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By Kent Larsen
Mormon Investment Guru Wins Appeal
SEATTLE, WASHINGTON -- Mormon investment guru Wade Cook had a
$655,900 jury award reinstated November 16th. The 1998 jury award
came in a case where Cook claimed motivational speaker Tony Robbins
had stolen two phrases from Cook's 1995 best selling "Wall Street
Money Machine." A U.S district judge had thrown out the original
award, claiming that the evidence "compelled a conclusion contrary to
the jury's award."
The victory comes at a favorable time for Cook, who recently settled
Federal Trade Commission charges that it misrepresented the success
of Cook's techniques. The company's 3rd quarter financial statements,
released at the same time the jury award was announced, show that
Cook's company can use the boost. The results for the 3rd quarter
show a decline in sales by more than 30%, but the company actually
reported net income for the quarter, as opposed to a loss for the
same quarter last year.
Cook is a former cabdriver who pitches a strategy of rapidly buying
and selling stocks. He claimed that Robbins used the terms "meter
drop" and "rolling stocks" in manuals distributed at Robbins'
Financial Power seminars. Cook also owns LDS book publisher Aspen
Publishing and its distribution arm, Origin Books.
Sources:
Wade Cook's victory against Tony Robbins is reinstated
Seattle WA Times 17Nov00 B2
and
Wade Cook Financial Corporation Reports 3rd Quarter Statements
Excite News (Business Wire) 17Nov00 B2
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