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ALEXANDRIA, Va. (AP) -- A jury has heard closing arguments in a monthlong fraud trial against two self-described stock trading experts who touted their abilities in late-night infomercials.
Federal prosecutors in Virginia say Utah residents Linda Woolf and David Gengler falsely portrayed themselves as successful stock traders to persuade people to spend tens of thousands of dollars to learn stock-picking systems from a company called Teach Me to Trade.
Woolf and Gengler earned millions in commissions as they sold the courses in hotel seminars across the country.
Defense lawyers say there was no fraud because customers received exactly what they paid for when they attended Woolf and Gengler's seminars. They say the two may have occasionally embellished but no more so than any salesman.
(Copyright 2009 by The Associated Press. All Rights Reserved.)
