Money

Fox News Contributor Charles Payne Accused of Promoting Stocks for Pay

| by Michael Allen
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Charles Payne currently appears on Fox News and Fox Business as a contributor and guest host.

Payne was allegedly paid to promote the stocks of at least three companies since joining the cable networks, a practice not allowed by Fox Broadcasting.

According to a MediaMatters.org, Payne was paid $40,000 to plug Brainy Brands Company in 2011, $25,000 by a third party to promote NXT Nutritionals Holdings in 2009 and an unidentified amount of money to push Generex Biotechnology Corporate in 2007.

However, the stock prices of these companies today have plummeted and are worthless.

In response to the report, Payne told MediaMatters.org: "Never heard of any of the websites your [sic] mentioned and only affiliated with www.wstreet.com. There are no other comments to you or your organization."

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MediaMatters.org also notes that a page on Payne's web site Wstreet.com/brainybrands/default.asp advertised an offer for "Charles Payne's FREE 10-day Bonus Report--Spotlight on a Winner: How Brainy Brands Is Poised to Take Over the Multibillion-Dollar Early Education Industry (a $19 value)."

However, now Wstreet.com/brainybrands/default.asp redirects to Wstreet.com/signup/newsletter.asp.

However, the original page is still saved on Google Cache. The Brainy Brands plug is at the bottom right of the web site page.

On June 18, MarketWatch reported that Fox News fired contributor Tobin Smith, who appeared in an email campaign plugging Petrosonic Energy.

A Fox News spokesman stated at the time: "No Contributor to FBN, nor his/her firm, and/or family members are allowed to accept financial consideration of any kind whatsoever to issue research, advertisements, or to otherwise promote individual stocks or securities."

MediaMatters.org also reports that Payne pushed NXT Nutritionals on three websites that have suddenly gone offline, but can still be seen on Archive.org: Afterthecrashwinners.com, Investafterthecrash.com, and Postcrashgains.com.

Sources: MediaMatters.org, Wstreet.com, MarketWatch, Google Cache, Archive.org