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Another Mobley/Tharp article, from about 2 years ago, snarfed from Google,
pasted below.
> -----Original Message-----
> From: MT
> Sent: Sunday, December 28, 2003 2:45 PM
> To: omega-list@xxxxxxxxxx
> Subject: Re: Training Recommendation in Trading Psychology
>
>
> A few more comments on trading psychology and "trading success".
>
> I agree that in trading, which is taxing on someone's nerves and psyche,
> it's important to maintain a positive frame of mind. A trading-psy-coach
> might be able help with that. Also many exceptional traders have used
> the services of coaches.
>
> Just remember trading psy ISN'T ENOUGH ON ITS OWN. E.g. a few cmments on
> Van Tharp was is suggested in the email quoted below. Van Tharp praised
> and invested most of his money with Mobley fraud (Mobley was his "model
> supertrader" who even wrote the foreword to his TYWIFF book and is now
> in federal prison - Mobley not Tharp)
> [...]
Mobley's clients file lawsuit against his stock-trading coach
Tuesday, April 17, 2001
By GINA EDWARDS, gvedwards@xxxxxxxxxxxxxx
David Mobley sometimes felt invincible, he confessed to his psychological
stock-trading coach Van K. Tharp in an interview formerly posted on Tharp's
International Institute of Trading Mastery Web site.
The feeling that he had the Midas touch led to self-sabotage, Mobley said.
Tharp helped Mobley curb feelings of invincibility, Mobley explained. And
Tharp endorsed Mobley as an accomplished hedge-fund manager and graduate of
his counseling courses.
Van K. Tharp
Now facing federal fraud and money-laundering charges, Mobley — who
confessed to masterminding his $120 million, Naples-based Maricopa swindle
to regulators last year — perhaps didn't get those feelings of invincibility
curbed enough. Investors' claims top $100 million.
A group of Mobley's jilted clients, who have collectively lost $8 million,
now want Tharp to answer for his high praise of Mobley. The 25 investor
plaintiffs have filed a lawsuit in Collier County Circuit Court seeking
compensation and unspecified punitive damages from Tharp, his wife, Kala
Tharp, and the International Institute of Trading Mastery in Cary, N.C.
The investors claim Van Tharp acted with gross negligence by promoting
Mobley as a successful trader. They say Tharp acted as a referral agent and
reference for Mobley.
"If you're a trading coach singing (Mobley's) praises, the clear implication
is that you've looked over his shoulder and seen his success," said Mark
Raymond, a Miami attorney who filed the suit on behalf of investors along
with Naples attorney Chris Vernon.
Raymond said Tharp should have done due diligence before soliciting
investors for Mobley.
Tharp, 54, and his Chicago-based attorney couldn't be reached for comment.
The 25 investor plaintiffs include a Naples couple and others from Florida,
Georgia, Alabama, North Carolina, Oregon, Colorado, Nebraska, Canada and the
United Kingdom.
Prosecutors say Mobley held himself out as a successful hedge-fund manager,
but meanwhile used investors' money for a series of failed businesses and
his own lavish lifestyle. A hedge fund pools investors' money and tries to
hedge bets on the ups and downs of the market.
Investors, who've submitted more than 300 claims to court-appointed lawyers
gathering Maricopa and Mobley's assets for investors, expect a payback in
the near future of 25 cents on each dollar invested.
If convicted, Mobley, 44, could spend the rest of his life in prison.
Despite confessing the scheme to federal regulators with the Securities and
Exchange Commission, Mobley has pleaded innocent to criminal charges and is
scheduled to go to trial in June.
Before the Maricopa funds collapsed in February 2000, Tharp praised Mobley's
success on his International Institute of Trading Mastery Web site and said
he invested his own money with Mobley as a show of confidence. The
endorsement and interview is no longer on the Web site.
The lawsuit claims that as early as 1993, Tharp endorsed Mobley and
Maricopa.
Tharp even asked Mobley to write the forward to his book "Trade Your Way to
Financial Freedom."
According to the suit, Mobley wrote in the book forward in February 1998:
"Since I met Dr. Tharp, my net worth has grown many times over, and I do
believe that it comes from adopting many of the Holy Grail secrets contained
in this book. I think that Dr. Tharp understands and teaches those secrets
better than anyone else."
Tharp's Web site formerly touted that as of mid-1997 Mobley's Florida hedge
fund earned returns of more than 40 percent a year for the past five years,
the lawsuit claims.
Some of the plaintiffs claim in the suit that they invested with Mobley as a
direct result of Tharp's endorsement.
"I think the symbiotic relationship between the two is troubling," Vernon
said. "(Tharp) put his stamp of approval on this guy."
In his Peak Performance audiotape course for investors and traders, Tharp
instructs investors to take accountability for losses. Some courses cost
investors thousands of dollars, Raymond said.
"There's no such thing as a loser, only someone who is in the process of
losing," Tharp instructs on the four-tape course. In other words, the
investor is in control of how they react to losses, Tharp said.
The tapes also include hypnotic sessions in which Tharp instructs listeners
to relax and breathe deeply. He asks listeners to feel "what it feels like
to be the ideal you" and make up a magical word to conjure up those feelings
later.
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