WFS Enterprises, Inc. D/B/A the Cash Nursery

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IN THE MATTER OF WES ENTERPRISES, INC. d/b/a THE CASH NURSERY, ET AL.

CONSENT ORDER, ETC., INREGARD TO ALLEGED VIOLATIONS OF SEC. 5 OF THE FEDERAL TRADE COMMISSION ACT Docket C-4129; File No. 0023025 Complaint, January 3, 2001--Decision, January 3, 2001 This consent order addresses representations by Respondent W.F.S. Enterprises, Inc., doing business as The Cash Nursery, and Respondents Rabb Sabin and Arthur Smith, officers of the corporation, concerning the earnings and profit potential, and the extent of risk involved, in using the respondents’ trading methods -- embodied in a training program they sell on the Internet -for the daily buying and selling of stock and commodity options (“day trading”). The order, among other things, requires the respondents to possess a reasonable basis substantiating any representation (1) that users of their currency trading program can reasonably expect to earn large profits; and (2) that users of their commodity and stock option trading program can reasonably expect to earn large profits, or as much as six figures annually; to realize consistent investment returns of 100 percent to 500 percent on their trades; and to secure returns of 100 percent or better on 90 percent or more of their trades. The order also prohibits the respondents from misrepresenting that users of any trading program can reasonably expect to trade with little or no financial risk, and from misrepresenting the extent of risk to which users of any such program are exposed. In addition, the order requires the respondents to disclose, clearly and conspicuously, that “Stock, commodity futures, and stock or commodity options trading involve HIGH RISKS and YOU can LOSE a lot of money.,” in close proximity to any representation they make about the financial benefits of any trading program.

Participants For the Commission: Karen Leonard, Stephen Gurwitz, and Eileen Harrington.

For the Respondents: Paul W. Thomas, Paul W. Thomas and Associates.

VOLUME 131 Complaint COMPLAINT The Federal Trade Commission, having reason to believe that WES Enterprises, Inc., d/b/a The Cash Nursery, a corporation, and Rabb Sabin and Arthur Smith, individually and as officers of the corporation ("respondents"), have violated the provisions of the Federal Trade Commission Act, and it appearing to the Commission that this proceeding is in the public interest, alleges: 1. Respondent WFS Enterprises, Inc., d/b/a The Cash Nursery, is a Nevada corporation with its principal office or place of business at 2914 East Katella, Suite 212, Orange, California 92867. 2. Respondent Rabb Sabin is an officer of the corporate respondent. Individually or in concert with others, he formulates, directs, or controls the policies, acts, or practices of the corporation, including the acts or practices alleged in this complaint. His principal office or place of business is the same as that of WFS Enterprises, Inc.

3. Respondent Arthur Smith is an officer of the corporate respondent. Individually or in concert with others, he formulates, directs, or controls the policies, acts, or practices of the corporation, including the acts or practices alleged in this complaint. His principal office or place of business is the same as that of WFS Enterprises, Inc.

4. Respondents have advertised, offered for sale, sold, and distributed stock and commodity futures trading training and computer programs to the public. Respondents advise their clients to buy and sell specific commodities futures and/or stock and/or commodities options ona daily or weekly basis. Respondents sell their program and training through their Internet Web site, www.the-cash-nursery.com.

5. The acts and practices of respondents alleged in this complaint have been in or affecting commerce, as “commerce” is defined in VOLUME 131 Complaint Section 4 of the Federal Trade Commission Act, 15 U.S.C. § 44. 6. Respondents have disseminated or have caused to be disseminated Internet advertisements for their commodity and stock option trading programs and training, including but not necessarily limited to the attached Exhibit A, pages 1 through 14. These advertisements contain the following statements: a. “90% WINNING TRADES” and “a proven strategy with a 90% success rate...really!”

b. “[O]ur extraordinary trading methodologies and strict money management principles produce an average of 80-90% winning trades.”

c. [Chart: as of April 1999] % SUCCESSFUL TRADES April 94% VOLUME 131 Complaint d. “When we first developed TCN’s trading methods, we back-tested thousands of possible trades over a twelve-month period. The computers ran 24 hours a day for one full month. The outcome? Believe it our not, the system was 96.7% accurate in selecting successful trades.”

e. “Investment returns we enjoy on stock options average 150% - 500%, while returns on commodity options average 100% - 400%.”

f. “At the time of the interview, Rabb had just made $100,000 plus in a Coffee Trade. He went on to turn that amount into over $500k by the year’s end.”

g. [consumer testimonial] “Within my first week with TCN, I invested $280 for a return of $1020 and $425 for a return of $1200. That is an incredible 314% return on investment.” h. [consumer testimonial] “I grossed $12,953 in my first month with The Cash Nursery. I’m not talking about once in awhile big profits.”

i. [consumer testimonial] “First, I got a call in hogs and made $832 profit in 9 days! Then I got a put in hogs and rode that sucker back down and made $1,755 in 10 days. That combined with my other trades made me more money in 2 weeks than I make in 4 MONTHS at my current job! My favorite part of the entire methodology is that Iam usually in and out of the trade with my profits in 10 days or less!”

j. [consumer testimonial] “I hit my sell stop in Swiss francs today at 105 points. Excellent! My Feb[ruary] Swiss France 68 put cost 34 points, and sold at 105 points. So ... 105-34 = 71 points. 71 x $12.50 = $887.50 gross profit. That’s over 300% gross profit!”

k. “System Trades©, a proprietary program, shows you how to VOLUME 131 Complaint turn $500 into $52,700.”

7. Through the means described in Paragraph 6, respondents have represented, expressly or by implication, that: a. Users of respondents’ commodity and stock option trading program can reasonably expect to earn large profits, or as much as six figures annually.

b. Users of respondents’ commodity and stock option trading program can reasonably expect consistent investment returns of 100% to 500% on their trades; c. Users of Respondents’ commodity and stock option trading program can reasonably expect 95% or more of their trades to yield returns of 100% or better;

d. Testimonials appearing in the advertisements for respondents’ commodity and stock option trading program reflect the typical or ordinary experience of members of the public who use the program.

8. Through the means described in Paragraph 6, respondents have represented, expressly or by implication, that they possessed and relied upon a reasonable basis that substantiated the representations set forth in Paragraph 7, at the time the representations were made.

9. In truth and in fact, respondents did not possess and rely upon a reasonable basis that substantiated the representations set forth in Paragraph 7, at the time the representations were made. Therefore, the representation set forth in Paragraph 8 was, and is, false or misleading.

10. Through the means described in Paragraph 6, respondents have represented, expressly or by implication, that users of VOLUME 131 Complaint respondents’ commodity trading program can reasonably expect to trade with little financial risk.

11. In truth and in fact, users of respondents’ commodity and stock option trading program cannot reasonably expect to trade with little financial risk. Therefore, the representation set forth in Paragraph 10 was, and is, false or misleading. 12. The acts and practices of respondents as alleged in this complaint constitute unfair or deceptive acts or practices in or affecting commerce in violation of Section 5(a) of the Federal Trade Commission Act.

THEREFORE, the Federal Trade Commission this twelfth day of January, 2001, has issued this complaint against respondents. EXHIBIT A ‘CN Company Profile « 1 of 4 The Cash Nursery (TCN) Online Slide Show Ken erts ICN Profile Student Testimonials Curriculum:

What You'll Learn Questions & Answers TCN Promise — TCN's 90% Track Record Tuition Options ‘ 98% Club:

Are you a member? Your Opinion Wanted Trading Resources Contact Us file:///CYTCN/Etd/Working/intro. html eh V CULLFALLY “OLULMG -o 0000 nooner reece ens Pee ere cee eect cnet ee eee ee eee eect ae wanes aeen “My trading experiences since | just finished studying TCN's methods are unbelievable! First, | got a call in hogs and made $832 profit in 9 days! Then | got a put in hogs and rode that sucker back down and made $1,755 in 10 days! That combined with my other trades made me more money in 2 weeks than | make in 4 MONTHS at my current job! My favorite part of the entire methodology is that [| am usually in and out of a trade with my profits in 10 days or less!"

Bud Glass ~ Florida ~ December 17, 1998 Hello and welcome to our Garden! Your visit here could very well change your life! We're a small group of traders and investors who believe in sharing our good fortune with people like you. Our Master Cash Gardener, Rabb Sabin, has been trading since 1993. Those of you who have had any contact with the Ken Roberts Company may know about him through a taped interview by Jim Roberts in 1994. Rabb's interview still appears on the Conversations5 1 29 1 9 3 1174 2148 103 41 96.312187 with5 1 29 1 9 4 1300 2151 173 40 96.749435 Courses 1 29 1 9 5 1495 2152 245 40 92.598595 Members tape sent out to new prospective students. At the time of the interview, Rabb had just made $100,000 plus in a Coffee trade. He went on to turn that amount into over $550K by the year’s end. At times, if you notice an apparent emphasis on commodities - well, it's hard to blame him.

~ 90% WINNING TRADES ~ TCN does trade in the stock market with options on a regular basis. And our extraordinary trading methodologies and strict money management 4044 - 802- 000045 6/10/99 4:32 PM Thomas & Assoc.

000039 TCN Compary Profile < 2 of 4 file///CVT CN/Etd/Working/intro.html principles produce an average of 80-90% winning trades. No, we don't pretend to be “trading know-it-alls" by any stretch of the imagination, but we are very good at what we do.

When we first developed TCN's trading methods, we back-tested thousands of possible trades over a twelve-month period. The computers ran 24 hours a day for one full month. The outcome? Believe it or not, the system was 96.7% accurate in selecting successful trades.

~ LEARN CASH GARDENING HERE ~ Why do we call this place The Cash Nursery? Well, what do nurseries do? They grow things! And growing anything requires specific knowledge, to make sure that what you plant grows up strong and healthy. Here at TCN we plant our seeds, keep our. gardens free of weeds, harvest the winners, and replant again! At the Cash Nursery we'll share those gardening methods with you. We'll show you what we're doing, how we're doing it, how and when we plant and harvest. You'll see the flowers as well as the weeds.

In commodities, you'll see straight option trades that provide maximum returns on your investment, as well as alternative methods that may allow you to take advantage of markets you might not otherwise be able to purchase if you are trading with a limited account. These techniques include spreads, straddles, strips, straps, and others - even trades that allow you to begin with a straight option and end up in a spread.

