A person is guilty of fortune telling when, for a fee or compensation which he directly or indirectly solicits or receives, he claims or pretends to tell fortunes, or holds himself out as being able, by claimed or pretended use of occult powers, to answer questions or give advice on personal matters or to exorcise, influence or affect evil spirits or curses; except that this section does not apply to a person who engages in the aforedescribed conduct as part of a show or exhibition solely for the purpose of entertainment or amusement. Fortune telling is a class B misdemeanor.From the Big Picture:
Beware of Hedge Fund Managers Bearing Stock Tips
This week was the 19th annual Ira Sohn conference. It is an opportunity to raise money for a good cause (pediatric cancer research and treatment), and hobnob with rock star hedge-fund managers. It has become a must-attend event.Looks like the presenters dodged a bullet with that "...engages in the aforedescribed conduct as part of a show or exhibition solely for the purpose of entertainment or amusement." exception/exemption.
Just remember one important thing: Ignore the stock tips.
It is true that the picks and pans at the Sohn conference can move individual stocks 10 percent or more. Yet, as a number of folks have pointed out, the picks of the pros typically underperform the broad market or even lose money. Traders don’t seem to care....MORE
Add the fact that the use of proceeds is pēds cancer research, and the participants probably have a "Get out of jail free" card for their next two wrong-way pronouncements.
