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ALEXANDRIA, Va. (AP) -- A federal jury has convicted two self-described stock-picking experts who touted their skills in late-night infomercials on fraud charges.
Prosecutors charged Utah residents Linda Woolf and David Gengler with passing themselves off as successful stock traders to persuade consumers to spend tens of thousands of dollars on stock-picking systems offered by a company called Teach Me to Trade.
Tax records introduced during a monthlong trial in Alexandria, Va., showed that Woolf lost money in the market while Gengler at best made a nominal profit.
Defense lawyers accused the government of blurring the line between salesmanship and fraud.
The jury deliberated for about three hours on Thursday before convicting on all seven counts.
(Copyright 2009 by The Associated Press. All Rights Reserved.)
