Stephen Pierce has an Excellent Reputation on the Internet [ROFLMAO]
In the lawsuit filed by Stephen Pierce’s lawyers they state the following:
Plaintiffs, have, until the actions of Defendants, had an excellent reputation in the field of internet business marketing. Plaintiffs conduct a large amount of their business on the internet, and therefore their reputation on the internet is critical to their business..
The Internet disagrees with this statement (Material again taken from stephenpiercescam.net).
Stephen Pierce Internet Income (Previous Convictions)
You can find information here about Stephen Pierce previous conviction for Internet Fraud or you can read it below.
Release: 4739-03 (CFTC Docket No. 02-15)
For Release: January 21, 2003
MICHIGAN RESIDENT STEPHEN PIERCE SETTLES CFTC ACTION CHARGING INTERNET FRAUD VIOLATIONS
CFTC Order Requires Stephen Pierce To Pay A Civil Monetary Penalty and Comply with Undertakings
WASHINGTON, D.C. – The U.S. Commodity Futures Trading Commission (CFTC) announced today the issuance of an order settling an administrative proceeding against Stephen Pierce of Ann Arbor, Michigan.
The CFTC order, entered on January 21, 2003, finds that, from approximately March 2000 through July 2002, Stephen Pierce, a registered commodity trading advisor (CTA), sold subscriptions to his futures trading recommendation services through various internet websites.
The order finds that Stephen Pierce touted his trading record and failed to disclose that it was based on hypothetical or simulated trading and not actual performance. Further, the websites overstated the profit potential for Pierce’s trading recommendation services and understated the risk of loss. Finally, as a registered CTA who acted as such, Stephen Pierce was required to keep certain books and records, including client or subscriber information. The CFTC order finds that he failed to keep such records. The CFTC order arises out of an administrative complaint filed against Pierce on July 30, 2002 (see CFTC News Release 4683, July 30, 2002).
Without admitting or denying the findings in the CFTC order, Stephen Pierce consented to the entry of the order finding that he violated anti-fraud provisions of the Commodity Exchange Act, CFTC regulations requiring prescribed cautionary language when presenting simulated or hypothetical trading results, and CFTC recordkeeping requirements.
Specifically, the CFTC order:
• Finds that Stephen Pierce violated the Commodity Exchange Act and the CFTC regulations as charged in the complaint;
• Directs him to cease and desist from such further violations;
• Imposes a civil monetary penalty of $25,000; and
• Directs him to comply with specified undertakings regarding representations made on his internet websites.
The following Division of Enforcement staff are responsible for the case: Rosemary Hollinger, Scott R. Williamson, Robert J. Greenwald, Mark H. Bretscher, and Joy H. McCormack. A copy of the CFTC order can be found at www.cftc.gov.
Media Enforcement Contact:
Chicago Regional Counsel
CFTC Division of Enforcement