2 are indicted on federal fraud charges

2 are indicted on federal fraud charges

ALEXANDRIA, Va. (AP) — Two self-proclaimed experts at trading stocks who used infomercials and hotel seminars to tout their abilities have been indicted on federal fraud charges.

Linda Woolf, 48, of Sandy, Utah, and David Gengler, 34, of Draper, Utah, passed themselves off as successful investors and persuaded consumers to pay anywhere from $3,000 to $40,000 to learn the “Teach Me to Trade” stock picking system, according to an indictment in U.S. District Court in Alexandria.

Prosecutors say Woolf and Gengler lied or omitted pertinent information about their profits in the stock market and their annual gains and losses during presentations given at hotel seminars across the country.

The charges against Woolf and Gengler, which include wire fraud and conspiracy to commit mail and wire fraud, carry maximum penalties of 30 years in prison. The Securities and Exchange Commission also has filed civil fraud charges against them.