MANHATTAN (CN) - A psychic fraudulently raised $6 million by telling investors he could predict the stock market, the Securities and Exchange Commission claims in Federal Court. Sean David Morton, who calls himself "America's Prophet," claimed he has been accurately predicting the stock market's acitvity for the past 14 years.
Officials say Morton used his newsletter, Web site, appearances on a syndicated radio show and appearances at public events to promote his alleged psychic abilities.
"Morton's self-proclaimed psychic powers were nothing more than a scam to attract investors and steal their money," said George Canellos, director of the SEC's New York office.
The SEC says Morton raised more than $6 million from more than 100 investors for his Delphi Associates Investment Group, and invested about half of the funds with foreign currency trading firms.
Instead of investing the money into foreign currency trading firms as promised, Morton or his wife diverted some of it, including at least $240,000 to their own nonprofit religious organization, Prophecy Research Institute, the SEC says.
Charges also were filed against three companies Morton owns with his wife under the umbrella of the Delphi Associates Investment Group.
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