Wade Cook Settles Charges

Mormon News for WE 06Oct00: Financial Guru Wade Cook Settles C:

"Cook's companies have been under investigation since 1995. Investigators say that he misled investors, leading them to believe he had used the advice he gives in his seminars to get rich when in fact he gained most of his wealth through the seminars themselves. They also say that the companies manipulated the investment results given to subscribers to their on-line service, making the company's investment results appear better than they actually were.

Investigators estimate that as many as 50,000 people paid $3,000 to $5,000 for Cook's 'Wall Street Workshop' seminars. They estimate that refunds could total as much as $250 million.

Cook is a former cab driver who has recently tried to broaden his activities. An LDS Church member, he recently purchased the LDS book publisher Aspen Books and associated companies. Aspen's distribution company, Origin Books, now distributes Cook's investment books. Since Cook's personal fortune is on the line for the refunds, it is theoretically possible that the refunds could have an effect on the health of his LDS publishing operations. "