NexusFi: Find Your Edge


Home Menu

 





Infomercial king Kevin Trudeau fined $38m


Discussion in Off-Topic

Updated
      Top Posters
    1. looks_one Cloudy with 2 posts (1 thanks)
    2. looks_two kbit with 2 posts (2 thanks)
    3. looks_3 Pedro40 with 1 posts (1 thanks)
    4. looks_4 HeraldBabeRunnin with 1 posts (0 thanks)
      Best Posters
    1. looks_one kbit with 1 thanks per post
    2. looks_two sands with 1 thanks per post
    3. looks_3 Pedro40 with 1 thanks per post
    4. looks_4 Cloudy with 0.5 thanks per post
    1. trending_up 1,445 views
    2. thumb_up 5 thanks given
    3. group 3 followers
    1. forum 4 posts
    2. attach_file 0 attachments




 
Search this Thread

Infomercial king Kevin Trudeau fined $38m

  #1 (permalink)
 
kbit's Avatar
 kbit 
Aurora, Il USA
 
Experience: Advanced
Platform: TradeStation
Trading: futures
Posts: 5,854 since Nov 2010
Thanks Given: 3,295
Thanks Received: 3,364

Infomercial king Kevin Trudeau fined $38m for misleading Americans over 'natural cures' for deadly diseases | Mail Online

I forgot about this guy...no surprise here

Started this thread Reply With Quote

Can you help answer these questions
from other members on NexusFi?
MC PL editor upgrade
MultiCharts
Quant vue
Trading Reviews and Vendors
ZombieSqueeze
Platforms and Indicators
What broker to use for trading palladium futures
Commodities
Cheap historycal L1 data for stocks
Stocks and ETFs
 
  #2 (permalink)
 
kbit's Avatar
 kbit 
Aurora, Il USA
 
Experience: Advanced
Platform: TradeStation
Trading: futures
Posts: 5,854 since Nov 2010
Thanks Given: 3,295
Thanks Received: 3,364

A federal judge on Monday sentenced TV pitchman Kevin Trudeau to 10 years in prison for bilking consumers via infomercials for his best-selling weight loss book.

U.S. District Judge Ronald Guzman blasted the 50-year-old Trudeau, who has a mansion in Oak Brook with belongings yet to be auctioned off, before the sentencing, saying that for decades he “steadfastly attempted to cheat others for his own personal gain.” Guzman called Trudeau “deceitful to the core.”

Minutes before, Trudeau apologized to the court and said he was a changed man. Trudeau has been jailed since November, when jurors convicted him of criminal contempt for defying a 2004 court order barring him from running false ads about the book. Despite the order, Trudeau aired the infomercials at least 32,000 times, according to prosecutors.

Prosecutors had said they could think of no comparable case of someone cheating people so brazenly, and they had said Trudeau deserved a sentence of at least 10 years. Defense attorneys said Trudeau deserved no more than two years.

Trudeau touted his book, “The Weight Loss Cure ‘They’ Don’t Want You to Know About,” in commercials that often employed news-interview formats. He’s sold millions of other books under titles such as “Natural Cures ‘They’ Don’t Want You to Know About” and “Debt Cures ‘They’ Don’t Want You to Know About.”

As legal scrutiny intensified over the years, Trudeau claimed the U.S. government was out to get him, and he accused agencies and other vested interests of conspiring to suppress low cost, common remedies to diseases, including cancer.

His weight-loss book, which once topped best-seller lists, was the focus of the criminal conviction and a related civil case brought by the Federal Trade Commission, in which Trudeau was ordered to pay a $37 million judgment.

Trudeau said he couldn’t pay the civil judgment because he’s broke. But the FTC noted Trudeau spent lavishly in recent years, including $359 on two haircuts. Trudeau claimed not to know where $100,000 in gold bars that he bought had gone.

He sold more than 850,000 copies of the weight book, generating $39 million in revenue, prosecutors say. But his lawyers have argued it can only be said 67 buyers were defrauded because that’s how many complained to consumer protection agencies.

Prosecutors in the criminal case skewered Trudeau in one recent filing, calling him an “uncontrollable huckster” who would likely even endeavor to defraud fellow prisoners while behind bars.

In a response, the defense called that “overblown and unfair.” They also contended the harm to any one person would have been less than the cost of the $30 book, so no one can claim the “defendant’s actions shattered lives.”

TV pitchman Kevin Trudeau gets 10-year sentence - DailyHerald.com

Started this thread Reply With Quote
Thanked by:
  #3 (permalink)
 
sands's Avatar
 sands 
London + UK
 
Experience: Advanced
Platform: Proprietary Analytics
Broker: Multiple broker + Multiple feed
Trading: Currently European and US equities
Posts: 443 since Dec 2013
Thanks Given: 257
Thanks Received: 234


Great salesman in his time, I'm sure when tv infomercials first came to uk I bought some super car wax that he was selling. No big surprise it didn't work. lol actually I'm going to start another thread here. What's the wierdest thing you've bought from an infomercial.

Reply With Quote
Thanked by:
  #4 (permalink)
Pedro40
Pittsburgh, Pennsylvania
 
Posts: 564 since Jan 2013
Thanks Given: 33
Thanks Received: 379

The irony of the case is:

1. The book he was fined for actually does help you to lose weight. It isn't his idea but an Italian doctor's.

2. He went to prison not because of the fine/book claims but because of his arrogance and not paying the fine.

He probably could have paid the fine and kept going on. Or just moved out of US jurisdiction, but he thought he was above the law...

Reply With Quote
Thanked by:
  #5 (permalink)
 Cloudy 
desert CA
 
Experience: Intermediate
Platform: NT7, various
Broker: various, TDA
Trading: NQ,ES
Posts: 2,124 since Jul 2011
Thanks Given: 2,396
Thanks Received: 1,748

He should have gone into trading system/indicator/room/newsletter/multiple courses vendor-ing in his later years.
Maybe not be as in much trouble now had he done so.

Visit my NexusFi Trade Journal Reply With Quote
Thanked by:




Last Updated on March 31, 2014


© 2024 NexusFi™, s.a., All Rights Reserved.
Av Ricardo J. Alfaro, Century Tower, Panama City, Panama, Ph: +507 833-9432 (Panama and Intl), +1 888-312-3001 (USA and Canada)
All information is for educational use only and is not investment advice. There is a substantial risk of loss in trading commodity futures, stocks, options and foreign exchange products. Past performance is not indicative of future results.
About Us - Contact Us - Site Rules, Acceptable Use, and Terms and Conditions - Privacy Policy - Downloads - Top
no new posts