Wade Cook

Wade Cook once gave real estate seminars but later shifted into stock market seminars when real estate dried up for him. He gained notoriety doing paid radio shows where he marketed investment seminars.

He made the claim that you could learn to double your money every 2.5 to 4 months. A claim which is stated on wikipedia that the government forced him to stop making.

In 2002, Wade Cook's company, Wade Cook Financial Corporation filed for bankruptcy. Since then he has been using the Internet as his main area of marketing. In 1989, the Arizona Corporation Commission charged him with securities violations. In 1990, he was charged with "selling unregistered shares of a company he controlled", among other things.

In 2005 he was charged with tax evasion and in 2007 he was found guilty. Apparently, he and his wife Laura was running a fraudulent charity that was supposed to be helping the Mormon church, but instead they were redirecting the funds for their own purposes. He was sentenced to 88 months in prison.

His seminars such as the Wall Street Workshop were designed to get you to purchase a Cook University Course that cost approximately $10,000.00. A reliable insider said "After working with Wade for almost one year I got sick to my stomach listening to him lie to people. I watched this greedy guy cheat his speakers by not paying them. I watched other employees in his sales department get cheated out of money due to Wade's constantly changing their easy commission schedule. I watched and listened to Wade tell folks that they could get all sorts of outrageous returns if they would just buy his seminar. Gamble, gamble, gamble is what I saw!"

Wades books are ok, but it should be noted that 99% of what are in his book are just reinstated from other peoples books (which he basically copied from). I have read his book Wall Street Money Machine and thought it was well done. I thought his description on option plays were over simplified though, and I would urge you to be very careful with the options game. There are sharks in the option market and they will eat you up if you don't know exactly what you are doing.

It is well known that Wade Cook made more money by selling his courses than he did on his stock market investments. Where he made his money was in selling people to take his workshops. Also, he will not only sell the first seminar to you for around $3000 to $4000, but will get you in his advanced seminar, and his "college", and has suckered people in excess of $20,000 a year for his seminars.

Best to stay completely away from him, even though some of his books were OK. You can get more reliable information from more honest people.

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