In the stock market, you'll learn our methods for trading options, as well as how to take advantage of stock splits, leaps, etc. Did you know that an option can actually end up being worth more than its underlying market? We'll provide you with places on the internet where you can do trading research. We'll share our brokers with you and, if necessary, recommend others based 4044 - 802 - 000046 Thomas & Assoc, 000040 6/10/99 4:32 PM ‘CN Compaity Profile ‘~ of 4 file:///CVTCN/Etd/Working/intro html on their honesty and excellent service. We'll also share with you simple systems which maximize your returns in a short amount of time. You'll learn how to read and understand trading charts. We provide you with unlimited e-mail and live chat support as well as a TCN member's forum board. If you prefer, one-on-one live chat sessions or phone calls are always available during office hours for our members.

We believe using options as our trading vehicle is much safer than straight contracts or stocks because risk is much more manageable. Keeping investment drawdown to a minimum is paramount.

The Cash Nursery is designed in a very simple manner so that all can participate - no matter what your current knowledge of trading. We start with the basics, then advance through each trading concept, step- by-step, until all the pieces come together. TCN's trading curriculum is designed to: ¢ Share both concepts and practical trading information you can apply right now ¢ Teach you how to grow your own cash garden ¢ Help you earn quick returns on their investments.

Later in the course, you'll be able to participate in paper trading. Then you'll advance to the Trades Section where you'll see the trades our staff members do on a daily basis. We feel this what5 1 9 1 4 11 1918 2102 37 38 96.768158 is4 1 9 1 5 0 669 2150 1307 58 -1 5 1 9 1 5 1 669 2150 257 51 96.359085 happening5 1 9 1 5 2 951 2153 40 39 95.829597 in5 1 9 1 5 3 1013 2152 80 41 96.598274 thes 1 9 1 5 4 1113 2154 202 41 95.673645 markets5 1 9 1 5 5 1337 2156 115 49 95.673645 rights 1 9 1 5 6 1475 2157 119 40 95.370987 now approach is of much greater benefit to our members rather than referring to old trades done last week, last month or last year. Lists of trades that made someone lots of money doesn't help you now.

On an average week, TCN will typically be involved in five to twenty trades in both the stock and commodity markets. Investment returns we enjoy on stock options average 150% - 500%, while returns on commodity options average 100% - 400%. Yes, that sounds a bit phenomenal, but it really is true.

- 000047 6/10/99 4:32 PM 4044 a assoc. 'O0041 Thom CN Company Profile file///C/TCN/Etd/Working/intro html ”

e Cd Even the Investor General's Warning agrees: Subscribing to the Cash Nursery has been found to cause wealth...

If you'd like to learn more, we recommend you view TCN's Online Slide Show.

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SR ee eee eter e mee te cet rate ee eee E TERT THEO ORR O HEE E Eee ERO EeueeesEcceReee © Copyright 1996, 1997,1998, 1999. WES, Inc. All rights reserved. 4044 - 802- 000048 Thomas & Assoc. 00004 2 t of 4 6/10/99 4:32 PM N5 1 1 1 1 2 67 116 109 26 96.677475 Students 1 1 1 1 3 188 115 187 28 96.662109 Testimonials2 1 2 0 0 0 1725 130 663 50 -1 3 1 2 1 0 0 1725 130 663 50 -1 4 1 2 1 1 0 1725 130 663 50 -1 5 1 2 1 1 1 1725 130 296 50 35.276031 file:///CVTCN/Etd/W5 1 2 1 1 2 2033 130 276 50 35.276031 working/testimonials5 1 2 1 1 3 2325 130 63 50 86.556458 htm!2 1 3 0 0 0 644 271 311 41 -1 3 1 3 1 0 0 644 271 311 41 -1 4 1 3 1 1 0 644 271 311 41 -1 5 1 3 1 1 1 644 271 88 40 96.249825 few5 1 3 1 1 2 754 273 201 39 95.765488 months!2 1 4 0 0 0 922 392 813 56 -1 3 1 4 1 0 0 922 392 813 56 -1 4 1 4 1 1 0 922 392 813 56 -1 5 1 4 1 1 1 922 392 207 49 92.932968 Manning5 1 4 1 1 2 1154 392 184 42 90.685997 Endrina5 1 4 1 1 3 1364 410 35 15 90.685997 ~5 1 4 1 1 4 1422 396 99 51 96.277832 July5 1 4 1 1 5 1542 399 44 49 95.954636 9,5 1 4 1 1 6 1614 400 121 40 96.133224 19972 1 5 0 0 0 639 519 1371 26 -1 3 1 5 1 0 0 639 519 1371 26 -1 4 1 5 1 1 0 639 519 1371 26 -1 5 1 5 1 1 1 639 519 695 17 17.548752 OO5 1 5 1 1 2 1031 515 157 34 22.248909 AON5 1 5 1 1 3 1244 515 86 34 18.067482 AIA5 1 5 1 1 4 1334 526 10 10 0.000000 I5 1 5 1 1 5 1360 527 46 10 30.371109 OO5 1 5 1 1 6 1414 528 131 11 8.617798 OOOO5 1 5 1 1 7 1550 529 6 6 0.000000 L5 1 5 1 1 8 1561 529 67 12 0.000000 IOAN5 1 5 1 1 9 1643 531 128 12 0.000000 8888880985 1 5 1 1 10 1791 533 7 10 0.000000 O5 1 5 1 1 11 1816 533 75 11 0.000000 Neots5 1 5 1 1 12 1895 534 37 10 0.000000 nan5 1 5 1 1 13 1938 534 72 11 0.000000 seanns2 1 6 0 0 0 642 620 1262 113 -1 3 1 6 1 0 0 642 620 1262 113 -1 4 1 6 1 1 0 735 620 1090 59 -1 5 1 6 1 1 1 735 620 41 41 75.816734 I would like to gladly share my first week experience with you, members and non-member. I always thought you needed an excess amount of money and personal knowledge in order to invest in the stock/commodity market until TCN came into the picture. My brother recommended that I join TCN to learn the correct way of trading and while in the process of learning....trade like an expert. Within my first week with TCN, I invested $280 for a return of $1020 and $425 for a return of $1200. That is an incredible 314% ROI (Return of Investment for you beginners like me.) Needless to say it was enough money to cover my membership, original investments and to once again play the market (using profits only).

You go into a trade knowing what your profits or losses will be. TCN offers total money management. and an easy, stress free trading opportunity. I can hardly wait to see what my first month with TCN will be like. (Incidentally - the trades were in commodities options.) Tanya Endrina ~ Ewa Beach, Hawaii ~ July 10, 1997 “Just to update you, I moved up my stops this morning to protect profits. Wheat 34 P stopped at 16.5 Swiss franc 68 P closed at 64, with stop at 51. I am eagerly looking forward to everything you have to teach me in 1998. I don't know how any people tell you this, but I am very grateful you are there and doing what you do. I am not sure I could do the same. I could understand the thrill of teaching others this skill, but if I was financially 6/10/99 4:55 PM sos - 802 00006 000057 | Thomas SSOV.

