You look good, Lenny
Do you remember about a year or two ago when you heard how Lenny Dykstra was somehow this stock genius? How he was pumped up by CNBC's Jim Cramer as one of only "4 or 5 people in the world" that Cramer would take stock advice from?
Well, the whole thing was a sham. [The Daily Beast]
Dykstra sought out Cramer in 2005 to write for Cramer's website TheStreet.com. Cramer anointed Dykstra as a genius and helped push him stocks to pick. And for the next four years Dykstra relayed those, and his own stock tips, to the readers of Cramer's site. The only problem is that most of those "deep-in-the-money-calls" Dykstra was pushing were being fed to him, along with over $250,000 in stock options (in his brother-in-law's name), in exchange for his promotion of them. All this, unbeknowst to Cramer.
Not only that, but his record of picking winners wasn't entirely real either. Each morning he was being sent tips to write about.
He also formed a magazine in 2007 called "The Players Club", which ultimately failed and left Dykstra with a mountain of debt and in bankruptcy.