Important News Regarding Teeka Tiwari and Palm Beach Research – He got fired!Hello. Kris Sayce here, Publisher of Legacy Research.
I’m writing to you with difficult news…
Our company recently parted ways with Teeka Tiwari.
In this letter, I’ll explain why this happened and how we plan to take good care of you as a valued subscriber.
First, the news that’s bound to shock you – Teeka’s departure…
On February 5, 2024, federal prosecutors charged a former employee of Legacy Research, Jonathan “William” Mikula, with conspiracy to commit securities fraud.
Our research and recommendations must always be fiercely independent. It is the most important ethic we have as publishers.
But according to the charges, from December 2019 through August 2022, Mikula surreptitiously took payments for recommending investments to subscribers of former Palm Beach Research Group publication Palm Beach Venture.
The company learned that Teeka had a consulting agreement with a company called DeFi Technologies, Inc. which is partly owned by a merchant bank involved in Mikula’s activities.
DeFi Technologies was also linked to companies Teeka recommended to subscribers. It was a violation of his contract, and of company policy, for him to receive compensation from anyone who owned shares in companies he was recommending to subscribers.
Our most important rule as a company – our “prime directive” – is to never allow even the appearance that our work isn’t completely independent.
This is the most serious breach of the trust you and your fellow subscribers place in us.
For these reasons, we parted ways with Teeka and are working on finding an alternative to the publications you’ve been receiving.
Please know that our company will devote its considerable resources to providing you with world-class research.
Making our publications as valuable and useful as possible has always been a team effort…
Showing you what’s around the corner in the markets has always been a team effort…
So has alerting you to world-changing innovations and helping you profit from them…
It has always been that way, and that will never change.
I will be in touch again soon with more specifics on what this means for you and how we’ll help you move forward.
As I mentioned at the top of this letter, I’m sure this news will come as a shock to you. And I’m sorry to have to break it to you.
But over the coming days, I’ll provide you with updates. In the meantime, our analyst team (whom you know well) will ensure you’re kept up to date with our best investment ideas.
Thank you, as always, for being a subscriber. I’ll be in touch again soon.
Regards,
Kris Sayce
Publisher, Legacy Research
This is a discussion topic or guest posting submitted by a Stock Gumshoe reader. The content has not been edited or reviewed by Stock Gumshoe, and any opinions expressed are those of the author alone.
Proof I am very stupid.
Sounds like the firing was long overdue, according to Porter’s MarketWise letter this week.
I’ve got some thoughts on this whole mess, will share soon when I’ve got them cleaned up into a sensible article. The shuffling around of subscribers to all the Legacy Research newsletters that are being shut down this year will probably take a while.
Interesting how the publisher didn’t point out that they’d caught Teeka a while ago and didn’t do anything about it until the CEO of MKTW closed the entire publication
Indeed, one can certainly debate whether this was an oversight by the Palm Beach publisher at the time, or leeway given because Teeka was a headliner… or was just a different interpretation of the company’s rules when Porter came back, for whatever reason. Or maybe something in the latest DOJ charges led them to want to go back and just whitewash everything they could that Mikula had touched, and anyone who was slow or inadequate in their response to the Palm Beach Venture fiasco.
Wow I feel sorry for lifetime membership people. Teeka has said if he got hit by a bus others are capable of stepping in. They better give us an update and soon, otherwise they will have very angry subscribers.
The ultimate marketing sleight of hand is selling a lifetime subscription based on a person being the all-time hyped-up expert in their field… and then, when that person quits or gets fired a couple years later, or perhaps is revealed to be a fraud in some way, to point out that regardless of how the lifetime deal was sold to you, the actual terms are “you subscribed to a letter, not a person, and lifetime means ‘as long as we feel like publishing this letter or something comparable, we’ll send it to you'”
There was a lot of angst along those lines when Paul Mampilly left Banyan Hill, I recall. And a little bit when Empire Financial shut down a couple months ago.
Most likely any Palm Beach subscribers will be ported over to a similar offering from Stansberry Research or Investorplace, the other big MarketWise imprints who publish a variety of newsletters that have survived the culling of recent months. They’ve got some similar generalist and crypto letters that would presumably cover the same kinds of ideas.
