11/17/97 IS WADE COOK'S RECIPE KOSHER?:
"The popularity of Cook's seminars has certainly boosted its company coffers this year. In 1996, the company offered 120 of its seminars in 42 cities across the U.S. In the first half of 1997 there were 103 seminars in 43 cities. Revenues at Profit Financial have climbed from $14 million in the first six months of 1996 to $46.6 million for the same time period in 1997. Net income has jumped from $2 million to $6.2 million. Cook, who owns 60% of the outstanding shares, has seen his stake jump 1,250% this year, to some $130 million.
Not bad for a former taxi driver who declared personal bankruptcy in 1987 in Arizona. Nor for someone who in 1989 was charged with securities violations by the Arizona Corporation Commission. In 1990, that was followed with a number of criminal counts by the Arizona Attorney General's office for, among other things, selling unregistered shares of a company he controlled. Most criminal charges were eventually dismissed on double-jeopardy grounds. But this past summer, Cook did settle on two criminal counts that required him to make restitution of $70,500 to investors. ''I have never done anything illegal,'' says Cook of the charges."