Through false stories of their own trading success and bogus claims of a 96.5 percent success rate for TMTT students who purchased personal mentoring, courses and software, Woolf and Gengler convinced attendees that they, too, would make extraordinary profits in the stock market if they followed TMTT's trading strategies that emphasized options trading and short-term swing trading.
In one infomercial, for example, Woolf told how she used to be an elementary school teacher and was able to replace her entire income after attending TMTT workshops. "I had no idea it was that easy to learn how to make money in the stock market," Woolf said. In another infomercial, Gengler claimed, "If you can simply follow steps and follow our principles, you'll make money. It's that simple."
Instead, the Commission alleges, Woolf and Gengler are unsuccessful traders, with Woolf having never declared a trading profit on her federal tax returns and Gengler typically declaring losses, or no profits.However, Woolf reaped approximately $4 million in commissions from selling TMTT packages, and Gengler made approximately $2.25 million, according to the Commission's complaint.