I imagine they’re still freaking out a bit in Baltimore and Delray Beach, so it might take a while for the details to shake out.
I subscribed to the Pioneer Letter and follow the portfolio. My account is has fluctuated between being up about 8% and down about 9% since the middle of December. (very small account) Goal is to hold it 5 years. I am 78. (goal is to live 10 more LOL!) Want to spend the gain Teeka “strongly” suggested. I have come to believe that he is not the one who picks the coins. He is just the front man.
Hi Bob, I like the Pioneer subscription, too, and you’re correct. I think Graham Friedman does all the coin-picking. He seems very knowledgeable.
No matter what happens to these publications, we now own some solid picks if you followed their recommendations. We’re in an excellent position to profit from the upcoming Bitcoin halving and the immediate bull run that has historically occurred in the aftermath of that event.
I also don’t think you have to wait five years to reap some solid profits. Historically, coins have reached all-time highs in the year or year and a half following a halving. I’d keep a close eye on profits between now and Q4 of 2025.
I think a Class Action Lawsuit is a possiblity aganst Teeka and The Lagacy group !!! I am in !!!
Me too.
I paid $2,500 for that “Lifetime” subscription to “Teeka’s newsletter”. And then, still, got socked with that ~$150/year “maintenance fee”, which, effectively just amounts to the legitimate price of an ANNUAL newsletter subscription.
Great way of locking in subscribers! They don’t dare cancel, ever, for fear of forfeiting their $2,500 buy-in payment ($5,000 in some other cases)!
No subscription CONTRACT offered, nor acknowledged by either myself nor PBRG, or whatever inter-nested business entity is ultimately behind this business front. So, I believe (naively perhaps) that the advertising message conveyed to prospects (suckers) s/a myself should prevail.
And THAT OFFERING clearly was for Teeka’s crypto pick-of-the-month and general commentary, … NOT some substitute from Porter Stansberry & Co!
Seems testimony from hordes of suckers s/a myself, all attesting to this same understanding, would be sufficiently compelling to an administrative judge or jury ?!
Lack of clear statement of terms of subscription agreement were part of the 2019-21 FTC complaint against Agora Financial. The stipulated order agreed on in February of 2021 bound all entities w/ Agora (now Monument & Cathedral) ownership, including the term that all complaints and their resolution would have to be reported by the companies to the FTC. I think it is safe to assume that, if you bought a lifetime subscription after 2021, the terms of the subscription will have been clarified to a degree that you will have a tough time to succeed getting any money back.
(At least the “old-time” Agora gave pro-rated returns even of lifetime subs.)
That also happened to (non-Agora) Raging Bull subscribers: Unless the terms you agreed to were clearly fraudulent, you’d get no money back.
The 2021 FTC press release provided the following contact for complaints re: subscriptions. If still active, they may help, if not, they may refer you to someone who can: Ankura Consulting Group, LLC; Refund Administrator; 1-833-460-2437
With Legacy Research Group having been part of MKTW, the SEC may also still have a say in things, or at least supply some pressure on the publicly traded entity to make good for the effects of its decisions. (That may be why Stansberry mentioned the as-yet-unknown cost of the decision to shut down.) It may be worth notifying the SEC or at least the SEC attorney in charge of the 2022 settlement.
Overall, Agora & Co. certainly have nothing to brag about in regard to their diligence in picking staff: Teeka was kicked out of FINRA for irregularities, Mikula was a “recidivist” SEC offender, Sayce had been disciplined by Australian authorities for misleading claims in marketing.
An afterthought.
The timing of the announcement to shut down Legacy is somewhat strange, as it is tied to the news that the USAO filed criminal charges against Mikula earlier this month.
However, the SEC settlement, based on the same facts, dates back to 2022: https://www.sec.gov/news/press-release/2022-182
The letter above only hints at a nexus between Mikula and Teeka’s consulting gig with a company tied to Mikula’s shenanigans. But:
*If* this connection was known to Legacy at the time of the SEC settlement, they have been knowingly marketing Teeka lifetimes for about 2 years without a trace of concern about subscribers.
