Porter Stansberry
| Frank Porter Stansberry | |
|---|---|
| Residence | Baltimore, Maryland |
| Nationality | American |
| Alma mater | University of Florida |
| Occupation | Financial publisher, Founder Stansberry Research |
| Website | Porter Stansberry |
Frank Porter Stansberry is an American financial publisher and author. Stansberry founded Stansberry Research (previously Stansberry & Associates Investment Research,) a private publishing company based in Baltimore, Maryland, in 1999.[1] He is the author of the monthly newsletter, Stansberry's Investment Advisory, which covers investments and investment theory in commodities, real estate, and the stock market. He is also the creator of the 2011 online video and infomercial titled "End of America" (77 min).[2][3] In 2002, the SEC brought a case for securities fraud and a federal judge fined him $1.5 million in 2007.[4]
Career
In 1999 Stansberry founded Stansberry Research, a private publishing company based in Baltimore, Maryland.[5] He is the editor of the internet financial newsletters Porter Stansberry's Investment Advisory and Porter Stansberry’s Put Strategy Report.[5] He also contributes regularly to Daily Wealth and The Growth Stock Wire, other Stansberry Research publications.[6]
Stansberry Research publishes investment research.[5] Agora, Inc., Stansberry Research’s parent company, states that SR has subscribers in more than 100 countries.[7]
He became the first American editor of the Fleet Street Letter, Britain’s longest-running financial newsletter.[5][8] He later opened his own financial advisory.
Stansberry has been interviewed on Yahoo! Finance’s Tech Ticker, Radio America, the Off the Grid podcast, and Alex Jones’s InfoWars radio show.[9][10][11][12][13][14]
Stansberry is a frequent contributor to WorldNet Daily, an American web site that publishes news and associated content from the perspective of U.S. conservatives and the political right.
Porter Stansberry claims to have made a number of successful financial market predictions. In June 2008, Porter claims that he predicted that Fannie Mae and Freddie Mac would go bankrupt in the next 12 months although by that time the issues had already dropped by 70%.[15] By September 2008, both mortgage companies were placed into government conservatorship.[16]
End of America
In 2011, Stansberry published a 77-minute infomercial titled "End of America".[17]
SEC case
In 2003, the U.S. Securities and Exchange Commission brought a case against Stansberry for a "scheme to defraud public investors by disseminating false information in several Internet newsletters."[1][18][18] A federal court, upheld on appeal, found that Stansberry had sent out a newsletter to subscribers predicting one company's stock, USEC Inc., was going to increase by over 100%. Stansberry maintains that his information came from a company executive; the court found that he fabricated the source.[1] The company's stock price did not significantly change even after the insider trading information Stansberry was selling came to fruition.[1] In 2007, he and his investment firm, then called "Pirate Investor", were ordered by a U.S. District Court to pay $1.5 million in restitution and civil penalties. The court rejected Stansberry’s First Amendment defense, saying "Stansberry's conduct undoubtedly involved deliberate fraud, making statements that he knew to be false."[18]
At the time of the trial, many media outlets spoke out in support of Stansberry due to the relevance of the case to First Amendment rights. A group of newspaper publishers urged the Supreme Court[19] to reverse the decision by the Fourth Circuit Court of Appeals that Mr. Stansberry was liable, and signed an Amici Curiae in defense of Stansberry. They claimed that a guilty verdict was "a significant threat to the free dissemination of news about the financial markets and specific investment opportunities" and could lead to a situation that "would be contrary to the spirit of our system of a free and independent press."[20] When the Supreme Court refused to hear the case, a New York Times editorial column noted that "the implications of the S.E.C.’s action are potentially profound: newspapers or Web sites promising their paying readers stock information that later turns out to be untrue suddenly leave themselves open to fraud charges. Any financial commentator who passes on bad information in good faith could be sued."[21]
References
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