TINA.org investigated Stansberry & Associates, a subsidiary of Agora (aka Monument & Cathedral Holdings), and found that it was using deceptive testimonials to sell its investment newsletters.
(TINA.org later investigated several other Agora companies. To read about that investigation, click here.)
- Sent warning letter to Stansberry & Associates
- Stansberry & Associates removed deceptive testimonials from publication
How We Took Action
TINA.org receives an update from Stansberry & Associates, both over the phone and in writing, indicating that the company complied with TINA.org’s requests and will incorporate the changes and other improvements into its future promotions and testimonials.
TINA.org responds to Stansberry & Associates’ legal counsel by, among other things, providing a list of the laws by which the company is bound.
Later, Stansberry & Associates completes the removal of the hundreds of problematic testimonials from its website and marketing materials, and changes the disclaimer on the site to include a warning that investing money involves risk.
Stansberry & Associates requests, and TINA.org provides, a list of all the testimonials and webpages at issue. TINA.org also receives a letter from Porter Stansberry stating, among other things, that “it appears we may have made a few mistakes in the marketing materials on our websites,” and that he greatly appreciates TINA.org bringing this matter to his attention and providing him the opportunity to improve his business. TINA.org also receives a letter from the company’s legal counsel stating, among other things, that the company will “be making some changes to [its] marketing.”
Letter to M. Arnold
Pages from TINA.org’s List of Problematic Testimonials used to Promote Stansberry Associates
Letter from Porter Stansberry
Letter from Nicole Fisher
TINA.org sends a warning letter to Frank Porter Stansberry, the founder of Stansberry & Associates Investment Research, LLC, alerting him to the issues uncovered by TINA.org’s investigation and requesting that the company remove from its website and promotional materials all deceptive testimonials, as well as clearly disclose on its website the risks associated with investing money. TINA.org requests action by March 18, 2014 with the plan of filing complaints with the SEC, FTC, and Maryland Attorney General if the deadline is not met.
TINA.org Probe Prompts Financial Publisher to Change Marketing
Investigation finds Stansberry used deceptive tactics in testimonials.
How This Company—and Mike Huckabee—Cashed In by Scaring Conservatives“
Tim Murphy, Mother Jones
Mike Huckabee Sold Out His Fans To A Quack Doctor, Conspiracy Theorists, And Financial Fraudsters
Eric Hananoki, Media Matters