Thursday, July 21, 2011

Blue Horseshoe loves Kenneth Alfred Moraif

I take back what I said about the SEC not listening.  Kenneth Alfred Moraif (yes, the Ken Moraif of Money Matters with Ken Moraif on the radio) resigned from Cambridge Investment Research, Inc. because the firm received a deficiency letter from the regulators that outlined Mr. Moraif's statements and advertising that were inconsistent with both FINRA and SEC rules and regulations.  What frequently happens in situations like this is the firm allows the individual to resign voluntarily before they have to terminate them.  That may or may not be the case with Moraif.

It's about time!  You can visit the SEC or FINRA website and enter his name if  you'd like to read the report.  There is also some ugliness in there about a client alleging that he changed some answers on the client's risk tolerance on an application. 

Baking cookies just for you!
This, in addition to the overall cheesiness of his show and advertising material should be a good reason to avoid this guy and  his firm.  Add to that the fact the he fancies himself an expert market timer and almost anyone with any real knowledge of capital market behavior would tell you to run from him. 

Sorry about that, Kenny Boy!  Hey, at least you still have that brilliant white smile in your pictures and those cookies ("...we will have our now WORLD FAMOUS oatmeal raisin and chocolate chunk (YES, CHUNK!!) cookies waiting for you.  We bake them fresh right before the seminar so get there early and they will still be warm, right out of the oven.  They will melt in your mouth and the cookie smell will envelop you and take you to cookie heaven!") to use to lure people to your seminars. 

I wonder if the SEC would consider that to be false and misleading.  Has anyone really gone to cookie heaven, Ken?  Or, is that sort of a mythical place like the hall of fame for market timers?
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4 comments:

  1. BellaJuly 21, 2011 at 6:54 PM

    Wow. A perfect example of how spending a lot of money on marketing is more important than delivering good advice to some people in the financial industry.

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  2. JBJuly 25, 2011 at 11:37 AM

    I get sick whenever I hear his misleading ads. I got one of his marketing pieces in the mail this weekend and can't believe a guy like him is managing anyone's money! I wouldn't become one of his clients if he gave me a cookie factory. I'm glad to see that the truth is finally catching up to him.

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  3. JimmyDOctober 19, 2015 at 12:20 PM

    Moraif instructed his clients to get out of the market AGAIN sometime on August 21st. Not sure what time. That is critical. If it wasn't until the end of trading or near the end and it took his clients a couple of hours to receive his alert then they got in at or near the BOTTOM of this recent market drop. Now they've found themselves missing out on 6% in gains! We'll see how it plays out. As far as I know he hasn't told his clients to get back in yet. This could turn into a bloodbath if the market decides to shoot up even more.

    ReplyDelete
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