Action: Wade Cook refunds pique interest

I was very interested in this particular story because I did attend Mr. Cook's seminar in Tampa and played with options and lost a little money. My question is: Whom do I contact to make sure I receive the needed paperwork so I can file for a refund? That information was not in the article. To date I have not received anything in the mail. Does the Federal Trade Commission, U.S. District Court in Washington, the Washington State Department of Financial Institutions or anyone involved in the action against Wade Cook have any kind of hotline number? Any information you can provide will be greatly appreciated. Carlos Millan

Response: First, we're glad you lost only a little money, since Wade Cook Financial Corp., one of two companies founded by the cab driver turned stock market guru, lost 89 percent trading its own money last year, according to a Bloomberg News story that ran in the Times on May 5. Wade Cook's 65 percent interest in the company he founded is now valued at $4.1-million, down from $200-million in 1997.

But we're getting ahead of ourselves. According to the Associated Press story you mentioned, some 50,000 people nationwide paid $3,000 to $5,000 to attend Wade Cook's "Wall Street Workshop" between 1997 to 1999 to learn his wealth-building, stock-trading strategies. Federal investigators said those attending the seminars were misled into believing Cook's investment strategies were making him rich. In reality, they said the fees folks paid for the seminars generated his wealth.

Under a settlement reached with the Federal Trade Commission, Wade Cook Financial Corp. and Wade Cook Seminars agreed to disclose their actual trading records in future marketing and advertising materials, stop making unsupported claims of success, and reimburse eligible customers.

Here's the part that's of interest to you: Everyone who paid to attend a seminar in 1997, 1998 and 1999 was to be sent a claim form, at the rate of 200 per day. Bob Schroeder, assistant regional director of the Seattle office of the Federal Trade Commission, said the answers consumers gave to questions on the claim form would determine their eligibility for a refund. Some of the answers are under seal and won't be disclosed until the whole program is completed.

In other words, you don't get the answers until you take the test. If you have not yet received a claim form, Schroeder would like to hear from you. Call the Wade Cook Financial Corp. recorded message line the FTC has set up in Seattle at (206) 220-6358.

Another group of consumers was also due refunds, according to the settlement, and this one is not restricted to a certain period of time. Consumers who paid to take a seminar, didn't take it (for any reason), and asked for a refund but didn't get it, should in the meantime have received a refund check. If not, call the number above.

Note that this does not apply to consumers who paid for more than one seminar. In those cases, the reasoning is that those individuals must have gotten something out of the first seminar or they wouldn't have paid to take a second one.

Dental dissatisfaction

During my first checkup at Pinellas Dental Center in Largo for a new upper denture, I was told I would have to pay $485 before I got it. I said I didn't want to pay the full amount because I wanted to make sure they fit right. I was told no, I had to pay up front: That was the policy and beside, the dentist would take care of me.

I went back for my denture fitting two weeks later and it didn't fit. It kept falling off and I couldn't even talk with it. I was told I had to get used to it. I tried and couldn't. I was unable to go out or talk or eat without it falling off. I went back several times, but there was no improvement. I want my money back. Please see what you can do for me. Mrs. Frances Novello

Response: In your words: "I want to thank you so much for my refund of $485 on my denture (that I could never wear) and in such a short time. I just could not believe it. Thank you, Times Action."

* * *

Action solves problems and gets answers for you. If you have a question, or your own attempts to resolve a consumer complaint have failed, write Times Action, P.O. Box 1121, St. Petersburg, FL 33731, or call your Action number, (727) 893-8171, or, outside of Pinellas, toll-free 1-800-333-7505, ext. 8171, to leave a recorded request.

Requests will be accepted only by mail or voice mail; calls cannot be returned. We will not be responsible for personal documents, so please send only photocopies. If your complaint concerns merchandise ordered by mail, we need copies of both sides of your canceled check.

Contact the Times | Privacy Policy
Standard of Accuracy | Terms, Conditions & Copyright