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Fox business charles payne1/2/2024 criticized anti-poverty programs because “it gets a little comfortable to be in poverty.”.said men who receive Social Security disability benefits are “modern-day eunuchs.”.attacked poor Americans as “indebted servants” who believe society “owes” them.In addition to regularly botching economic facts, Payne has also launched vitriolic attacks against the poor. In addition, the company agreed to pay a civil penalty of $10,000. consented to the entry of a permanent injunction against violations of Section 17(b) of the Securities Act of 1933. Without admitting or denying the alleged violations, Wall Street Strategies, Inc. In addition, Payne agreed to pay a civil penalty of $25,000. Without admitting or denying the alleged violations, Payne consented to the entry of a permanent injunction against violations of Section 17(b) of the Securities Act of 1933. The Complaint also alleges that Payne failed to disclose that he received payments from Members to promote Members stock. The Complaint alleges that on at least eight occasions, Wall Street Strategies recommended that its clients purchase Members stock through recorded messages on its telephonic stock recommendation service. Payne is a resident of New York, New York and is the President of Wall Street Strategies, Inc. In 1999, the SEC announced that while not “admitting or denying” wrongdoings, Payne “agreed to pay a civil penalty of $25,000.” The SEC alleged of Payne:Ĭharles V. Payne and his company, Wall Street Strategies, have a problematic history related to the proper disclosure of stock recommendations. Payne responded to inquiries from Media Matters by ducking questions and scrubbing his corporate website of information. The practice of compensated stock endorsements is currently prohibited by Fox rules, and resulted in the contract termination of contributor Tobin Smith. The stock now trades at less than 3 cents. Payne issued a report through his Fox-promoted website recommending Generex as a “long idea” for investors at $1.58. Payne was paid an undisclosed amount for a “consulting arrangement” to promote Generex Biotechnology Corporation.Payne claimed NXT could “turn $10,000 into $25,000.” The stock is now worthless. Payne was paid "$25,000 by a third party" to promote NXT Nutritionals Holdings.Payne claimed on that Brainy Brands could “help you profit 233%, turning $10,000 into $33,300.” The stock is now worthless. Payne was paid $40,000 to promote The Brainy Brands Company.The stock of those companies are now virtually worthless: Payne used his Fox credentials in promotional materials to assure skeptical investors that his advice was trustworthy. After joining Fox in 2007, Payne was compensated to push the prospects of three stocks, as Media Matters documented in July 2013. That Payne has a talent for identifying growth may be a surprise to someone who followed some of Payne's previous stock advice. FBN executive vice president Kevin Magee praised Payne as having “an incredible talent for identifying growth sectors in the markets and we're excited to launch a new show dedicated to helping viewers spot these emerging investment prospects.” Financial analyst and Fox Business contributor Charles Payne, who has been fined by the Securities and Exchange Commission (SEC), been paid to promote now virtually worthless penny stocks, and smeared the poor as “indebted servants” to the government who are too “comfortable” living in poverty, is being rewarded with his own show, the network announced today.įox Business said the show, Making Money with Charles Payne, will debut on June 2 in the evening.
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