Agora (Monument & Cathedral Holdings)

Stansberry investigated Stansberry & Associates, a subsidiary of Agora (aka Monument & Cathedral Holdings), and found that it was using deceptive testimonials to sell its investment newsletters.

( 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

March 19 receives an update from Stansberry & Associates, both over the phone and in writing, indicating that the company complied with’s requests and will incorporate the changes and other improvements into its future promotions and testimonials. responds.

March 18 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.

March 17

Stansberry & Associates requests, and provides, a list of all the testimonials and webpages at issue. 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 bringing this matter to his attention and providing him the opportunity to improve his business. 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.”

March 11 sends a warning letter to Frank Porter Stansberry, the founder of Stansberry & Associates Investment Research, LLC, alerting him to the issues uncovered by’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. 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.


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