One of Donald Trump’s sources for information on financial markets and economics, 19-year-old Jacob Wohl, the “hedge fund manager” and occasional Fox Business News guest (and subject of a Vice segment), who was accused by the Arizona Corporation Commission (AZCC) of defrauding investors, has come to an agreement with that regulator to resolve their allegations.
In short, Wohl must stop violating securities laws (!) and pay both a penalty and restitution, as detailed in the document below. It’s as yet unknown if Trump will continue to retweet him.
Here is the “Proposed Order to Cease and Desist, Order for Restitution, Order for Administrative Penalties,” a fascinating read that I highly recommend.
What makes Wohl most noteworthy is not the allegations leveled against him by the AZCC, but the fact that he’s been retweeted multiple times by no less than the president of the United States, one Donald J. Trump. A look at his Twitter page is interesting.
What appears below is a bit dated; I had to search the internet for it, as the young huckster blocked me long ago because, I guess, he’s apparently a snowflake as well as an alleged fraudster.
Hopefully, we’ve seen the last of young Jacob. But given the fact that corruption and fraud are a feature, not a bug, of the Trump administration, something tells me that perhaps this young punk is under consideration for Fed chair.
UPDATE: October 24, 2017
Jacob Wohl of Wohl Capital Investment Group had a hearing yesterday in Arizona, where he was supposed to enter into a Consent Decree to settle claims of defrauding investors. Instead, his attorney appeared to tell the Commission that they “don’t have” the $16,000 restitution that was due yesterday and then ask for a 30 day continuance. Video should be posted by AZCC eventually.
UPDATE: Video is here. Relevant segment begins at about 3:40.
Talking Points Memo: Meet Trump’s New BFF Jacob Wohl
19 Year Old Hedge Fund Manager, What’s His Strategy in 2017? (Rotation out of tech? Not so much, it turns out, just like a 4.5% 10-year.)