Radio figure accused of fraud
Federal authorities have filed a civil lawsuit accusing Hermosan Sean David Morton, well known for frequent radio-show appearances, of fraudulently raising $6 million after telling investors he could use psychic powers to predict the highs and lows of the stock market.
“Morton’s self-proclaimed psychic powers were nothing more than a scam to attract investors and steal their money,” said George S. Canellos, director of the New York office of the Securities and Exchange Commission, which filed the lawsuit.
Attempts to reach Morton for comment, by email and with a note delivered to the home identified as his by neighbors, were unsuccessful.
SEC officials said Morton used his monthly newsletter, web site, and appearances on a nationally syndicated radio show and at public events to promote his psychic abilities, and made false representations about the abilities to solicit investors for the Delphi Investment Group.
According to the lawsuit, Morton fraudulently raised more than $6 million from more than 100 investors, and at least $240,000 was diverted to a nonprofit religious organization. The lawsuit seeks a return of money and further financial penalties. ER
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