Documents specified above DO NOT include the graphical elements, design, or layout of this Web site. You can contact the webmaster at . Most of the actions were brought against companies or individuals that claimed the majority of their traders were profitable. However, several independent studies of the profession have found that on average, seven in 10 day traders come away with net losses. Many of the respondents falsely claimed that performance results were based on real trading, when, in fact, the results were based on hypothetical trading.
Day trading is a high-risk venture that's likely to leave investors high and dry.
If you're considering becoming a day trader, don't give up your day job. Mo. The SEC announced a settlement of civil fraud charges against Robert Garganese and his site, Genesis Trading. The SEC also alleged that the Genesis Trading Web site falsely claimed that more than 80 percent of Genesis Trading's recommended trades were profitable. According to SEC documents, Garganese ran the web site from August 1998 until October 1999, when he began serving a one-year prison term for money laundering and telemarketing fraud charges unrelated to this action. Garganese has since agreed to stop promoting his site using false claims, and to make the SEC's enforcement actions known to his current clients.