updated 11/12/2010 2:28:05 PM ET 2010-11-12T19:28:05

Prosecutors are no longer appealing the acquittal of two salespeople who used late-night infomercials to lure customers and tout their stock-trading abilities.

Utah residents Linda Woolf and David Gengler were charged in 2008 with fraud. Prosecutors alleged the two falsely passed themselves off as skilled investors to persuade people to spend thousands of dollars on courses that supposedly showed them how to make money trading stocks.

A jury in Alexandria convicted the two but a judge took the unusual step of tossing out the guilty verdict.

Prosecutors initially appealed but this week decided to let the acquittals stand.

Woolf's lawyer, Mark Schamel of the Womble Carlyle law firm, said his client suffered millions in losses from a prosecution that never should have been pursued.

Copyright 2010 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


Discussion comments


Most active discussions

  1. votes comments
  2. votes comments
  3. votes comments
  4. votes comments

Data: Latest rates in the US

Home equity rates View rates in your area
Home equity type Today +/- Chart
$30K HELOC FICO 3.79%
$30K home equity loan FICO 4.99%
$75K home equity loan FICO 4.69%
Credit card rates View more rates
Card type Today +/- Last Week
Low Interest Cards 13.83%
Cash Back Cards 17.80%
Rewards Cards 17.18%
Source: Bankrate.com