*If*, as they now claim, the trust in the editors was completely damaged by their illicit activities and *if* Teeka’s consulting gig was known as early as 2022, anything sold after learning about this gig clearly was done in less than good faith.
Lots of ifs here, but nothing that couldn’t be determined by a deposition and review of internal communications.
Me too!
Keep us believers in the loop! I’m confused and saddened to see Teeka taken out.
I began following him in 2020. He gave us some excellent tips on bitcoin and cryptocurrency.
Looks like those of us who have a lifetime subscription got screwed. Any chance of a refund?
Andrew, I contacted MarketWise (info@marketwise.com) to let them know that shutting down all Palm Beach Crypto newsletters would betray their current customers, especially lifetime subscribers, and leave a void in their lineup of affiliated newsletters.
Porter Stansberry responded personally and assured me that he’d do whatever it took to satisfy current subscribers. He said they’d need about 30 days to sort things out and get back to us then.
That’s an encouraging gesture. I suggested they should try to find a path forward without destroying the solid crypto services Teeka and his team built over the years. Whether Investor Place gets a couple of new services or current publications get staffed with Teeka’s (clean) people, I don’t know, but I think it’s crucial to let Porter know what we want.
I, personally, am less interested in a refund but in continued well-researched crypto investing advice. Everyone has different priorities, of course. We’ll see what happens in about a month.
I am one of their Palm Beach Research Lifetime subscribers. I have to say I liked Teeka and his crypto advice, not the hype and borderline misleading advertising on the outside trying to get people to subscribe. The tone inside his subscriptions was much different – always professional and way more rational, looking at the long-term big picture and not focusing on short-term gains. Many subscribers are unhappy because they bought into the get-rich-quick advertising hype and don’t have the patience to wait. But that’s exactly what Teeka is preaching month after month. Patience will be rewarded in the long run.
Of course, the publically traded owner of all these newsletter publications, MarketWise, is responsible for the ridiculously hyped campaigns to get new subscribers. That’s how they make money. And revenue needs to rise constantly thanks to Wall Street pressure.
But during the last two years of crypto winter, getting a healthy inflow of new subscribers was much harder. According to other news sources, that was a big reason for wanting to shut down those newsletters. The scandal might have given them the excuse to do so. They could have easily substituted Teeka with someone else and kept the research team. They’re not interested in doing that. They just want to save money.
It’s a pity. Palm Beach Confidential, Pioneer, and Crypto Income are thorough and solid in their advice. Thanks to them, I feel well-positioned for the expected bull run of 2024/2025. It’s pretty shitty of the greedy heads of MarketWise to shut everything down now when we need updates and insight the most.
Our anger should be directed at them, MarketWise, not just at Palm Beach Confidential.
The two Investor Place crypto subscriptions they also own are not bad, but they are no substitute due to their lack of scope and more narrow approach. One can only hope that some of the Palm Beach crypto specialty advice gets incorporated into those subscriptions.
I am totally in. The letter from Kris is a pitiful attempt at damage control. I’m sure Teeka’s involvement goes way deeper that they are letting on. He was the face of the crypto subscription that I purchased and Defi is up to their necks in that.
Does this mean that there will be no monthly updated? I am Pioneer subscriber
The updates will continue until things are sorted out. Just look at my responses to other people’s posts (including your earlier one). They should answer some questions.
I’ve to the Palm Beach newsletters since 2018 and made a bunch of money on their crypto recommendations. Their stock, options, and Pre IPO advice didn’t pan out for me but that could have just been my execution of their advice.
Regardless of whatever happens to Teeka Tiwari, I think PB’s crypto advice has been solid and I think I’m well positioned to do well in this crypto bull market. So far I’m doing well.
I’ve always liked and trusted Teeka and cannot pile on with the people condemning him without hearing his side of the story. Since he has not responded publicly since this announcement I wonder if he is lawyering up for a wrongful termination suit.
