The judge ordered that Porter and his company "...shall be, and hereby are, enjoined from any and all future violations of Section 10(b) of the Securities and Exchange Act of 1934, 15 U.S.C. § 78j(b), and Rule 10b-5 thereunder, 17 C.F.R. § 240.10b-5"; and "...shall pay the Clerk of the Court the sum of $1,312,620 together with judgment interest thereon." And: "Defendant Frank Porter Stansberry shall pay a civil penalty in the amount of $120,000 pursuant to 15 U.S.C. § 78u(d)(3)(B)(iii)."
The judge described Porter's work as (quoting from the judge's decision) "a fraud scheme whereby victims were induced to pay $1,000 each for a 'sure thing' stock tip allegedly based upon 'inside information"....”
The judge also noted that "...Stansberry’s conduct undoubtedly involved deliberate fraud, making statements that he knew to be false." And: "the Court does not find that Stansberry recognizes his factual culpability and, indeed, finds that he testified falsely at trial."
So the guy was actually found guilty. There you go, real evidence to support a claim although this is peanuts relative to most of the so called scam artists.
Does this fraud that there is evidence of here then commit the rest of a "body of work" to the same judgement? I mean the guy is still "in business".