Wade Cook is known for
conducting his real estate seminars. However later he was shifted to seminars
on stock market. He often persuades people in buying products that are not
needed and later they only repent the decision taken. The first day of his
seminars is full of information but the second day his main target is to get at
the customers and make them buy his products. Wade Cook’s programs are
all nothing but hyped-up programs with the main aim of meeting with the
potential customers.
Wade Cook sold the product
Cook U through his seminars. He also cheated his employees by making regular
changes to their commission schedule. Wade Cook made out-of-ordinary
promises during his seminars that often tempted audiences to go for his
products and try their luck. His book Business by the Bible is also a
conglomeration of fluffy information. He has trifled importance of the God and
has been punished for that.
Any broker whose
real intention is to make money for clients never asks for money. Wade Cook
himself gets so much busy with the buying, selling, and keeping track with the
latest news that he would not have spared time to call repeatedly for money.
Brokers like Warren Buffet never have the time for it.
After,
Wade Cook Financial Corp failed to prove their testimony, the US
Bankruptcy Judge Thomas Glover liquidated it. The creditors forced the company
into bankruptcy alleging that they were not paid salaries and their insurance was
cut when the company was earning premium.
In October
2000, the company settled the claim of misrepresenting the stock success to get
more investors to him. The company opened the fact that during 2000 it lost 89
percent of value while in 2001 it was 60 percent.
Wade
Cook has a shady past in stock trading and is charged with providing
unreliable information. It is not worth to consult him and his book for an
advice.
