MarketWatch - which, like Fox, is owned by News Corp. The stock pitches were also used as a vehicle to entice readers to join Payne's subscription newsletter.įox policy prohibits contributors from receiving compensation to promote a stock. A direct marketing company which worked with Payne stated it brandished Payne's Fox News connections “to build credibility” with his potential customers. It's now trading at roughly 4 cents.Īside from rosy projections, Payne's sponsored stock pitches shared a common theme: using his cable news and Fox credentials to assure skeptical investors that his advice was trustworthy. ![]() ![]() And Payne claimed in November 2007 that Generex, then at $1.58, was a long term “screaming buy” which could hit $7.00. Payne claimed in 2009 that NXT could “turn $10,000 into $25,000.” At the time, NXT was trading for $2.00 - it's now below 1/10 th of a cent. At the time of the pitch, Brainy Brands was trading at around $1.35 - it's now below 1 cent. He projected in 2011 that Brainy Brands could hit $4.50 a share in three years. Payne forecasted lofty gains for investors who bought those stocks. ![]() The share prices of the companies Payne was paid to tout are now essentially worthless. The practice of compensated stock endorsements is currently prohibited by Fox rules, and resulted in the recent contract termination of contributor Tobin Smith.Īccording to a Media Matters review, Payne was paid $40,000 to promote The Brainy Brands Company, "$25,000 by a third party" to promote NXT Nutritionals Holdings, and an undisclosed amount for a “consulting arrangement” to promote Generex Biotechnology Corporation. UPDATE: Fox's Charles Payne Responds To Paid Stock Pushing Inquiry By Ducking Questions, Scrubbing WebpageĬharles Payne, a contributor and frequent guest host for Fox News and Fox Business, was compensated to promote the stocks of at least three companies since joining Fox.
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