Trio accused of making wild profit claims

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COLUMBIA --- Three South Carolina men accused of bilking investors out of millions made anyone with ties to law enforcement or attorneys leave their seminars and threatened investors with $1 million in fines if they told anyone about the massive returns they were making, a former bookkeeper testified Tuesday.

"If you are affiliated with any legal entities ... would you please leave?" Somera Samuels said one of her bosses, Timothy McQueen, said at their seminars.

The trio called themselves the "3 Hebrew Boys" after the biblical tale of brothers who survived an inferno because of their faith. They are on trial in federal court on nearly 60 charges, including mail fraud and money laundering, and face decades in prison and millions in fines if convicted.

Prosecutors say Mr. McQueen, Joseph Brunson and Tony Pough preyed on debt-plagued investors, luring church members and even soldiers serving overseas to invest more than $80 million with their group. They promised daily returns up to 500 percent.

"These men have no financial training or background, but they claim to have figured out how to make all this money," Assistant U.S. Attorney Winston Holliday said in opening statements in Columbia. "The problem is, none of it turned out to be true."

The men promised to help clients get out of debt, telling clients their money would be invested in foreign currency markets.

Ms. Samuels -- the trio's only employee -- said she never spoke with a foreign currency trader.

Prosecutors say the men kept millions, spending it on a Gulfstream jet, vacation home, limousines, and luxury boxes at professional sports arenas.

Defense attorneys argued that their clients didn't defraud anyone, saying they used the money to buy investment properties and pay out more than $30 million to their investors.

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ripjones
2
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ripjones 11/11/09 - 08:54 am
0
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Sounds like these Hebrew Boys

Sounds like these Hebrew Boys will not get out of THIS inferno...

soldout
1280
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soldout 11/11/09 - 10:02 am
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If you want real honest ways

If you want real honest ways to make money use market timing. Timertrac.com is a company that tracks market timers and shows you what they really make. Plus there are other timing methods that make money pretty much year after year. There are other more conservative approaches that haven't had a losing year in ten like the mutual fund TGMNX. For 401Ks people can use the 70 day moving average to avoid missing big runs up and bad runs down. You will get some whipsaws but won't miss the big runs. There are some good honest approaches that do sound too good to be true but they are true and you can time the market. If you are in the government 401K program check out peacefullgains.com as it is designed just for you and it is free. Just like in health the good stuff is inexpensive and not complex.

corgimom
32500
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corgimom 11/11/09 - 01:01 pm
0
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This is a scam. There isn't,

This is a scam. There isn't, and there never HAS been, any timing methods that make money year after year. And soldout, you need to investigate what a sudden dollar devaluation will do to the stock market, because that's what some economists are predicting. Timertrac.com is part of the scam. If somebody could make money year after year buying and selling stocks, they wouldn't have to keep track of anyone else- why would they care-and they wouldn't feel the need to peddle subscriptions for $500 per year on Websites. They would be making millions and wouldn't need to waste their time on junk like that. And while you're at it, soldout, you need to investigate statistics and chance and the law of large numbers. Your lack of knowledge on these things is stunning. What happened in the last ten years has nothing to do what happens in the next 10 years. You don't worry about what they DID, you worry about what they WILL DO.

corgimom
32500
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corgimom 11/11/09 - 01:05 pm
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Soldout, if you base your

Soldout, if you base your investments on what a fund HAS DONE, you will lose money. The price of a stock is the present value of its FUTURE earnings.

ChipSuhoi
0
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ChipSuhoi 11/11/09 - 01:10 pm
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More shameless commercial

More shameless commercial sites from soldout. Enough already!

corgimom
32500
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corgimom 11/11/09 - 01:21 pm
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Read the disclamers from

Read the disclamers from Peacefulgains.com. They tell you, flat out, that they aren't responsible for anything they post; that everything is hypothetical; that they are not registered with the SEC; that people should be skeptical of all claims; they do everything but post a BIG NEON SIGN that says it's a scam. Then I found this on their site- "Ever since our TSP newsletter was launched on October 15, 2008, our returns have been verified by a third party service called TimerTrac. Click on the badge below to see our verified returns. Note that TimerTrac typically updates return data about once a month." IT'S ALL PART OF THE SCAM AND I BELIEVE MORE AND MORE THAT SOLDOUT IS PART OF IT.

corgimom
32500
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corgimom 11/11/09 - 01:31 pm
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Alex Strashny NVS-421 U.S.

Alex Strashny
NVS-421
U.S. DOT
1200 New Jersey Avenue, S.E.
Washington, D.C. 20590
Why is this "Brilliant" mathemetician working for the government as a statistician for the DOT, if he has the secret to making money in the stock market? If he knows so much, why did he and his bride have to post a wish list for a CROCKPOT on their wedding registry? A CROCKPOT. "The Federal Government employs Statisticians at GS-5 level ($1,664 -2,164
per month) to GS-15 level ($6,044 - $7,857 per month) for a Senior Statistician or Mathematical Statistician with supervisory responsibilities." Um, maybe he's working as a drone because he can't get a job anywhere else and he needs to pay back student loans? Why isn't he on Wall Street if he's so brilliant, working for an reputable investment firm?

Boogaloo
1
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Boogaloo 11/11/09 - 04:38 pm
0
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Well, at least we know what

Well, at least we know what soldout is selling other than religon.

soldout
1280
Points
soldout 11/11/09 - 05:11 pm
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corgimom; back-tests is all

corgimom; back-tests is all anyone could show as forward tests are impossible. Nothing I talk about is a scam. Just simple winter/summer timing allowed me to retire at 51. I tell people what is out there and they can decide if it is a scam. I have no connection to any of them. I have been telling people what is out there for many years and it has helped many people. Timing is hard but can be done and it is not perfect. Mutual fund managers do it every day. I helped someone become a millionaire a few years ago and I recieved nothing from that effort. I am here to bless people. There are plenty of scams out there and I look at lots of them. Timing can never be a scam as it is always someone's best effort to predict the future. Nothing is more fun than blessing people and nothing satisfies like ministry. Corgimom may you be blessed in all you do.

corgimom
32500
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corgimom 11/11/09 - 07:46 pm
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This is total bullcrap, and

This is total bullcrap, and you don't fool me or anybody else. And I don't need to ask people to buy me a crockpot, either.

soldout
1280
Points
soldout 11/11/09 - 11:10 pm
0
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I just like to share good

I just like to share good things that God has for us. There are some great people out there doing some great things to help all of us. Once people realize how much God loves us and is working all things together for our good everything in our lives change. Joy and peace are priceless.

lawyerdude
29
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lawyerdude 11/12/09 - 09:20 am
0
0
Shakespeare said to create

Shakespeare said to create anarchy, first kill all the lawyers. These crooks knew that to be true. Run out anyone with any training to recognize these frauds, and those remaining are all victims.

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