information Network, Inc., a nationwide seminar company that frequently targeted Northern Virginia.

While this might be one of the first indictments against “Teach Me To Trade” instructors, it is not the first time this organization has been accused of unethical business practices. Just searching for “Teach Me To Trade” – other than their nicely done website – turns up a more bad press than good. Here are some examples:

Trading is not as easy as they would make you believe and most people will loose their money. This company takes advantage of the most financially vulnerable and should be stopped. Denise – Glenview, Illinois – full article here.

My major complaint about TMTT is that they prey on the innocent. A bonafide organization would have advised us that this was beyond our means. Henk Belfast, New York – full article here.

I recently went to the free seminar in Arizona just to see how much trading information could be tought in a 2 hour class. What a joke that was! It was 2 hours of trying to be scammed into paying $200 for a 3 day workshop. After listening to basically a salesman in a cheap suit talk about the money you could make with their product I realized how much information he was leaving out on every chart he showed. It was just enough to get your attention but also confuse the hell out of you to make you feel stupid. Then he would explain how with more classes all of this would become clear and easy to understand. Its a scamming sales pitch…take my advice and save your money. Chad – Arizona – full report found here.

According to an article in Business Week, “Woolf and Gengler worked as independent contractors, according to the indictment, and received sales commissions of 10 percent to 15 percent from Teach Me to Trade, which is a part of the Whitney Information Network, a publicly traded company based in Cape Coral, Fla.

Whitney itself is not charged, though the indictment says Woolf and Gengler relied on the company’s “fradulent marketing efforts” to entice the public to their seminars.”

Criminal indictments are only charges and not evidence of guilt. Defendants are presumed to be innocent until and unless proven guilty. That said, every choice has a consequence. My guess – and it is only an educated guess – is that this is the beginning of the crumble of this organization. I suspect that “Teach Me To Trade” will try to distance themselves from those indicted, but with all the buzz out there on this organization, I would suspect that there will be more to come.

Today, I speak to groups nationwide about Choices and Consequences. Do your employees make the best choices for your company—or for themselves? Are you ready for some straight talk about success, choices, and ethics from a business executive who lost it all…and gained more than he could ever imagine?

In an unusually vulnerable style, Chuck Gallagher explores the decisions we make through the veil of honesty, integrity, and ethics. Your audience will be touched by his personal stories and poignant lessons.

For information about my presentations, visit my website – www.chuckgallagher.com

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8 Responses to “Teach Me To Trade” Instructors Indicted in a Multi-Million Dollar Stock Trading Seminar Scheme

  1. linds says:

    Chuck,

    I am a relative of Linda and have always thought that something just didn’t seem right. I have seen greed consume her and her family. We haven’t been able to quite understand how her 21 year old uneducated son can work for that company and purchase a 1.5 million dollar home. I thought your comments were right on and I think there is a lot more to come.

    • Drew says:

      If you really are a relative of Linda, you should be a shame of yourself. Because you sounds very jerouis and none of linda sons are uneducated

  2. Sue says:

    WHAT is the latest on this case?

  3. Parish Pat says:

    I used the service and learned a whole lot about trading. With their education, they merely provided an opportunity to take investing into one’s own hands. I took the advanced trading class and walked away well satisfied. I not sure what people are complaining about. They showed people how to technical trade as compared to fundamentally trading. They explained the type of trading they subscribed to and why. They even recommended free and easy ways for people to paper trade until they felt comfortable making real trades and were able to control their losses.

  4. Learned Alot says:

    I took the 3 day course in Sep 2006 and it was well worth the $399.00 I paid. I took the class for “basic knowledge” of trading and had no interest in paying thousands of dollars for advance courses. Over the last 4 years I have taught myself in additon to the TMTT 3 day course how to trade successfully by watching the market and learning traders behavior. These trainers were only providing a service for a cost so I don’t know why the SEC is involved. If these instructors are indicted, then the overrated colleges in this country should also be indicted because from both of these services provided the end result could be the same. People made a choice to pay their money to have a service provided.

  5. Drew says:

    If you are going to post things on your website why do you not post the true? Linda and Dave case was threw out of federal court under the Article (29) which means the case had no business ever going to court because they did nothing wrong. It funny how people like yourself love to post negative things. Why have you not posted the true about David and Linda?

  6. JB Wilson says:

    Hey does anyone have the teach Me to trade course manual. I took the course in Hawaii to get a basic understanding of stock trading and was very satisfied with what I learned in the 3 day seminar. Yes there were advanced courses being offered which I declined, but like they taught, you must weigh the risk to reward factor. I received a very good education on stock market trading that was well worth the cost of the seminar.

  7. Go fuckyourself says:

    I took the class and learned a lot but I Knew right away that it was a rip off since they charged $2,000.00 for a cd called tradeseeker . People were stupid enough to buy it . I downloaded it for free from tmtt own website that same day. I think they even had some undercover people that acted like customers acting excited.

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