As of February 2024, Teeka Tiwari has been fired from Palm Beach Research.
This may come as a surprise to many... or maybe not... considering he was barred from FINRA in 2005 and is well known for his ridiculous and somewhat snake-oily marketing pitches.
Yes, the "the most trusted person in crypto" (not my words) has fallen from his glory.
Subscribers of his newsletters have received, as far as we know, two messages describing the situation and shedding some light as to why he was fired.
I've pasted the messages below, but to sum things up, apparently "Teeka had a consulting agreement with a company... partly owned by a merchant bank involved"... in the activities of an ex-Legacy Research group employee that federal prosecutors just charged with "conspiracy to commit securities fraud".
This ex-employee is said to have taken payments to make recommendations to Palm Beach Venture subscribers.
Furthermore, Teeka had a consulting agreement with a company that was also linked to recommendations he made to his subscribers.
You can read the full messages here...
Message 1 (Feb 13, 2024):
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
Message 2 (Feb 14, 2024):
Hello. My name is Brian Hunt.
You may not know me, but I’m a friend and colleague of many of the people doing good work at Palm Beach Research Group.
I helped build Stansberry & Associates, a sister company of Palm Beach Research Group. And I’m a significant shareholder in MarketWise, the ultimate holding company of Palm Beach.
To say I’m passionate about seeing Palm Beach Research’s customers well served and delighted is an understatement. And I’m working around the clock with my colleagues at Palm Beach Research to make those things happen.
By now, I’m sure you’ve heard the upsetting news.
Palm Beach Research Group had to part ways with Teeka Tiwari. Teeka violated critically important policies that ensure the research you receive is 100% independent and free of hidden conflicts.
I’m writing today to let you know that I’m working closely with MarketWise’s CEO Porter Stansberry to fulfill Palm Beach Research Group’s obligations to you. We will go above and beyond to deserve your business now and in the future. We will go above and beyond to serve your interests and needs.
Right now, we are working very hard on a plan to ensure as much continuity as possible with the research services you’ve paid for and are receiving.
We are working to ensure you receive world-class coverage of growth stocks, technology, cryptocurrencies, and other areas of opportunity currently provided at Palm Beach Research… and that you continue to receive research on every trend, every security, and every trade issued and currently covered by the Palm Beach Research publications.
Over the course of the next month, we will deliver a concrete plan that provides tremendous value to you. We will go above and beyond to fulfill the commitments Palm Beach Research Group made to you.
This plan may include providing you with ongoing coverage of current Palm Beach recommendations through its sister companies, issuing a MarketWise “credit” for similar publications, and/or honoring key subscription terms.
I’m sorry we are going through this difficult time. But please know that fulfilling Palm Beach Research Group’s obligations to you is our highest priority. We will move heaven and earth to do so.
Over the next month, I’ll send several messages with updates on our efforts. In the meantime, Palm Beach Research Group’s analyst team (who you know well) will ensure you’re kept up to date with top investment ideas.
One last thing…
Although MarketWise is a large organization, it’s owned and operated by individuals who care deeply about its ultimate customers. If you have any concerns or questions, please write me and my colleagues directly at palmbeachfeedback@marketwise.com.
We will read every letter and listen to every concern. We will work with every single individual who has been affected by this situation. We will work with you to make things right and deserve your business.
Regards,
Brian Hunt
Message 3 (Apr 16, 2024): *There are probably some messages missing in between these dates.
Hello. Chris Lowe here.
I’m the Editor-in-Chief of Palm Beach Research Group.
I know the last two months have been very disruptive as we parted ways with Teeka Tiwari.
We have been working hard to develop a plan that fulfills our commitments to you and ensures that you continue to receive research on every trend, every security, and every trade issued and currently covered by the Palm Beach Research Group publications.
As of today, we will no longer publish Palm Beach Research Group advisories.
But please know, my colleagues and I are working very hard to ensure our firm does whatever it takes to fulfill our obligations to you. We will do whatever it takes to deserve your business now and in the future. We will do whatever it takes to serve your interests and needs as a subscriber.
We are working to ensure you receive world-class coverage of growth stocks, technology, options, cryptocurrencies, and all other areas of opportunity previously provided by Palm Beach Research.
Regards,
Chris Lowe
Editor-in-Chief, Palm Beach Research Group
Your thoughts?
We'll update this post as new information comes out, but as for now, it seems that subscribers are in a mess as the people in charge try to clean up this mess and make them happy.
Let us know what you know or think about his situation below!
I have a subscription to both Palm Beach letter and Confidential. Been with them since late 2018. Yes, the sales pitches to join are like that of a slimy used car salesman. However, the content is top notch. I’m not rich by any stretch of the imagination but I have have made some very good money on Teeka’s advice and recommendations. More than I would have been able to do on my own. He was spot on with his advice on how to handle the bear market. I would have panic sold when everything dropped 80% to 90%. But instead I bought more at a huge discount and my current portfolio is very happy.
But anyway, it’s sad that he was fired. I hope the couple of people still there will continue the newsletters because they seem to know crypto market and trends.
One final comment. Teeka was(/still is?) an advisor to DeFi Technologies. That company did hold a lot of the same recommendations as Palm Beach Confidential. But it was no secret. On every monthly newsletter, the portfolio holding page noted which cryptos were also holdings of DeFi Technologies and that Teeka was involved as an advisor.
I have no idea of the other claims against him. My only reason for commenting is to say I don’t believe Teeka Tiwari is a scam artist. I have found great value in the newsletters and his biweekly updates.
” Ok My Friends! That is enough out of me…Let the game come to you!”
I always had the feeling he was a paid scam artist.
I feel so dumb for having believed on him!!!
Lesson: DYOR , don’t trust anybody in this space. It’s a shame because there’s plenty of opportunities to make money tons of money during a Bull run, and ruining your own reputation there’s no money in the whole world that can fix it or buy it back.
Shame on them! And the the entire PB Publication, they all knew what was going on, and now they need a scapegoat to get out of this mess!
Similar in a much lower scale as SBF at FTX.
Only person I’m going to trust from now on is Guy at the Coin Bureau.
We need to gather and makr a class action against these scammers!
I agree the entire PBG knew what was going on and did not do their due deligence in monitoring their internal goings on. I am filing a complaint with the SEC if there is a class action I will be all in. These subscriptions are not cheap and to be lied to and duped like this is just shameful.
I’m aligned with anyone wanting to bring a class action suit against PBR!
They knew or should have known that there were many questionable traders on staff up to Teeka Tiwari and including William Mikula.
I purchased the entire package from investment from PBR and have made some $$$$$ in Crypto while losing thousand$ on PB Venture, PB Crypto Trader, PB infinity, PB Special Opportunities, PB Dealbook recommendations.
I did enjoy the now defunct PB Alpha Edge.
👎🏻 With scam artists!
Big T needs to change his catch phrase.
“Let the shame come to you”.
Brian Hunt sent an email with his comments on Feb. 14. He wrote: “I’m sorry we are going through this difficult time. But please know that fulfilling Palm Beach Research Group’s obligations to you is our highest priority. We will move heaven and earth to do so.
“Over the next month, I’ll send several messages with updates on our efforts. In the meantime, Palm Beach Research Group’s analyst team (who you know well) will ensure you’re kept up to date with top investment ideas.”
Here it is March 29 and I have not heard a word from Mr. Hunt or MarketWise since then. I’ve tried contacting both MarketWise and Palm Beach Research. They both have chosen to ignore me so far.
As far as I’m concerned this is a scam organization with no concern for their customers who pay a goodly sum of money for their so-called expertise. I’m all in on a class action lawsuit.