For what it’s worth,
Teeka has had no facebook, twitter or youtube activity for over a year at least. I had hoped he would respond there at some point.
Garyb014, You are incorrect about Teeka Tiwari having no Facebook, X, or YouTube activity. Please do not spread inaccurate information.
Has he addressed the Palm Beach stuff publicly? Haven’t noticed that yet, if so.
Travis, I’ve been looking for a public announcement from Teeka Tiwari but have found none. I don’t know if “silence means consent” or if he is quiet on advice of his lawyers in preparation for a lawsuit. Hard to believe he was a shyster. His crypto advice was usually right on, IMO. However it turns out I’m grateful to have been helped by him financially over the years.
Ok post the link to his page, the ones I saw there was no recent activity.
https://x.com/teeka_tiwari/status/1757805597892726961?s=61&t=osm1_KuYGun1kV1L7LHXmQ
When I click on his name the last post I see is from April 2021.
Regarding: Feb 14, Travis Johnson, Stock Gumshoe
What’s Going On with Palm Beach and MarketWise? ARTICLE
Being new to Gumshow and first time ever to purchase a Newsltter and not ever seen a pitch for a newsletter, what should I have done to protect myself?
Protect yourself from what? The cancellation of newsletters you subscribed to? Fraud perpetrated by a newsletter?
I’d say the best protection is to only get involved in individual stocks and active investing if you want to learn, and treat entry level newsletters ($50-$200/year) as a learning tool, along with stuff like the Wall Street Journal and Barron’s and the great investing books. Only get involved with the high-end $2,000-$5,000 newsletters once you can easily afford to spend that kind of money on advice, and only if you wish to learn about some more esoteric part of the market (very small companies, deep value investing, specific sectors, etc.), but don’t ever assume that a more expensive newsletter will be somehow better, or have better returns, than the entry-level letters — typically, the reverse is true, and people find the entry-level newsletters much more useful and helpful than the high-end upgrade letters. If you keep the cost of education low, you’ll be better off.
And resist the urge of a lifetime subscription or big package deal, at least until you’re really certain that you’ve found the right publisher and the right information that you want to access for 10+ years. Those packages are where the publishers make most of their money, so it’s where they push the hardest, but those “investments” are a huge commitment if you’re not 100% certain that the publisher or the pundit is worthy of your trust.
There will always be frauds and con men, I’m afraid, so the odds are we’ll each run into them from time to time. When it comes to subscribing to research publications, I think you’re better off with big publishers, who will almost certainly be around and will have solutions to any such crisis available, as well as a reputation that’s valuable enough to be worth protecting.
And the bottom line, of course, is that if you don’t love learning about stocks and investing, don’t bother — most people who sell advice will end up providing you with recommendations that provide below-average results, at least half of the time (probably more, if we’re being honest), but you can get “average” almost for free (with low-cost index funds), and it doesn’t take any time or effort at all.
Thank for for the Advice. I basically trade SPY Options at TD. My wife and I are retiring to the Philippines to live. She is Filipino and we built a beach front home there over the past 8 months. TD will not allow me to trade from the Philippines and I am tired anyway (78). My wife has an IRA and 401 and we are working on positioning each of them into Crypto and once we have that completed we plan to look at that account in 5 years and see what we have. It is a little complicated to Transfer an IRA and 401 into a Trust company that allows IRA Crypto and at the same time manage from an international location but we think we have at least 2. We considered Metals but decided that IF Crypto is successful it will be much easier to convert to currency. Living in the Philippines makes Metals hard to deal with plus the storage fees are cumbersome. I put the funds from my TD account into crypto at Kraken. Not sure where Josie’s account will land yet. If Crypto fails Josie will be okay.
Regardless, Im still sorry to see him go. it will be difficult to replace someone who understood the crypto business and all the passion he showed. I for one was fascinated by the way he presented with his informal style and clarity of his research and his friendly engaging personality.
I have a lifetime subscription. Am I just going to lose the money? I think we should have a class action suit for a full refund of all the money paid.