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96.611450 puts 1 7 1 3 3 841 1213 102 38 96.425064 costs 1 7 1 3 4 964 1214 59 38 96.823257 345 1 7 1 3 5 1048 1215 165 48 96.269798 points,5 1 7 1 3 6 1238 1214 88 41 96.269798 ands 1 7 1 3 7 1349 1216 99 40 96.357513 sold5 1 7 1 3 8 1472 1219 48 38 96.257378 at5 1 7 1 3 9 1544 1219 87 39 96.794395 1055 1 7 1 3 10 1654 1221 169 48 96.387619 points.4 1 7 1 4 0 656 1271 1287 56 -1 5 1 7 1 4 1 656 1271 213 39 86.055992 So...1055 1 7 1 4 2 892 1290 17 7 91.927269 -5 1 7 1 4 3 934 1273 59 38 95.712181 345 1 7 1 4 4 1019 1287 31 15 96.106537 =5 1 7 1 4 5 1076 1274 57 38 96.741127 715 1 7 1 4 6 1159 1274 166 48 95.959763 points.5 1 7 1 4 7 1350 1276 58 39 95.487984 715 1 7 1 4 8 1431 1285 28 31 95.109337 x5 1 7 1 4 9 1481 1276 172 48 95.109337 $12.505 1 7 1 4 10 1678 1293 32 17 95.769241 =5 1 7 1 4 11 1736 1278 207 49 95.518990 $887.504 1 7 1 5 0 655 1330 1103 57 -1 5 1 7 1 5 1 655 1338 136 40 96.668060 gross5 1 7 1 5 2 814 1330 148 49 96.158531 profit.5 1 7 1 5 3 984 1331 152 40 91.268066 That's5 1 7 1 5 4 1155 1341 113 32 96.169319 overs 1 7 1 5 5 1288 1335 144 39 96.372238 300%5 1 7 1 5 6 1454 1345 135 40 96.745529 gross5 1 7 1 5 7 1612 1337 146 50 96.759727 profit!2 1 8 0 0 0 654 1448 1289 110 -1 3 1 8 1 0 0 654 1448 1289 110 -1 4 1 8 1 1 0 746 1448 1197 58 -1 5 1 8 1 1 1 746 1448 149 41 96.619995 About5 1 8 1 1 2 915 1449 80 41 96.013634 thes 1 8 1 1 3 1016 1450 104 51 96.013634 only5 1 8 1 1 4 1140 1450 126 52 96.469261 things 1 8 1 1 5 1291 1452 79 41 91.947937 I'm5 1 8 1 1 6 1392 1455 205 51 91.261650 gun-shy5 1 8 1 1 7 1618 1456 142 41 96.810905 about5 1 8 1 1 8 1782 1467 101 32 95.719582 now5 1 8 1 1 9 1905 1461 38 38 95.719582 is4 1 8 1 2 0 654 1508 1161 50 -1 5 1 8 1 2 1 654 1508 178 50 96.801201 trading5 1 8 1 2 2 856 1509 179 40 96.244194 futures5 1 8 1 2 3 1056 1512 231 40 96.597107 contracts5 1 8 1 2 4 1307 1513 105 40 93.039825 with5 1 8 1 2 5 1438 1515 100 39 92.867126 KRC5 1 8 1 2 6 1560 1516 255 41 94.898781 methods. Tom Bobst ~ North Olmstead, OH ~ January 1998 ier ee a Ta OL Cee eC eee C eer here hee Sit thee nee I'm5 1 11 1 1 2 875 1859 39 37 93.961868 in5 1 11 1 1 3 939 1858 87 39 96.320145 ands 1 11 1 1 4 1050 1860 79 37 96.320145 outs 1 11 1 1 5 1150 1859 49 39 96.752625 of5 1 11 1 1 6 1217 1869 140 40 96.516388 sugars 1 11 1 1 7 1376 1861 105 40 96.401993 with5 1 11 1 1 8 1505 1872 24 30 96.797897 a5 1 11 1 1 9 1553 1873 133 39 96.566086 gross5 1 11 1 1 10 1709 1865 135 49 95.844902 profits 1 11 1 1 11 1866 1866 49 40 97.003548 of4 1 11 1 2 0 654 1915 1261 56 -1 5 1 11 1 2 1 654 1915 124 47 96.568642 $3135 1 11 1 2 2 803 1916 38 49 96.291710 (I5 1 11 1 2 3 865 1917 97 39 93.274902 sold5 1 11 1 2 4 988 1919 44 44 93.265289 @5 1 11 1 2 5 1051 1919 62 38 96.266838 485 1 11 1 2 6 1138 1919 112 49 96.786964 pts.)5 1 11 1 2 7 1272 1920 103 40 96.716812 This5 1 11 1 2 8 1399 1923 39 38 96.814285 in5 1 11 1 2 9 1456 1923 99 48 96.684204 just5 1 11 1 2 10 1577 1925 26 37 96.984200 35 1 11 1 2 11 1628 1924 137 40 96.650520 hours5 1 11 1 2 12 1786 1927 129 39 96.578354 time.4 1 11 1 3 0 648 1975 1295 59 -1 5 1 11 1 3 1 648 1975 107 39 96.750069 This5 1 11 1 3 2 779 1977 37 37 96.398735 is5 1 11 1 3 3 836 1976 81 39 96.682091 thes 1 11 1 3 4 936 1976 171 40 96.682091 fastest5 1 11 1 3 5 1127 1978 131 40 94.988922 trades 1 11 1 3 6 1278 1981 19 37 96.798988 I5 1 11 1 3 7 1321 1979 119 41 96.502167 have5 1 11 1 3 8 1462 1991 110 30 96.647743 ever5 1 11 1 3 9 1591 1983 151 40 96.236336 made!5 1 11 1 3 10 1768 1986 36 38 96.277084 A5 1 11 1 3 11 1824 1986 119 48 96.300354 good4 1 11 1 4 0 653 2035 1321 59 -1 5 1 11 1 4 1 653 2035 215 49 96.373268 examples 1 11 1 4 2 889 2036 49 39 95.918739 of5 1 11 1 4 3 955 2036 101 49 96.983238 why5 1 11 1 4 4 1077 2047 86 39 96.445580 you5 1 11 1 4 5 1187 2040 121 39 96.445580 wants 1 11 1 4 6 1329 2041 46 38 96.470795 to5 1 11 1 4 7 1401 2040 117 41 96.814209 have5 1 11 1 4 8 1539 2051 112 40 95.059349 yours 1 11 1 4 9 1671 2043 111 40 96.452156 sells5 1 11 1 4 10 1803 2045 107 49 95.584381 tops5 1 11 1 4 11 1934 2047 40 38 95.584381 in4 1 11 1 5 0 656 2094 676 51 -1 5 1 11 1 5 1 656 2094 129 48 96.888664 places 1 11 1 5 2 809 2095 115 49 96.441521 rights 1 11 1 5 3 946 2106 143 39 96.637291 away.5 1 11 1 5 4 1110 2097 222 41 95.634201 Thanks! Name withheld by request I5 1 13 1 1 2 809 2446 128 40 96.481003 thinks 1 13 1 1 3 956 2447 79 39 96.664024 thes 1 13 1 1 4 1057 2449 186 49 96.656998 Sundays 1 13 1 1 5 1267 2449 86 40 96.549026 lives 1 13 1 1 6 1374 2451 107 40 96.695511 chat5 1 13 1 1 7 1502 2454 211 40 96.087631 sessions5 1 13 1 1 8 1733 2455 147 40 95.848984 would5 1 13 1 1 9 1906 2456 59 40 96.532539 be4 1 13 1 2 0 652 2506 1348 56 -1 5 1 13 1 2 1 652 2507 133 47 96.702812 great5 1 13 1 2 2 805 2506 70 39 96.487488 for5 1 13 1 2 3 895 2507 168 49 96.046379 myself5 1 13 1 2 4 1082 2508 87 39 96.046379 ands 1 13 1 2 5 1194 2509 132 40 96.303925 others 1 13 1 2 6 1345 2511 197 51 96.048080 workings 1 13 1 2 7 1567 2513 137 40 95.936638 stiffs.5 1 13 1 2 8 1729 2515 126 40 95.936638 Goods 1 13 1 2 9 1881 2516 119 40 96.711182 idea.2 1 14 0 0 0 651 2625 1352 299 -1 3 1 14 1 0 0 651 2625 1352 299 -1 4 1 14 1 1 0 747 2625 1256 58 -1 5 1 14 1 1 1 747 2625 138 49 96.555801 Rabb,5 1 14 1 1 2 911 2636 86 39 96.460518 you5 1 14 1 1 3 1023 2628 217 50 96.460518 probably5 1 14 1 1 4 1260 2630 215 41 96.337280 wouldn't5 1 14 1 1 5 1497 2642 216 41 96.576385 approve,5 1 14 1 1 6 1741 2634 80 40 96.491196 but5 1 14 1 1 7 1842 2637 18 38 96.491196 I5 1 14 1 1 8 1883 2636 120 40 96.981247 after4 1 14 1 2 0 651 2684 1151 59 -1 5 1 14 1 2 1 651 2684 225 50 95.918671 watching5 1 14 1 2 2 901 2686 54 38 96.203918 all5 1 14 1 2 3 980 2696 74 39 96.971046 my5 1 14 1 2 4 1078 2697 142 39 95.838570 papers 1 14 1 2 5 1239 2689 159 40 96.685738 trades5 1 14 1 2 6 1420 2691 135 40 96.236977 makes 1 14 1 2 7 1576 2702 184 41 96.210686 money,5 1 14 1 2 8 1785 2696 17 38 96.680176 I4 1 14 1 3 0 652 2743 1339 62 -1 5 1 14 1 3 1 652 2743 199 40 92.066788 couldn't5 1 14 1 3 2 873 2746 133 39 95.564529 stands 1 14 1 3 3 1033 2747 30 38 95.564529 it5 1 14 1 3 4 1084 2757 220 39 96.724304 anymore5 1 14 1 3 5 1325 2750 88 39 96.054359 ands 1 14 1 3 6 1439 2750 86 41 95.891823 had5 1 14 1 3 7 1549 2753 46 38 96.940865 to5 1 14 1 3 8 1618 2753 138 40 96.531120 makes 1 14 1 3 9 1777 2764 24 30 96.527718 a5 1 14 1 3 10 1825 2756 166 49 96.776955 couple4 1 14 1 4 0 652 2803 1297 52 -1 5 1 14 1 4 1 652 2803 49 38 96.318108 of5 1 14 1 4 2 722 2804 88 38 96.256439 real5 1 14 1 4 3 836 2814 167 40 96.427635 moneys 1 14 1 4 4 1023 2806 173 40 95.479462 trades.5 1 14 1 4 5 1218 2807 149 41 96.725151 These5 1 14 1 4 6 1388 2811 89 38 96.338486 two5 1 14 1 4 7 1499 2812 157 40 96.338486 trades5 1 14 1 4 8 1680 2812 119 41 96.476379 have5 1 14 1 4 9 1820 2824 129 31 96.806213 more4 1 14 1 5 0 651 2863 1348 61 -1 5 1 14 1 5 1 651 2863 110 40 96.654297 than5 1 14 1 5 2 788 2865 100 48 96.654297 paid5 1 14 1 5 3 912 2865 69 39 96.557343 for5 1 14 1 5 4 1001 2875 74 40 96.952698 my5 1 14 1 5 5 1096 2867 159 40 96.248428 tuition5 1 14 1 5 6 1280 2870 46 38 93.226166 at5 1 14 1 5 7 1345 2870 118 40 91.696281 TCN.5 1 14 1 5 8 1485 2871 121 50 96.954842 They5 1 14 1 5 9 1626 2882 125 31 95.900345 were5 1 14 1 5 10 1772 2874 117 50 95.474876 hogs5 1 14 1 5 11 1911 2877 88 39 95.474876 and2 1 15 0 0 0 1005 3038 1395 112 -1 3 1 15 1 0 0 1005 3038 1395 112 -1 4 1 15 1 1 0 1204 3038 1196 45 -1 5 1 15 1 1 1 1204 3038 23 35 88.392715 25 1 15 1 1 2 1243 3063 13 6 34.533043 ~5 1 15 1 1 3 2150 3055 111 28 96.690598 6/10/995 1 15 1 1 4 2271 3056 63 26 96.576172 4:555 1 15 1 1 5 2347 3055 53 27 96.576172 PM4 1 15 1 2 0 1005 3052 973 98 -1 5 1 15 1 2 1 1005 3054 155 73 92.816200 Thomas5 1 15 1 2 2 1174 3090 36 37 93.135025 &5 1 15 1 2 3 1225 3057 122 93 19.137894 Assos5 1 15 1 2 4 1389 3065 48 42 17.319191 645 1 15 1 2 5 1609 3052 37 60 92.576134 05 1 15 1 2 6 1655 3057 82 61 48.694122 005 1 15 1 2 7 1749 3065 76 61 74.980553 C55 1 15 1 2 8 1837 3072 34 57 83.876419 85 1 15 1 2 9 1971 3104 7 9 59.395710 ; TCN Slide 11 of 27 http://www.the-cash-nursery.com/11 him ~ SECTION 2 ~ Ken Roberts? + Introduction to spreads, splits, and leaps as TCN Profile powerful trading tools 2 System Trades ~ proprietary program shows Student you how to turn $500 into $52,700 Testimonials :

Curriculum:

What You'll Learn © Copyright 1996, 1997,1998, 1999. WES, Inc. All rights reserved. Questions . & Answers TCN Promise TCN's 90% Track Record 98% Club:

Are you a member? Your Opinion Wanted Trading Resources 4044 - 802- g099 Thomas & Assoo, *s 000019 lofi — 6/9/99 11:45 AN IN Slide 17 of 27 Ken Roberts? TCN Profile Student Testimonials Curriculum:

What You'll Learn Questions & Answers TCN Promise TCN'‘s 90% Track Record 5 1 8 1 1 2 216 1800 111 33 96.146843 98%5 1 8 1 1 3 345 1799 119 35 96.367966 Club:2 1 9 0 0 0 229 1851 223 85 -1 3 1 9 1 0 0 229 1851 223 85 -1 4 1 9 1 1 0 229 1851 223 42 -1 5 1 9 1 1 1 229 1851 81 33 95.888016 Ares 1 9 1 1 2 324 1859 84 34 93.986687 you5 1 9 1 1 3 426 1860 26 25 93.986687 a4 1 9 1 2 0 235 1901 215 35 -1 5 1 9 1 2 1 235 1901 215 35 96.738342 member?2 1 10 0 0 0 186 2004 306 86 -1 3 1 10 1 0 0 186 2004 306 86 -1 4 1 10 1 1 0 186 2004 306 44 -1 5 1 10 1 1 1 186 2005 111 34 96.080124 Yours 1 10 1 1 2 311 2004 181 44 94.326866 Opinion4 1 10 1 2 0 251 2055 178 35 -1 5 1 10 1 2 1 251 2055 178 35 96.883698 Wanted2 1 11 0 0 0 221 2157 242 87 -1 3 1 11 1 0 0 221 2157 242 87 -1 4 1 11 1 1 0 249 2157 182 44 -1 5 1 11 1 1 1 249 2157 182 44 96.059937 Trading4 1 11 1 2 0 221 2210 242 34 -1 5 1 11 1 2 1 221 2210 242 34 96.389610 Resources2 1 12 0 0 0 20 3047 52 28 -1 3 1 12 1 0 0 20 3047 52 28 -1 4 1 12 1 1 0 20 3047 52 28 -1 5 1 12 1 1 1 20 3047 52 28 89.440887 of5 1 12 1 1 2 61 3043 15 42 89.440887 12 1 13 0 0 0 1804 132 596 45 -1 3 1 13 1 0 0 1804 132 596 45 -1 4 1 13 1 1 0 1804 132 596 45 -1 5 1 13 1 1 1 1804 132 596 45 9.644684 http//Avww.the-cash-nursery.com/17.htm2 1 14 0 0 0 808 574 1139 232 -1 3 1 14 1 0 0 809 574 933 110 -1 4 1 14 1 1 0 809 574 933 52 -1 5 1 14 1 1 1 809 575 169 36 96.607864 Access5 1 14 1 1 2 1003 574 184 39 95.296844 allowed5 1 14 1 1 3 1215 578 98 45 95.972397 only5 1 14 1 1 4 1340 579 115 37 96.532745 after5 1 14 1 1 5 1478 581 264 45 96.280037 graduation4 1 14 1 2 0 812 635 889 49 -1 5 1 14 1 2 1 812 635 194 36 95.791245 Ensures5 1 14 1 2 2 1031 645 82 36 95.791245 you5 1 14 1 2 3 1141 647 76 26 96.607948 ares 1 14 1 2 4 1241 640 224 44 96.531975 equipped5 1 14 1 2 5 1492 642 43 34 95.972046 to5 1 14 1 2 6 1560 641 141 37 88.900002 trade!3 1 14 2 0 0 809 696 942 52 -1 4 1 14 2 1 0 809 696 942 52 -1 5 1 14 2 1 1 809 697 118 35 96.235291 Views 1 14 2 1 2 951 696 77 36 96.410034 thes 1 14 2 1 3 1053 707 128 26 93.561234 same5 1 14 2 1 4 1204 698 156 36 96.650345 trades5 1 14 2 1 5 1383 700 97 36 93.278297 that5 1 14 2 1 6 1502 703 94 34 92.124535 TCN5 1 14 2 1 7 1625 703 126 45 96.647430 plays3 1 14 3 0 0 808 756 1139 50 -1 4 1 14 3 1 0 808 756 1139 50 -1 5 1 14 3 1 1 808 756 59 37 96.378380 All5 1 14 3 1 2 894 757 155 36 96.378380 trades5 1 14 3 1 3 1076 758 159 45 96.225304 posted5 1 14 3 1 4 1264 759 123 47 96.208351 nights 1 14 3 1 5 1413 761 153 37 93.202919 before5 1 14 3 1 6 1591 783 13 2 90.132385 -5 1 14 3 1 7 1634 765 74 35 96.967026 not5 1 14 3 1 8 1733 764 116 36 95.888535 after5 1 14 3 1 9 1871 765 76 37 95.888535 the2 1 15 0 0 0 807 818 1216 339 -1 3 1 15 1 0 0 808 818 1215 170 -1 4 1 15 1 1 0 808 818 1215 52 -1 5 1 15 1 1 1 808 818 106 45 96.836098 fact,5 1 15 1 1 2 943 827 51 27 96.874031 as5 1 15 1 1 3 1019 827 131 37 96.947456 many5 1 15 1 1 4 1177 819 129 37 95.777649 others 1 15 1 1 5 1329 823 219 35 94.819107 so-called5 1 15 1 1 6 1576 823 227 47 38.039150 “experts”5 1 15 1 1 7 1832 826 55 36 96.975571 do5 1 15 1 1 8 1913 830 76 33 93.259766 outs 1 15 1 1 9 2016 821 7 35 90.291801 §4 1 15 1 2 0 808 862 1214 66 -1 5 1 15 1 2 1 808 862 146 66 96.233620 there.4 1 15 1 3 0 808 938 906 50 -1 5 1 15 1 3 1 808 940 118 35 96.476059 Views 1 15 1 3 2 950 938 156 37 96.194893 trades5 1 15 1 3 3 1131 940 193 37 96.706833 BEFORE5 1 15 1 3 4 1349 941 106 47 96.944138 they5 1 15 1 3 5 1481 952 75 27 95.954521 ares 1 15 1 3 6 1581 945 133 36 95.954521 made3 1 15 2 0 0 807 998 998 47 -1 4 1 15 2 1 0 807 998 998 47 -1 5 1 15 2 1 1 807 998 161 38 96.021805 Allows5 1 15 2 1 2 993 1008 83 37 96.440987 you5 1 15 2 1 3 1103 1000 108 36 95.558884 times 1 15 2 1 4 1234 1002 43 35 96.357407 to5 1 15 2 1 5 1305 1003 208 36 96.697884 research5 1 15 2 1 6 1540 1004 109 36 96.493675 each5 1 15 2 1 7 1676 1005 129 37 96.311218 trade3 1 15 3 0 0 811 1060 1005 49 -1 4 1 15 3 1 0 811 1060 1005 49 -1 5 1 15 3 1 1 811 1060 166 36 96.551140 Decides 1 15 3 1 2 1000 1060 67 36 96.327301 for5 1 15 3 1 3 1090 1061 201 45 95.472382 yourself5 1 15 3 1 4 1313 1062 30 36 96.467628 if5 1 15 3 1 5 1363 1072 83 37 96.486427 you5 1 15 3 1 6 1473 1066 118 35 96.680496 wants 1 15 3 1 7 1614 1067 43 34 94.594963 to5 1 15 3 1 8 1684 1066 132 37 96.253494 make3 1 15 4 0 0 808 1121 130 36 -1 4 1 15 4 1 0 808 1121 130 36 -1 5 1 15 4 1 1 808 1121 130 36 96.342224 trade2 1 16 0 0 0 646 429 1382 781 -1 3 1 16 1 0 0 646 429 1382 781 -1 4 1 16 1 1 0 646 429 1382 781 -1 5 1 16 1 1 1 646 429 1382 781 95.000000 2 1 17 0 0 0 1170 1249 334 77 -1 3 1 17 1 0 0 1170 1249 334 77 -1 4 1 17 1 1 0 1170 1249 334 77 -1 5 1 17 1 1 1 1170 1249 334 77 95.000000 2 1 18 0 0 0 844 1378 981 39 -1 3 1 18 1 0 0 844 1378 981 39 -1 4 1 18 1 1 0 844 1378 981 39 -1 5 1 18 1 1 1 844 1378 28 27 96.884972 ©5 1 18 1 1 2 882 1378 139 34 96.389709 Copyrights 1 18 1 1 3 1035 1378 79 32 93.221329 1996,5 1 18 1 1 4 1128 1379 162 33 84.898262 1997,1998,5 1 18 1 1 5 1304 1380 80 28 93.289223 1999.5 1 18 1 1 6 1395 1381 82 32 78.811218 WFS,5 1 18 1 1 7 1492 1382 49 28 96.416077 Inc.5 1 18 1 1 8 1552 1383 35 27 92.313530 All5 1 18 1 1 9 1598 1383 79 34 95.980827 rights5 1 18 1 1 10 1688 1385 137 27 95.980827 reserved.2 1 19 0 0 0 1151 2306 425 45 -1 3 1 19 1 0 0 1151 2306 425 45 -1 4 1 19 1 1 0 1151 2306 425 45 -1 5 1 19 1 1 1 1151 2314 99 37 92.699142 40445 1 19 1 1 2 1265 2333 14 5 64.368881 -5 1 19 1 1 3 1295 2310 101 37 64.368881 802-5 1 19 1 1 4 1444 2306 132 35 94.099777 0000312 1 20 0 0 0 1149 2347 781 79 -1 3 1 20 1 0 0 1149 2347 781 79 -1 4 1 20 1 1 0 1149 2347 781 79 -1 5 1 20 1 1 1 1149 2370 162 38 93.276276 Thomas5 1 20 1 1 2 1325 2366 37 48 92.557297 &5 1 20 1 1 3 1377 2366 132 35 95.859459 Assoc.5 1 20 1 1 4 1667 2347 83 63 96.061340 005 1 20 1 1 5 1762 2355 79 63 93.951736 005 1 20 1 1 6 1850 2365 80 61 95.336258 252 1 21 0 0 0 2145 3061 257 29 -1 3 1 21 1 0 0 2145 3061 257 29 -1 4 1 21 1 1 0 2145 3061 257 29 -1 5 1 21 1 1 1 2145 3061 91 28 95.969910 6/9/995 1 21 1 1 2 2251 3063 78 26 96.280457 11:535 1 21 1 1 3 2344 3063 58 27 96.312836 AM IN Slide 19 of 27 LCN Profile Student Testimonials Curriculum:

