Stock Picking Robot Scam Finally Busted

The Stock Picking Robot scam – Doubling Stocks – that I warned about back in December, 2008 has finally been busted by the SEC. In a recently issued Press Releaes, the SEC said:

“Rather than performing the analysis advertised, the software was actually designed to just deliver users a stock pick supplied by the brothers. In soliciting bids in 2007 from free-lance coders to create the software, Alexander Hunter wrote that the software should “not actually find stocks at all. It should connect to my database and simply request any new stocks I have put in.” He bluntly explained that the software “is almost a ‘fake’ piece of software and needs to simply appear advanced to the user.” “

Read the full SEC press release about the Stock Picking Robot scam.

How Money Was Made In The Doubling Stocks – Stock Picking Robot Scam

• Sold $47 subscriptions to the  ”stock-picking” newsletters “Doubling Stocks” and “Day Trading Robot”.
• Sold the fake “stock picking robot” “M.A.R.L.” for $97.
• Charged fees to promote stocks through their separate site EquityStockPromoter.com
• Scalped shares of stocks that they would promote in their newsletters the next day and then sold them quickly after the newsletter promotion caused the stock to rise.

You can read the original warning about Doubling Stocks here that was done with the help of Lynndel Edgington from Eagle Research Associates. You’ll see in that warning that we didn’t have all the details of the Doubling Stocks scam operation at the time.

Affiliates Promoting The Doubling Stocks Scam

Thousands of affiliates promoted the doubling stocks scam, including some really outrageous ones like the following:

When Was DoublingStocks/Day Trading Robot Banned From The ClickBank Marketplace?

If you go through an affiliate link for DoublingStocks today you get the following message:

“This site is no longer in service or has been disabled due to a terms of service violation.”

It’s not clear to me how long the Doubling Stocks/Day Trading Robot scam ran through the ClickBank MarketPlace, but I did find the following:

The ClickBank Vendor ID for Doubling Stocks was affstocks. The most recent Google Cache Date I could find for the affstocks vendor listing in the ClickBank marketplace was 3/22/2012 as you can see in the image below:

I also found the following forum conversation that took place on January 2012 (I removed the usernames as it appears the second person was just answering a question – however, you can easily find the full conversation with a simple Google search).

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