Hi David, I agree completely. I am an Infinity member with Teeka and paid for lifetime membership. I paid money for Dave Forest, it didn’t work out and he vanished. I paid money for Jason Bodner, it didn’t work out, and he vanished. And I paid money for Jeff Brown, it didn’t work out, and he vanished. The thing is I paid money for Teeka and it did work out. He actually made me good money and I really enjoyed working with him. Now I am angry.
David, I really like your idea of the lawsuit. All of us need to stick together and communicate together. How do we best do this? How can we collectively present our viewpoints and demands to the responsible parties?
Would love your thoughts.
I am a PB Infinity member, well before they started with all the crypto and Teeka. Although I did follow Teeka a bit when he was hawking the ETF Masterclass or something like that. I didn’t join that one, but I was tempted; Teeka seems to be a very slick talker, much like a used car salesman.
I personally don’t do anything w/crypto; I started to several years back, and even made a Coinbase account, but to me, as to my very deep lack of understanding, I stayed away. I watch it now and again, and it comes up in the financial news stuff more now, but as I live my life, I don’t see “the way” crypto gets adopted in RL to make it convenient to use for the masses. But maybe convenience was never part of that; thinking back I remember crypto was marketed as private and anonymous, and hopefully convenience would come at some point.
I am curious to see what PBRG replaces, if in fact they do replace those publications. I kinda liked Alpha Edge with the option plays; I only followed a couple of rec’s but did make $$, not a ton, but it was success.
I’m also a Stansberry PWA member – that was my first subscription back in 2010-2012 and I still follow those publications a fair bit, although the past year or so it seems most of the articles are “upsells” to another Stansberry paid publication. My PWA is lifetime, so I also pay the $130 annual maint-fee. I liked reading Sjuggerud’s ideas, then he left (I think) and I like Doc’s perscpective on options, and even Ferris has some decent ideas. It just seems that instead of new ideas, they’ve decided to market each other’s premium content – clickbait article title about a potential new idea, then at the end a link to sign up for a “free” meeting to discuss the idea, followed by the pitch for a new premium service.
I’m a PB Infinity member as well, not at all happy with the turn of events. I’m in for a class action. Refund for the money paid at the very least
Hey Gordon,
I completely agree. I am shocked at what there doing to us now. No apology, nothing. I am drafting a request for refund letter now. I doubt anything will come of it.
Perhaps start with trying to get the FBI or The Feds involved. https://www.consumerfinance.gov If enough people write them maybe that will take it on. There has been a fraud committed IMO.
Hey Bob,
Thanks for the tip. If they ignore my complaint then I will see what the Feds might do.
let me know, I will too at the same time as you do
bobharding_1 @ yahoo.com Subject line: Teeka Thanks
Looks like Teeka did release a statement back in February. I too have (had) a lifetime subscription.
https://www.instagram.com/reel/C3YV0vAxwit/?utm_source=ig_web_copy_link
Hi Everyone… I am a Legacy Lifetime Member which means I have had every Palm Beach, Rogue, Casey, Brown publication…
Something is not right…
2 + 2 is not equalling 4 (with respect to the “Teeka Tiwari Conflict-of-Interest)…
It was and is well-known that Teeka invested in his reco’s…
He publicly said so many times…
I am very happy that Teeka also invested in his reco’s…
It prooves that his reco’s were (are) valid…
So, why do I say 2+2 does not equal 4…???
BC they let go of their Golden Geese:
Jeff Brown (very intelligent)
Teeka Tiwari (very intelligent)
Doug Casey (very intelligent)
Why would they do this?
It makes no sense…
Does anyone know why they have “shot themselves in the foot”?
Someone must know what is really going on at PB, Rogue, Brownstone, Casey, etc…
There is data that is missing…
We do not have all the necessary data to make an informed decision…
This whole thing reeks of fraud….look at this: https://internationalman.com/articles/doug-casey-on-bitcoins-meteoric-rise-and-what-happens-next/
https://www.teekatiwari.com/blog alive, well and blogging (ALIVE AND DOING WELL!!)
https://www.brownridge.com/
I BET THERE IS A HUGE AMOUNT OF MONEY MISSING