What You'll Learn Questions & Answers TCN Promise TCN's 90 Track Record 5 1 10 1 1 2 217 1810 113 32 95.769882 98%5 1 10 1 1 3 348 1808 119 35 96.912201 Club:2 1 11 0 0 0 231 1860 224 86 -1 3 1 11 1 0 0 231 1860 224 86 -1 4 1 11 1 1 0 231 1860 224 42 -1 5 1 11 1 1 1 231 1860 81 34 94.154060 Ares 1 11 1 1 2 326 1868 86 34 93.542305 you5 1 11 1 1 3 430 1869 25 26 93.542305 a4 1 11 1 2 0 237 1911 216 35 -1 5 1 11 1 2 1 237 1911 216 35 95.343689 member?2 1 12 0 0 0 189 2013 306 86 -1 3 1 12 1 0 0 189 2013 306 86 -1 4 1 12 1 1 0 189 2013 306 43 -1 5 1 12 1 1 1 189 2014 110 34 96.771187 Yours 1 12 1 1 2 314 2013 181 43 96.054207 Opinion4 1 12 1 2 0 254 2064 179 35 -1 5 1 12 1 2 1 254 2064 179 35 96.909027 Wanted2 1 13 0 0 0 224 2167 243 86 -1 3 1 13 1 0 0 224 2167 243 86 -1 4 1 13 1 1 0 252 2167 179 43 -1 5 1 13 1 1 1 252 2167 179 43 96.058372 Trading4 1 13 1 2 0 224 2219 243 34 -1 5 1 13 1 2 1 224 2219 243 34 96.248207 Resources2 1 14 0 0 0 1799 136 597 53 -1 3 1 14 1 0 0 1799 136 597 53 -1 4 1 14 1 1 0 1799 136 597 53 -1 5 1 14 1 1 1 1799 136 151 53 36.802921 http/Awww5 1 14 1 1 2 1965 136 431 53 36.802921 .the-cash-mursery.comy/19.htm2 1 15 0 0 0 808 595 1162 174 -1 3 1 15 1 0 0 808 595 1162 174 -1 4 1 15 1 1 0 813 595 823 50 -1 5 1 15 1 1 1 813 595 283 46 93.080223 Commodity5 1 15 1 1 2 1122 598 28 34 93.068047 &5 1 15 1 1 3 1176 598 134 35 96.295967 Stocks 1 15 1 1 4 1335 600 178 43 96.229462 options5 1 15 1 1 5 1538 600 98 45 95.742027 only4 1 15 1 2 0 809 655 1161 54 -1 5 1 15 1 2 1 809 655 97 36 91.207886 TCN5 1 15 1 2 2 934 655 169 37 93.182663 selects5 1 15 1 2 3 1128 658 23 35 45.958675 S5 1 15 1 2 4 1178 677 13 2 92.352776 -5 1 15 1 2 5 1222 659 52 34 96.460793 155 1 15 1 2 6 1299 658 156 37 95.734344 trades5 1 15 1 2 7 1480 669 77 36 96.070190 pers 1 15 1 2 8 1579 661 125 36 96.675072 weeks 1 15 1 2 9 1731 661 239 48 96.681946 (average)4 1 15 1 3 0 808 716 1063 53 -1 5 1 15 1 3 1 808 716 143 36 96.000565 Trades 1 15 1 3 2 977 716 169 46 96.000565 length:5 1 15 1 3 3 1179 719 139 35 96.199295 Hours5 1 15 1 3 4 1342 720 43 34 95.350891 to5 1 15 1 3 5 1415 721 52 34 95.350891 105 1 15 1 3 6 1494 720 110 47 96.539398 days5 1 15 1 3 7 1631 722 240 47 96.669968 (average)2 1 16 0 0 0 808 777 1131 293 -1 3 1 16 1 0 0 811 777 1002 169 -1 4 1 16 1 1 0 813 777 1000 53 -1 5 1 16 1 1 1 813 777 227 37 95.836044 Preferred5 1 16 1 1 2 1066 778 154 36 95.836044 trades5 1 16 1 1 3 1245 779 134 37 92.974113 made5 1 16 1 1 4 1405 781 335 49 90.157715 in-the-moneys 1 16 1 1 5 1766 794 47 27 96.913811 or4 1 16 1 2 0 812 837 991 53 -1 5 1 16 1 2 1 812 837 357 47 91.760590 at-the-money,5 1 16 1 2 2 1200 848 137 27 93.224258 never5 1 16 1 2 3 1360 841 443 49 89.919220 out-of-the-money4 1 16 1 3 0 811 899 926 47 -1 5 1 16 1 3 1 811 899 161 46 96.912460 Options 1 16 1 3 2 1002 901 216 43 96.115128 premiums 1 16 1 3 3 1246 909 155 37 95.851692 range:5 1 16 1 3 4 1431 901 120 44 91.873390 $1005 1 16 1 3 5 1577 922 13 4 91.472504 -5 1 16 1 3 6 1618 904 119 42 37.062420 $s003 1 16 2 0 0 808 959 1131 111 -1 4 1 16 2 1 0 809 959 1130 52 -1 5 1 16 2 1 1 809 959 59 36 88.351906 All5 1 16 2 1 2 895 960 156 35 96.087685 trades5 1 16 2 1 3 1077 960 158 45 96.177788 posted5 1 16 2 1 4 1263 970 75 26 96.795143 ares 1 16 2 1 5 1363 963 191 45 95.108643 actually5 1 16 2 1 6 1581 964 158 46 96.332069 played5 1 16 2 1 7 1767 965 53 46 92.898788 by5 1 16 2 1 8 1842 967 97 35 91.603989 TCN4 1 16 2 2 0 808 1021 1027 49 -1 5 1 16 2 2 1 808 1021 97 36 91.534309 TCN5 1 16 2 2 2 933 1021 171 36 95.456902 criteria5 1 16 2 2 3 1131 1022 121 36 95.456902 must5 1 16 2 2 4 1277 1021 55 37 96.892120 be5 1 16 2 2 5 1356 1024 93 35 95.528122 met5 1 16 2 2 6 1472 1024 43 36 95.528122 to5 1 16 2 2 7 1543 1026 100 44 96.235443 posts 1 16 2 2 8 1666 1026 169 37 96.339737 trades!2 1 17 0 0 0 650 304 1376 907 -1 3 1 17 1 0 0 650 304 1376 907 -1 4 1 17 1 1 0 650 304 1376 907 -1 5 1 17 1 1 1 650 304 1376 907 95.000000 2 1 18 0 0 0 847 1277 978 38 -1 3 1 18 1 0 0 847 1277 978 38 -1 4 1 18 1 1 0 847 1277 978 38 -1 5 1 18 1 1 1 847 1278 27 27 96.954353 ©5 1 18 1 1 2 884 1277 140 33 96.897873 Copyrights 1 18 1 1 3 1037 1277 78 32 93.225914 1996,5 1 18 1 1 4 1130 1278 161 33 92.925308 1997,1998,5 1 18 1 1 5 1306 1279 79 27 91.846939 1999.5 1 18 1 1 6 1396 1279 82 32 87.194519 WFS,5 1 18 1 1 7 1493 1281 48 27 96.651443 Inc.5 1 18 1 1 8 1553 1282 35 26 88.517281 All5 1 18 1 1 9 1599 1282 79 33 96.885300 rights5 1 18 1 1 10 1689 1283 136 27 96.535423 reserved.2 1 19 0 0 0 2144 3067 255 28 -1 3 1 19 1 0 0 2144 3067 255 28 -1 4 1 19 1 1 0 2144 3067 255 28 -1 5 1 19 1 1 1 2144 3067 92 27 96.255508 6/9/995 1 19 1 1 2 2250 3068 79 27 95.883698 11:565 1 19 1 1 3 2342 3068 57 26 96.201401 AM TN Slide 21 of 27 of 1 Ken Roberts? TCN Profile Student Testimonials What You'll Learn Questions & Answers TCN Promise TCN's 90% Track Record 5 1 11 1 1 2 222 1795 112 32 96.284149 98%5 1 11 1 1 3 353 1793 119 35 96.573608 Club:2 1 12 0 0 0 235 1845 226 85 -1 3 1 12 1 0 0 235 1845 226 85 -1 4 1 12 1 1 0 235 1845 226 42 -1 5 1 12 1 1 1 235 1845 81 33 94.617172 Ares 1 12 1 1 2 331 1853 85 34 89.274300 you5 1 12 1 1 3 435 1854 26 25 89.274300 a4 1 12 1 2 0 241 1895 217 35 -1 5 1 12 1 2 1 241 1895 217 35 92.162651 member?2 1 13 0 0 0 193 1998 307 85 -1 3 1 13 1 0 0 193 1998 307 85 -1 4 1 13 1 1 0 193 1998 307 43 -1 5 1 13 1 1 1 193 1999 111 42 96.476715 Yours 1 13 1 1 2 319 1998 181 43 95.888367 Opinion4 1 13 1 2 0 258 2049 180 34 -1 5 1 13 1 2 1 258 2049 180 34 96.456551 Wanted2 1 14 0 0 0 228 2151 244 86 -1 3 1 14 1 0 0 228 2151 244 86 -1 4 1 14 1 1 0 257 2151 180 44 -1 5 1 14 1 1 1 257 2151 180 44 96.542274 Trading4 1 14 1 2 0 228 2204 244 33 -1 5 1 14 1 2 1 228 2204 244 33 95.784058 Resources2 1 15 0 0 0 654 424 1380 2177 -1 3 1 15 1 0 0 654 424 1380 2177 -1 4 1 15 1 1 0 654 424 1380 2177 -1 5 1 15 1 1 1 654 424 1380 2177 