Jacob Wohl appears to be running hot. Just days after the President of the United States retweeted the self-proclaimed hedge fund guru for the second (or third) time, a purported letter from the Securities and Exchange Commission claimed they were ending a yearlong investigation into the 19-year-old “Wohl of Wall Street.” But is the young Wohl hot right now or running too close to the sun? And how did Jacob Wohl’s Twitter rack up such a big following so quickly?
21,125 of Jacob Wohl’s Twitter followers are labled fake
With CEO’s jumping off Trump’s business advisory council and Trump leaving New York City after a tumultuous press conference a day earlier, you might think he had a lot on his mind traveling from the Wall Street helipad to the Trump National Golf Club in Bedminster, NJ where he is spending a summer vacation. But just after 1:30 PM on August 16, President Trump once again drew attention to Wohl through a retweet of his comments lauding Trump for stock market success.
Wohl now has more than 62,000 Twitter followers and uses the platform to espouse his political view, where he recently weighing in on the Iranian nuclear program and chastised left-wing viewpoints. A recent tweet read: “If leftists spent as much time working as they do going after President Trump, there’d be a lot more liberal millionaires.”
While Jacob Wohl’s Twitter following seems extensive, a TwitterAudit.com review of Jacob Wohl’s Twitter followers found that 21,125 were fake.
“Tweeting is visceral — it comes from heart and not from brain,” Wohl told Bloomberg. “You’ve got 140 characters and you have to get someone’s attention. I’m good at that.”
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SEC proported to end investigation of Wohl
Wohl, who is known to ValueWalk readers for boasting about statistically rare unaudited hedge fund performance while employing a “director of fun” to entertain clients, was banned from the National Futures Association for life in a case involving missing client money. Wohl switched his strategy from equity-based products to managed futures in March of 2016 and was subsequently on the derivatives industry regulator’s radar the next month.
A recent letter allegedly from the Los Angeles field office of the Securities and Exchange Commission stated that they office has “concluded the investigation as to Wohl Capital Investment Group” and “we do not intend to recommend enforcement action.”
The SEC letter went on to state that “in the final paragraph of Securities Act Release No. 5310, which states in part that the notice ‘must in no way be construed as indicating that the party has been exonerated.’” The notice instructs SEC staff to advise the target of a formal investigation when the inquiry has been terminated “where such action appears appropriate.”
The letter was first reported by Benzinga August 16, citing the source of the letter being Jacob Wohl.
It is uncommon for the SEC to send a letter of this nature, but it is possible it happens.
Victoria Levin who is on the document mentioned above did not respond for a request to comment.
John Nester, the SEC’s Director of Public Affairs, declined to comment to ValueWalk when asked about the authenticity of the letter.
Wohl faces an action from the Arizona Corporation Commission that he and partner Matthew Johnson “fraud in connection with the offer or sale of securities,” stating the pair “misled” investors.
The August 7 commission deliberation date was delayed as the parties were expected to negotiate a settlement, which could come before the end of the month.
What’s in store for the young Wohl’s future?
He might take his “quantamental” investing approach and replace JPMorgan’s Jamie Dimon or BlackRock’s Larry Fink on President Trump’s Strategic and Policy Forum, he told Bloomberg.
“I’m very young and the administration is very young,” Wohl said. “Anything can happen. Not expecting to work in the White House or the government, but if the opportunity arose, I’d absolutely look at it closely.”
Wohl is either very hot or too close to the sun. Only time will tell.
