Frank Porter Stansberry

US judge fines Agora subsidiary and editor $1.5 m for securities fraud

October 11, 2007

An investment newsletter's publisher and its editor have been hit with $1.5 million in financial penalties after a U. S. federal judge determined they defrauded their own subscribers in a securities scam. Judgment in favor of the Securities Exchange Commission and against Maryland-based Pirate Investor LLC, now called Stansberry & Associates Investment Research, LLC, and Frank Porter Stansberry was issued at the U. S. District Court for the District of Maryland on August 1, 2007 - 28 months after the completion of a bench trial. The penalty comprises disgorgement of $1.3 million in profits and interest from the fraudulent activity, for which Pirate Investor and Stansberry are jointly and severally liable, plus a fine of $120,000 against each defendant.

SEC v. Agora, Inc. et al: Memorandum of Decision

August 1, 2007

Memorandum of Decision in the securities fraud action filed by the U. S. Securities and Exchange Commission against Agora, Inc. , Pirate Investor, LLC and Frank Porter Stansberry at the U. S. District Court for the District of Maryland.

LOM announces ‘withdrawal’ from penny stock market

June 9, 2005

Due to a loss of clients and reputation amid a slew of widely-publicized fraud allegations, offshore broker Lines Overseas Management claims to be scaling back its activity in U. S. penny stocks. Effective June 30, 2005, LOM Holdings Limited says the group will "dramatically curtail client activity in the US bulletin board and pink sheet over the counter market".

SEC v. Agora, Inc., et al: SEC’s Trial Brief

April 4, 2005

SEC's Closing Argument and Trial Brief in a securities fraud complaint against Agora, Inc., Pirate Investor, LLC and Frank Porter Stansberry at the U. S. District Court for the District of Maryland.

Insider Talking: November 30, 2004

November 30, 2004

Two prominent Bermudian businessmen accused of fraud appeared at Magistrates Court in November for a preliminary hearing on whether there is sufficient evidence for the case against them to proceed. Bermudians Arthur Jones, 52, and Fraser Butterworth, 62, have exercised

SEC v. Agora, Inc.: SEC’s Motion to Compel

September 8, 2004

Second Supplement to Motion to Compel filed by the SEC in a securities fraud action against Agora, Inc., Pirate Investor, LLC and Frank Porter Stansberry at the U. S. District Court for the District of Maryland.

SEC v. Agora, Inc. et al: Amended Complaint

November 14, 2003

Amended Complaint filed by the U. S. Securities and Exchange Commission against Agora Inc., Pirate Investor, LLC and Frank Porter Stansberry at the U.S. District Court for the District of Maryland.

SEC v. Agora Inc. et al: Complaint

April 9, 2003

Complaint alleging securities fraud filed by the U. S. Securities and Exchange Commission against Agora Inc., Pirate Investor, LLC and Frank Porter Stansberry at the U. S. District Court for the District of Maryland.