95.000000 2 1 16 0 0 0 1811 125 597 44 -1 3 1 16 1 0 0 1811 125 597 44 -1 4 1 16 1 1 0 1811 125 597 44 -1 5 1 16 1 1 1 1807 121 152 52 61.027531 hitp:/Avww5 1 16 1 1 2 1975 121 361 52 16.953400 .the-cash-mursery.com/215 1 16 1 1 3 2346 138 62 26 33.909760 htm2 1 17 0 0 0 764 570 1266 167 -1 3 1 17 1 0 0 764 570 1266 167 -1 4 1 17 1 1 0 764 570 1266 55 -1 5 1 17 1 1 1 764 583 14 15 70.988800 »5 1 17 1 1 2 819 570 329 47 95.955917 Developments 1 17 1 1 3 1172 573 46 36 93.275475 of5 1 17 1 1 4 1235 574 138 35 82.316032 TCN's5 1 17 1 1 5 1397 575 174 46 96.494781 trading5 1 17 1 1 6 1598 576 214 37 85.353745 methods5 1 17 1 1 7 1838 596 13 4 87.454971 -5 1 17 1 1 8 2023 616 7 9 37.522179 ;4 1 17 1 2 0 819 630 1176 51 -1 5 1 17 1 2 1 819 630 291 39 91.229958 back-tested5 1 17 1 2 2 1135 633 255 37 95.978806 thousands5 1 17 1 2 3 1415 636 46 35 96.776825 of5 1 17 1 2 4 1483 636 201 45 95.675117 possible5 1 17 1 2 5 1707 638 156 36 96.157898 trades5 1 17 1 2 6 1888 647 107 27 96.326553 over4 1 17 1 3 0 817 691 570 46 -1 5 1 17 1 3 1 817 700 21 27 96.226189 a5 1 17 1 3 2 865 691 343 37 96.225418 twelve-months 1 17 1 3 3 1238 693 149 44 95.004730 period2 1 18 0 0 0 816 810 1069 105 -1 3 1 18 1 0 0 816 810 1069 105 -1 4 1 18 1 1 0 817 810 1068 48 -1 5 1 18 1 1 1 817 810 270 45 96.370514 Computers5 1 18 1 1 2 1113 819 72 26 96.524590 ran5 1 18 1 1 3 1213 811 55 35 96.542015 245 1 18 1 1 4 1296 810 133 38 95.468674 hours5 1 18 1 1 5 1455 822 20 27 95.468674 a5 1 18 1 1 6 1503 813 84 45 96.559433 days 1 18 1 1 7 1612 814 67 36 96.558472 for5 1 18 1 1 8 1703 824 86 27 96.380096 ones 1 18 1 1 9 1813 815 72 36 96.380096 full4 1 18 1 2 0 816 870 564 45 -1 5 1 18 1 2 1 816 870 155 36 95.733231 months 1 18 1 2 2 997 871 44 35 96.278015 to5 1 18 1 2 3 1068 879 185 36 96.278015 process5 1 18 1 2 4 1278 870 102 38 96.786987 data2 1 19 0 0 0 816 989 974 97 -1 3 1 19 1 0 0 816 989 974 97 -1 4 1 19 1 1 0 816 989 974 50 -1 5 1 19 1 1 1 816 990 240 34 96.184509 Outcome:5 1 19 1 1 2 1087 989 158 36 19.822884 96.7%5 1 19 1 1 3 1270 993 211 34 94.771645 accurate5 1 19 1 1 4 1508 993 35 34 95.206627 in5 1 19 1 1 5 1571 992 219 47 96.100151 selecting4 1 19 1 2 0 816 1048 433 38 -1 5 1 19 1 2 1 816 1048 253 37 96.375763 successful5 1 19 1 2 2 1094 1050 155 36 96.630127 trades2 1 20 0 0 0 820 1156 1045 271 -1 3 1 20 1 0 0 819 1156 1046 271 -1 4 1 20 1 1 0 923 1156 942 84 -1 5 1 20 1 1 1 923 1176 166 37 61.277073 Months 1 20 1 1 2 1182 1200 6 25 61.277073 ;5 1 20 1 1 3 1235 1179 55 35 90.582230 %5 1 20 1 1 4 1315 1180 290 53 96.278755 Successful5 1 20 1 1 5 1626 1156 185 84 87.805275 Trades5 1 20 1 1 6 1839 1160 26 76 43.320484 }4 1 20 1 2 0 820 1228 758 65 -1 5 1 20 1 2 1 820 1234 4 48 0.000000 /5 1 20 1 2 2 907 1249 193 44 68.521423 January5 1 20 1 2 3 1182 1228 6 63 85.251419 |5 1 20 1 2 4 1469 1252 109 35 26.556038 S8354 1 20 1 3 0 897 1318 968 48 -1 5 1 20 1 3 1 819 1313 21 61 68.784966 i5 1 20 1 3 2 897 1319 216 47 74.475838 February5 1 20 1 3 3 1859 1318 6 21 14.803688 54 1 20 1 4 0 934 1390 141 37 -1 5 1 20 1 4 1 934 1390 141 37 95.827530 March2 1 21 0 0 0 935 2247 254 124 -1 3 1 21 1 0 0 821 2247 368 121 -1 4 1 21 1 1 0 935 2247 141 38 -1 5 1 21 1 1 1 935 2247 141 38 96.526718 March4 1 21 1 2 0 949 2302 240 69 -1 5 1 21 1 2 1 949 2305 111 66 95.847733 April2 1 22 0 0 0 821 2364 360 11 -1 3 1 22 1 0 0 821 2364 360 11 -1 4 1 22 1 1 0 821 2364 360 11 -1 5 1 22 1 1 1 821 2364 26 10 27.811668 ee5 1 22 1 1 2 875 2370 17 4 32.888100 a5 1 22 1 1 3 915 2370 26 5 27.045067 ee5 1 22 1 1 4 947 2370 55 5 24.766800 eee5 1 22 1 1 5 1022 2356 26 28 35.261665 re5 1 22 1 1 6 1054 2356 60 28 23.099442 etree5 1 22 1 1 7 1127 2370 54 5 35.995224 eee2 1 23 0 0 0 846 2371 785 67 -1 3 1 23 1 0 0 821 2371 810 67 -1 4 1 23 1 1 0 846 2371 785 67 -1 5 1 23 1 1 1 846 2392 320 46 91.608101 99-Averages 1 23 1 1 2 1183 2371 77 64 0.000000 -_5 1 23 1 1 3 1416 2395 215 37 95.481201 90.25%2 1 24 0 0 0 1182 2656 271 46 -1 3 1 24 1 0 0 1182 2656 312 46 -1 4 1 24 1 1 0 1182 2656 271 46 -1 5 1 24 1 1 1 1182 2656 107 44 0.000000 <25 1 24 1 1 2 1317 2656 56 45 85.711021 OF5 1 24 1 1 3 1389 2660 64 42 49.532009 ZF2 1 25 0 0 0 1182 2644 325 71 -1 3 1 25 1 0 0 1182 2644 325 71 -1 4 1 25 1 1 0 1182 2644 325 71 -1 5 1 25 1 1 1 1182 2644 21 71 95.000000 5 1 25 1 1 2 1494 2644 13 71 95.000000 2 1 26 0 0 0 849 2770 990 40 -1 3 1 26 1 0 0 849 2770 990 40 -1 4 1 26 1 1 0 849 2770 990 40 -1 5 1 26 1 1 1 849 2770 27 26 96.859039 ©5 1 26 1 1 2 886 2770 140 35 96.000076 Copyrights 1 26 1 1 3 1039 2773 77 30 96.000076 1996,5 1 26 1 1 4 1132 2771 77 31 96.938950 1997,5 1 26 1 1 5 1224 2772 78 33 95.866920 1998,5 1 26 1 1 6 1317 2775 78 27 93.280861 1999.5 1 26 1 1 7 1408 2775 82 32 90.012108 WFS,5 1 26 1 1 8 1505 2776 49 27 96.133095 Inc.5 1 26 1 1 9 1565 2777 36 26 91.040092 All5 1 26 1 1 10 1612 2776 80 34 96.668762 rights5 1 26 1 1 11 1703 2778 136 27 94.498688 reserved.2 1 27 0 0 0 1231 2897 432 93 -1 3 1 27 1 0 0 1231 2897 432 93 -1 4 1 27 1 1 0 1234 2897 429 37 -1 5 1 27 1 1 1 1234 2897 98 36 91.368134 40445 1 27 1 1 2 1347 2918 13 6 89.912346 -5 1 27 1 1 3 1377 2898 71 36 57.764927 8025 1 27 1 1 4 1464 2919 14 5 57.764927 -5 1 27 1 1 5 1527 2901 136 33 94.758667 0000354 1 27 1 2 0 1231 2953 359 37 -1 5 1 27 1 2 1 1231 2953 159 36 92.798477 Thomas5 1 27 1 2 2 1405 2954 37 35 92.798477 &5 1 27 1 2 3 1457 2956 133 34 96.713989 Assoc.2 1 28 0 0 0 1771 2944 267 67 -1 3 1 28 1 0 0 1771 2944 267 67 -1 4 1 28 1 1 0 1771 2944 267 67 -1 5 1 28 1 1 1 1771 2944 267 67 92.608414 0000292 1 29 0 0 0 2159 3052 251 29 -1 3 1 29 1 0 0 2159 3052 251 29 -1 4 1 29 1 1 0 2159 3052 251 29 -1 5 1 29 1 1 1 2159 3052 93 28 96.076729 6/9/995 1 29 1 1 2 2266 3054 80 27 95.627602 12:005 1 29 1 1 3 2357 3054 53 27 96.331413 PM come to ‘iin: Cash Nursery, where peo Members Online Slide Show Ken Roberts? TCN Profile Student Testimonials Curriculum:

What You'll Learn Questions & Answers TCN Promise TCN's 90% Track Record 98% Club:

Are youa member? Your Opinion Wanted Trading Resources of2 ..Ke you, are leaming to trade options. Learn to trade commodity and stock options... and succeed! Discover a proven strategy with a 90% success rafte...really! http:/Awww.the-cash-mursery.com/ TRADING IMPAIRED? YOU'VE FOUND THE RIGHT !5 1 23 1 1 2 899 1285 196 48 95.516739 grossed5 1 23 1 1 3 1105 1282 182 48 96.677032 $12,9535 1 23 1 1 4 1300 1285 42 38 96.472397 in5 1 23 1 1 5 1356 1295 73 38 96.961014 my5 1 23 1 1 6 1442 1285 95 39 96.588028 firsts 1 23 1 1 7 1546 1286 150 38 96.588028 months 1 23 1 1 8 1710 1287 97 38 96.859581 with4 1 23 1 2 0 785 1340 1052 49 -1 5 1 23 1 2 1 785 1340 84 39 95.230476 Thes 1 23 1 2 2 884 1341 119 38 95.688393 Cash5 1 23 1 2 3 1016 1340 200 49 95.404007 Nursery.5 1 23 1 2 4 1232 1341 69 38 88.747650 I'm5 1 23 1 2 5 1314 1343 79 37 94.985397 not5 1 23 1 2 6 1405 1341 157 48 94.461433 talking5 1 23 1 2 7 1574 1341 137 39 96.659546 about5 1 23 1 2 8 1722 1351 115 29 96.733711 once4 1 23 1 3 0 780 1396 991 49 -1 5 1 23 1 3 1 780 1397 43 38 96.820183 in5 1 23 1 3 2 839 1396 150 39 96.311836 awhile5 1 23 1 3 3 1001 1396 75 48 96.396713 big5 1 23 1 3 4 1086 1396 165 48 96.306885 profits.5 1 23 1 3 5 1268 1397 68 38 94.719070 I'm5 1 23 1 3 6 1350 1397 158 48 94.275978 talking5 1 23 1 3 7 1521 1397 250 39 96.632988 consistent2 1 24 0 0 0 1259 1173 143 28 -1 3 1 24 1 0 0 1259 1173 143 28 -1 4 1 24 1 1 0 1259 1173 143 28 -1 5 1 24 1 1 1 1259 1173 143 28 95.701759 PLACE!2 1 25 0 0 0 779 1452 438 49 -1 3 1 25 1 0 0 779 1452 438 49 -1 4 1 25 1 1 0 779 1452 438 49 -1 5 1 25 1 1 1 779 1452 168 49 95.930389 profits,5 1 25 1 1 2 964 1453 86 47 96.756393 days 1 25 1 1 3 1063 1454 45 36 95.992516 to5 1 25 1 1 4 1123 1452 94 48 96.048462 day.2 1 26 0 0 0 854 1562 1020 51 -1 3 1 26 1 0 0 854 1562 1020 51 -1 4 1 26 1 1 0 854 1562 1020 51 -1 5 1 26 1 1 1 854 1564 98 39 92.280640 TCN5 1 26 1 1 2 963 1564 170 39 96.338791 sneaks5 1 26 1 1 3 1148 1574 58 38 93.932137 up5 1 26 1 1 4 1220 1575 57 28 93.061050 on5 1 26 1 1 5 1290 1562 242 51 92.343773 you...$5005 1 26 1 1 6 1543 1565 175 39 91.661896 here...a5 1 26 1 1 7 1730 1562 144 46 96.571655 $10002 1 27 0 0 0 782 1617 962 107 -1 3 1 27 1 0 0 782 1617 962 107 -1 4 1 27 1 1 0 784 1617 960 51 -1 5 1 27 1 1 1 784 1621 319 46 92.814941 there...maybe5 1 27 1 1 2 1115 1617 156 48 96.171700 $2,0005 1 27 1 1 3 1284 1621 130 37 96.420952 there.5 1 27 1 1 4 1429 1621 100 37 96.945717 Ands 1 27 1 1 5 1540 1621 102 37 95.766296 then5 1 27 1 1 6 1654 1631 90 37 95.766296 you4 1 27 1 2 0 782 1675 852 49 -1 5 1 27 1 2 1 782 1676 157 38 95.664391 realizes 1 27 1 2 2 951 1675 147 48 95.970406 you're5 1 27 1 2 3 1110 1675 42 38 95.611832 in5 1 27 1 2 4 1168 1676 73 37 95.611832 thes 1 27 1 2 5 1254 1676 175 48 96.428398 money!5 1 27 1 2 6 1447 1676 82 38 96.216644 Thes 1 27 1 2 7 1542 1676 92 38 95.552444 risk2 1 28 0 0 0 783 1731 1035 48 -1 3 1 28 1 0 0 783 1731 1035 48 -1 4 1 28 1 1 0 783 1731 1035 48 -1 5 1 28 1 1 1 783 1733 308 45 96.613312 management5 1 28 1 1 2 1100 1731 262 47 96.806847 techniques5 1 28 1 1 3 1375 1732 127 37 96.654465 makes 1 28 1 1 4 1514 1732 216 47 95.848076 investing5 1 28 1 1 5 1744 1732 74 38 96.361443 fun2 1 29 0 0 0 785 1786 394 38 -1 3 1 29 1 0 0 785 1786 394 38 -1 4 1 29 1 1 0 785 1786 394 38 -1 5 1 29 1 1 1 785 1786 90 38 96.629959 ands 1 29 1 1 2 885 1788 148 36 96.250885 stress5 1 29 1 1 3 1048 1786 131 38 95.792053 free! Manning Endrina ~ July 9, 1997 ACCEPTING ONLY ~ 30 ~ NEW MEMBERS THIS MONTH! Online Slide s ssnessnesasevessossesecessussesenessesensvaveensenereveners i peveccecseccuececcausecceceeecaceecetsececesssseceecaueseaee 4044 - 802 - 000012 Thomas & Assoc. SPPOMS 6/9/99 9:27 AM icome te Tue Cash Nursery, where peo...ke you, are leaming to trade options. http://www .the-cash-mrsery.com/ ( ) Brand Names ge ™ HEWLETT’ (computers and sofkware) PACKARD 6/9/99 9:27 AM 4044-802- 000013 pA ppp 2 Thomas & Assoc.

- TCN Slide 3 of 27 Ken Ro ? TCN Profile Student Testimonials Curriculum:

What You'll Learn Questions & Answers TCN Promise TCN's 90% Track Record 98% Club:

Are you a member? Your Opinion Wanted Trading Resources http:/Avww .the-cash-nursery.com/3 btm ~ RABB SABIN ~ ~ Founder & Dean of Admissions ~ Starting trading in 1993 Hit a big coffee trade in early 1994 with three § options at $1530 total invested Turned $1530 into $130,000 in 92 days, that 130K into $550,000 by end of 1994 Brought The Cash Nursery to the internet in September, 1996 Passion is to help people achieve financial independence Master of Business Administration, San Diego State College, 1974 Two tours in Vietnam, Special Forces Medic, 1968-1971 Entrepreneur since graduating from callege © Copyright 1996, 1997,1998, 1999. WFS, Inc. All rights reserved. 4044 - 802- 000017 Thomas & Assoc. 900011 6/9/99 11:19 AM 3? TCN Slide 4 of 27 Ken Roberts? TCN Profile Student Testimonials Curriculum:

What You'll Learn Questions .& Answers TCN Promise TCN's 90% Track Record 98% Club:

Are youa member? Your Opinion Wanted Trading Resources http:/Avww .the-cash-nursery.com/4.htm ~ ART SMITH ~ ~ Operations & Support Manager ~ College at UCR in accounting, engineering Started trading in 1994 Traded commodities & studied trading methods 1994 - present Studied technical analysis of trading 1995 - Joined TCN in 1997 Friend of Rabb Sabin for ten years Fluent in Spanish, written and spoken Grew up in Mexico Broadcasting degree from CBS US Army Medic, Viet Nam Vet, 1966-68 Turned $1000 into $200,600 in one year using TCN methods © Copyright 1896, 1997,1998, 1999. WFS, Inc. Ail rights reserved. 4044 - 802 - 000018 Thomas & Assoc.

000012 6/9/99 11:25 AM VOLUME 131 Decision and Order DECISION AND ORDER The Federal Trade Commission (“Commission’’), having initiated an investigation of certain acts and practices of the respondents named in the caption hereof, and the respondents having been furnished thereafter with a copy of a draft complaint which the Bureau of Consumer Protection proposed to present to the Commission for its consideration and which, if issued by the Commission, would charge respondents with violations of the Federal Trade Commission Act; and Respondents and counsel for the Commission having thereafter executed an agreement containing a consent order, an admission by respondents of all the jurisdictional facts set forth in the aforesaid draft complaint, a statement that the signing of said agreement is for settlement purposes only and does not constitute an admission by respondents that the law has been violated as alleged in such complaint, or that the facts as alleged in such complaint, other than jurisdictional facts, are true and waivers and other provisions as required by the Commission's Rules; and The Commission having thereafter considered the matter and having determined that it had reason to believe that respondents have violated the said Act, and that the complaint should issue stating its charges in that respect, and having thereupon accepted the aforementioned executed consent agreement and placed such agreement on the public record for a period of thirty (30) days, now in further conformity with the procedure prescribed in § 2.34 of its Rules, the Commission hereby issues its complaint, makes the following jurisdictional findings and enters the following order: 1. Respondent WFS Enterprises, Inc. is a Nevada corporation, doing business as The Cash Nursery, with its principal office or place of business at 2914 East Katella, Suite 212, Orange, California 92867.

2. Respondent Rabb Sabin is an officer of the corporate respondent. Individually or in concert with others, he formulates, directs, or controls the policies, acts, or practices of the corporation. VOLUME 131 Decision and Order His principal office or place of business is the same as that of WFS Enterprises, Inc.

3. Respondent Arthur Smith is an officer of the corporate respondent. Individually or in concert with others, he formulates, directs, or controls the policies, acts, or practices of the corporation. His principal office or place of business is the same as that of WFS Enterprises, Inc.

4. The Federal Trade Commission has jurisdiction of the subject matter of this proceeding and of the respondents, and the proceeding is in the public interest.

ORDER DEFINITIONS For purposes of this order, the following definitions shall apply: 1. “Clearly and conspicuously” shall mean as follows: A. In an advertisement communicated through an electronic medium (such as television, video, radio, and interactive media such as the Internet and online services), the disclosure shall be presented simultaneously in both the audio and visual portions of the advertisement. Provided, however, that in any advertisement presented solely through visual or audio means, the disclosure may be made through the same means in which the ad is presented. The audio disclosure shall be delivered in a volume and cadence sufficient for an ordinary consumer to hear and comprehend it. The visual disclosure shall be of a size and shade, and shall appear on the screen for a duration, sufficient for an ordinary consumer to read and comprehend it.

B. In a print advertisement, promotional material, or instructional manual, the disclosure shall be in a type VOLUME 131 Decision and Order size and location sufficiently noticeable for an ordinary consumer to read and comprehend it, in print that contrasts with the background against which it appears.

C. On a product label, the disclosure shall be in a type size and location on the principal display panel sufficiently noticeable for an ordinary consumer to read and comprehend it, in print that contrasts with the background against which it appears. The disclosure shall be in understandable language and syntax. Nothing contrary to, inconsistent with, or in mitigation of the disclosure shall be used in any advertisement or on any label. 2. In the case of advertisements disseminated by means of an interactive electronic medium such as the Internet or other online services, “in close proximity” shall mean on the same Web page and proximate to the triggering representation, and not on other portions of the Web site, accessed or displayed through hyperlinks or other means.

3. “Commerce” shall mean as defined in Section 4 of the Federal Trade Commission Act, 15 U.S.C. § 44. 4. “Trading program” shall mean any program, service, course, instruction, system, training, manual, computer software, or other materials involving the purchase or sale of stocks, currencies, commodity futures, options, or other financial instruments or investments.

5. Unless otherwise specified, “Respondents” shall mean WFS Enterprises, Inc., a corporation d/b/a The Cash Nursery, _ its successors and assigns, and its officers; Rabb Sabin and Arthur Smith, individually and as officers of the corporation; and each of the above’s agents, representatives, and employees. VOLUME 131 Decision and Order I.

IT IS ORDERED that Respondents, directly or through any corporation, subsidiary, division, trade name, or other device, in connection with the advertising, promotion, offering for sale, sale, or distribution of any trading program in or affecting commerce, shall not represent, in any manner, expressly or by implication: A. That users of Respondents’ commodity and stock option trading program can reasonably expect to earn large profits, or as much as six figures annually;

B. That users of Respondents’ commodity and stock option trading program can reasonably expect consistent investment returns of 100% to 500% on their trades; C. That users of Respondents’ commodity and stock option trading program can reasonably expect 90% or more of their trades to yield returns of 100% or better; D. The amount of earnings, income, or profit that a prospective user could reasonably expect to attain; or E. Any financial benefit or other benefit of any kind from the purchase or use of such trading program; unless Respondents possess and rely upon a reasonable basis substantiating the representation at the time it is made. Il.

