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I believe the point is, they were representing actual gains of xxx% when
in fact there was no actual trading which took place. Or in other words,
they did not represent that these were hypothetical results and
apparently could not even show data which produced these results.
> The comments made by Judge Levine, as I understand them, were part of the
> record. I am trying to dig out the article. If you take it literally, every
> technical analysts is committing fraud, including every technician who works for
> a brokerage house, the fund groups, etc. It's the old random walk theory and
> nothing will help anyone do better.
>
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