NEW YORK, March 5 (UPI) -- A California "natural psychic" who claims to be able to predict the stock market denies allegations he scammed investors of more than $6 million.
The U.S. Securities and Exchange Commission filed papers Thursday in New York Federal Court alleging Sean David Morton, 51, owner of the Delphi Investment Group, scammed investors by claiming to have psychic abilities to predict the rise and fall of the stock market, the New York Daily News reported Friday.
The papers described Morton as a con artist who "falsely touted his historical success in psychically predicting the various rises and falls of the market."
However, Morton said he was merely a victim along with his investors because he predicted the stock market crash but his trader refused to act on his advice.
"I lost more money in this so-called investment scheme than anyone," he said. "The trader I worked with did not take my advice, saying it would be fiscally irresponsible, but I was right."
The SEC alleges some of the invested money was put into foreign currency trading firms while the rest was funneled into various personal efforts, including a non-profit run by his wife, who is also targeted by the suit.
"This week I'm filing for personal bankruptcy," Morton said. "All the accounts are closed. All the money is gone. It has been a disaster for everybody."