IT IS FURTHER ORDERED that Respondents, directly or through any corporation, subsidiary, division, trade name, or other device, in connection with the advertising, promotion, offering for sale, sale, or distribution of any trading program in or affecting commerce, shall not misrepresent, in any manner, expressly or by implication:

VOLUME 131 Decision and Order A. That users of the program can reasonably expect to trade with little or no financial risk; or B. The extent of risk to which users of the program are exposed. Tl.

IT IS FURTHER ORDERED that Respondents, directly or through any corporation, subsidiary, division, trade name, or other device, in connection with the advertising, promotion, offering for sale, sale, or distribution of any trading program in or affecting commerce, shall not make any representation, in any manner, expressly or by implication, about the financial benefits of such program, unless they disclose, clearly and conspicuously, and in close proximity to the representation: “Stock, commodity futures, and stock or commodity options trading involve HIGH RISKS and YOU can LOSE a lot of money.”

Provided, the disclosure required by this Part is in addition to, and not in lieu of, any other disclosure that Respondents may be required to make, including but not limited to any disclosure required by state or federal law or by a self-regulatory organization. Therequirements of this Part are not intended to, and shall not be interpreted to, exempt Respondents from making any other disclosure. IV.

IT IS FURTHER ORDERED that Respondents, directly or through any corporation, subsidiary, division, trade name, or other device, in connection with the advertising, promotion, offering for sale, sale, or distribution of any trading program, in or affecting commerce, shall not represent, in any manner, expressly or by implication, that the experience represented by any user, testimonial or endorsement of the trading program represents the typical or ordinary experience of members of the public who use the trading program unless:

VOLUME 131 Decision and Order A. Respondents possess and rely upon a reasonable basis substantiating the representation at the time it is made; or B. Respondents disclose, clearly and conspicuously, and in close proximity to the endorsement or testimonial, either: 1. what the generally expected results would be for users of the trading program, or 2. the limited applicability of the endorser’s experience to what users may generally expect to achieve, that is, that users should not expect to experience similar results. For purposes of this Part, “endorsement” shall mean as defined in 16 C.F.R. § 255.0(b).

V.

IT IS FURTHER ORDERED that respondent WFS Enterprises, Inc., d/b/a The Cash Nursery, and its successors and assigns, and respondents Rabb Sabin and Arthur Smith shall, for five (5) years after the last date of dissemination of any representation covered by this order, maintain and upon request make available to the Federal Trade Commission for inspection and copying: A. All advertisements, instruction material, and promotional materials (including packaging) containing the representation;

B. All materials that were relied upon in disseminating the representation; and C. All tests, reports, studies, surveys, demonstrations, or other evidence in their possession or control that contradict, qualify, or call into question the representation, or the basis relied upon for the representation, including complaints and other communications with consumers or with governmental or consumer protection organizations.

VOLUME 131 Decision and Order Vi.

IT IS FURTHER ORDERED that respondent WFS Enterprises, Inc., d/b/a The Cash Nursery, and its successors and assigns, and respondents Rabb Sabin and Arthur Smith shall deliver a copy of this order to all current and future principals, officers, directors, and managers, and to all current and future employees, agents, and representatives having responsibilities with respect to the subject matter of this order, and shall secure from each such person a signed and dated statement acknowledging receipt of the order. Respondents shall deliver this order to current personnel within thirty (30) days after the date of service of this order, and to future personnel within thirty (30) days after the person assumes such position or responsibilities. Respondents shall maintain, and upon request make available to the Commission for inspection and copying, each such signed and dated statement for a period of five (5) years after creation. VIL.

IT IS FURTHER ORDERED that respondent WFS Enterprises, Inc. d/b/a The Cash Nursery, and its successors and assigns shall notify the Commission at least thirty (30) days prior to any change in the corporation that may affect compliance obligations arising under this order, including but not limited to a dissolution of a subsidiary, parent or affiliate that engages in any acts or practices subject to this order; the proposed filing of a bankruptcy petition; or a change in the corporate name or address. Provided, however, that, with respect to any proposed change in the corporation about which respondent learns less than thirty (30) days prior to the date such action is to take place, respondent shall notify the Commission as soon as is practicable after obtaining such knowledge. VU.

IT IS FURTHER ORDERED that respondent Rabb Sabin, for a period of five (5) years after the date of issuance of this order, shall notify the Commission of the discontinuance of his current business or employment, or of his affiliation with any new business or VOLUME 131 Decision and Order employment involving the advertising, promotion, offering for sale or sale of any business or business venture, franchise; or any business or employment related, directly or indirectly, to the purchase or sale of stocks, currencies, commodity futures, options, or other financial instruments or investments. The notice shall include respondent's new business address and telephone number and a description of the nature of the business or employment and his duties and responsibilities.

IX.

IT IS FURTHER ORDERED that respondent Arthur Smith, for a period of five (5) years after the date of issuance of this order, shall notify the Commission of the discontinuance of his current business or employment, or of his affiliation with any new business or employment involving the advertising, promotion, offering for sale or sale of any business or business venture, franchise; or any business or employment related, directly or indirectly, to the purchase or sale of stocks, currencies, commodity futures, options, or other financial instruments or investments. The notice shall include respondent's new business address and telephone number and a description of the nature of the business or employment and his duties and responsibilities.

X, IT IS FURTHER ORDERED that respondent WFS Enterprises, Inc. d/b/a The Cash Nursery, and its successors and assigns shall, within sixty (60) days after the date of service of this order, and at such other times as the Federal Trade Commission may require, file with the Commission a report, in writing, setting forth in detail the manner and form in which they have complied with this order. XI.

This order will terminate on January 12, 2021, or twenty (20) years from the most recent date that the United States or the Federal Trade Commission files a complaint (with or without an accompanying consent decree) in federal court alleging any violation VOLUME 131 Decision and Order of the order, whichever comes later; provided, however, that the filing of such a complaint will not effect the duration of: A. Any Part in this order that terminates in less than twenty (20) years;

B. This order’s application to any respondent that is not named as a defendant in such complaint; and C. This order if such complaint is filed after the order has terminated pursuant to this Part.

Provided further, that if such complaint is dismissed or a federal court rules that the respondent did not violate any provision of the order, and the dismissal or ruling is either not appealed or upheld on appeal, then the order will terminate according to this Part as though the complaint had never been filed, except that the order will not terminate between the date such complaint is filed and the later of the deadline for appealing such dismissal or ruling and the date such dismissal or ruling is upheld on appeal. XII.

All notices required to be sent to the Commission pursuant to this Order shall be sent by certified mail to the Associate Director, Division of Enforcement, Bureau of Consumer Protection, Federal Trade Commission, 601 Pennsylvania Avenue, N.W., Washington, D.C. 20580. ATTN: In the Matter of WFS Enterprises, Inc. d/b/a The Cash Nursery.

By the Commission.

VOLUME 131 Analysis Analysis of Proposed Consent Order to Aid Public Comment Issued when the Commission tentatively approved a proposed consent order on October 6, 2001 The Federal Trade Commission has accepted, subject to final approval, an agreement containing a consent order from W.F.S. Enterprises, Inc., a corporation, doing business as The Cash Nursery, and Rabb Sabin and Arthur Smith, individually and as officers of the corporation (together, “respondents’’). The proposed consent order has been placed on the public record for thirty (30) days for receipt of comments by interested persons. Comments received during this period will become part of the public record. After thirty (30) days, the Commission will again review the agreement and the comments received, and will decide whether it should withdraw from the agreement or make final the agreement’s proposed order. Respondents sell a training program on the Internet for the daily buying and selling of stock and commodity options (also known as “day trading”). They advertise on their Internet Web site, www.thecashnursery.com. This matter concerns allegedly deceptive representations of the earnings and profit potential, as well as the extent of risk involved in using respondents’ trading methods.

The Commission’s proposed complaint alleges that respondents made unsubstantiated claims that users of respondents’ options trading program could reasonably expect to earn large profits, as much as seven figures annually (i.e., more than $1,000,000); that users could reasonably expect consistent investment returns of 100% to 500% on their trades; and that testimonials appearing in the advertisements for respondents’ options trading program reflected the typical or ordinary experience of members of the public who use the program. In addition, the complaint alleges that respondents misrepresented that users of their options trading program could reasonably expect to trade with little financial risk. VOLUME 131 Analysis The proposed consent order contains provisions designed to prevent respondents from engaging in similar acts and practices in the future.

Part I of the proposed order requires respondents to have a reasonable basis substantiating any representation that users of respondents’ currency trading program can reasonably expect to eam large profits: (1) that users of Respondents’ commodity and stock option trading program can reasonably expect to earn large profits, or as much as six figures annually; (2) that users of Respondents’ commodity and stock option trading program can reasonably expect consistent investment returns of 100% to 500% on their trades; and (3) that users of Respondents’ commodity and stock option trading program can reasonably expect 90% or more of their trades to yield returns of 100% or better. Part I also requires respondents to possess a reasonable basis substantiating claims about the amount of earnings, income, or profit that a prospective user of any trading program could reasonably expect to attain, or about any financial benefit or other benefit from any trading program offered by respondents. Part II of the proposed order prohibits respondents from misrepresenting that users of any trading program can reasonably expect to trade with little or no financial risk and from misrepresenting the extent of risk to which users of any such program are exposed.

Part III of the proposed order requires respondents to disclose, clearly and conspicuously, “Stock, commodity futures, and stock or commodity options trading involve HIGH RISKS and YOU can LOSE a lot of money.” in close proximity to any representation they make about the financial benefits of any trading program. This disclosure is in addition to, and not instead of, any other disclosure that respondents may be required to make. Part IV of the proposed order prohibits respondents from representing without a reasonable basis that the experience represented by any user, testimonial or endorsement of any trading VOLUME 131 Analysis program represents the typical or ordinary experience of members of the public who use the program; or respondents must disclose either what the generally expected results would be for users of the trading program, or the limited applicability of the endorser’s experience to what users may generally expect to achieve, that is, that users should not expect to experience similar results. Parts V and VI of the proposed order require respondents to keep copies of relevant advertisements and materials substantiating claims made in the advertisements and to provide copies of the order to certain personnel. Part VII requires W.F.S. Enterprises, Inc. to notify the Commission of any changes in the corporate structure that might affect compliance with the order. Parts VIII and IX require that individual respondents Rabb Sabin and Arthur Smith, respectively, to notify the Commission of changes in their employment status for a period of ten years. Part X requires W.F.S. Enterprises, Inc. to file compliance reports with the Commission. Part XI provides that the order will terminate after twenty (20) years under certain circumstances. The purpose of this analysis is to facilitate public comment on the proposed order. It is not intended to constitute an official interpretation of the agreement and proposed order or to modify in any way their terms.

VOLUME 131 Complaint