Timothy Sykes

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Timothy Sykes
Tim Sykes.jpg
Born April 16, 1981
Orange, Connecticut
Residence Miami Beach, Florida
Alma mater Tulane University
Website http://www.timothysykes.com/

Timothy Sykes (born April 16, 1981) is an American penny stock trader and entrepreneur.[1][2] He is best known for earning about $4 million by day trading while attending Tulane University.[3][4]

Career[edit]

In 1999, while attending high school, Sykes used $12,415 of his bar mitzvah gift money and began day trading penny stocks.[5] The investment would grant him about $1.65 million when he was around the age of 21.[6]

Sykes graduated from Tulane University in 2003 with a bachelor's degree in philosophy and a minor in business.[7] While at Tulane, Sykes routinely cut class to day trade.[8] In 2003, during his senior year, he founded Cilantro Fund Management, a short bias hedge fund,[9][10] using $1 million mostly from Sykes' friends and family.[11]

In 2006, Sykes was included on Trader Monthly's "30 Under 30" list of up-and-coming traders in the market,[12] a selection which editor Randall Lane later called "our worst pick" among the chosen honorees.[11] Sykes claimed that the Cilantro Fund was "the number one long-short microstock hedge fund in the country, according to Barclays";[11] Lane later discovered that the rating came from "the Barclay Group," a small research company based in Fairfield, Iowa, and not the well-known Barclay's British bank.[13][14]

In 2008 Sykes decided to recreate his initial investing success by again starting with $12,415.[15][16] He named the attempt Transparent Investment Management (TIM).[3][17] After two years, Sykes turned the sum into $90,368 and was the top ranked trader on Covestor.[18][19]

Sykes self-published An American Hedge Fund: How I Made $2 Million as a Stock Operator & Created a Hedge Fund in 2007.[20] The book documented Sykes' experiences from day-trading in college to becoming a wealthy hedge fund manager.[21]

In 2012, Sykes created "Miss Penny Stock," a financial beauty pageant among the female representatives for his brand and company.[22][23]

Teaching and other projects[edit]

Sykes currently works as a financial activist and educator.[24]

In 2009, Sykes launched Investimonials.com, a website devoted to collecting user reviews of financial services, videos, and books, as well as financial brokers.[25]

Sykes co-founded Profit.ly in 2011, a social service with about 20,000 users that provides stock trade information online.[26] Sykes said the service serves two purposes: "creating public track records for gurus, newsletter writers and students and allowing everyone to learn from both the wins and losses of other traders to benefit the entire industry."[27]

In December 2013, CNN Money wrote an article on Sykes and his student Tim Grittani.[1] Under Sykes's guidance and coaching, Grittani turned $1,500 into over $1 million in 3 years.[28] Grittani was Sykes's second student to earn over $1 million following Sykes's strategies.[1][28]

Sykes founded the Timothy Sykes Foundation, which has raised $600,000 and has partnered with Make-a-Wish Foundation and the Boys and Girls Club.[29]

Controversy[edit]

Sykes is not a registered investment adviser, and has declined to provide the necessary brokerage statements and related documents to validate many of his claims.[30]

Sykes has publicly criticized various businesses and celebrities, including Shaquille O'Neal[31] and Justin Bieber,[32][33] for promoting "pump and dump" schemes,[32][34][35][36] in which an investor purchases stock, hypes others into buying that stock to inflate its price, then sells the shares at a higher price and shorts the profit from the resulting decline.

Personal[edit]

In January 2015, Timothy Sykes became engaged to model Bianca Alexa, contestant on America's Next Top Model Cycle 20.

References[edit]

[37]

  1. ^ a b c Yousuf, Hibah. "Trader turns $1,500 to $1 million in 3 years". CNN Money. 
  2. ^ de la Merced, Michael (December 8, 2006). "Culturally, Hedge Funds Go Public". New York Times. 
  3. ^ a b "Timothy Sykes Will Not Be Stopped, Gosh Darn It". New York Magazine. November 1, 2007. 
  4. ^ Neal, Jeff (March 13, 2009). "Interview Central: Timothy Sykes, Part 1". Forbes.com. 
  5. ^ "Wanted: Fund Manager, No Experience Necessary". Business Week. March 5, 2006. 
  6. ^ "Young Manager Profile" (PDF). Alternative Universe. March 27, 2007. 
  7. ^ "Timothy Sykes' LinkedIn Profile". LinkedIn. 
  8. ^ Toren, Adam (October 25, 2011). "Young Entrepreneurs: "Quit being such babies!" Tim Sykes Tells it Like it Is". YoungEntrepreneur.com. 
  9. ^ "US magazine toasts star traders aged 30 or younger" (PDF). Reuters. July 27, 2006. 
  10. ^ Joe, Michael (May 8, 2012). "Two students win Sykes Award recognizing nontraditional abilities and interests". Tulane.edu. 
  11. ^ a b c Randall Lane (2010). The Zeroes. page 56: Penguin Group. ISBN 978-1-59184-329-0. 
  12. ^ Barber, Andrew (August 2006). "30 under 30" (PDF). Trader Monthly. 
  13. ^ Thomassen, Lucilla. "5 Things You Should Know about Tim Sykes". TopTenPK.com. 
  14. ^ Randall Lane (2010). The Zeroes. pages 151-153: Penguin Group. ISBN 978-1-59184-329-0. 
  15. ^ "Wunderkid is Back". Investment News. November 12, 2007. 
  16. ^ "'Wall Street Warriors' TV Star Timothy Sykes Sets Up New & Transparent Challenge". PR Web. November 1, 2007. 
  17. ^ Kuhn, Eric (May 6, 2008). "From Bar Mitzvah Thousands to Bar Mitzvah Millions: Tim Sykes Launches New Site". Huffington Post. 
  18. ^ Sykes, Timothy (November 2, 2009). "How To Turn $12,415 Into $90,368 In 2 Years [A BLUEPRINT]". TimothySykes.com. 
  19. ^ Goode, Michael (December 10, 2009). "A first look at auto-trading Tim Sykes using Covestor Investment Management". GoodeTrades.com. 
  20. ^ Sykes, Timothy (2007). An American Hedge Fund: How I Made $2 Million as a Stock Operator & Created a Hedge Fund. BullShip Press. p. 235. ISBN 0979549701. 
  21. ^ Chatzky, Jean. "An American Hedge Fund". Oprah.com. 
  22. ^ "Stock up on girls". The New York Post. 
  23. ^ La Roche, Julia. "Penny Stock King Tim Sykes Is Hosting A Beauty Pageant Where Girls Will Parade Around In Bikinis And Cocktail Outfits". Business Insider. 
  24. ^ "Party's Over for Hedge King". New York Post. September 21, 2007. 
  25. ^ Kincaid, Jason (November 25, 2009). "Investimonials Wants To Be Your Guide To Quality Financial Products". Tech Crunch. 
  26. ^ "Best Advice I Ever Got: Timothy Sykes". Inc. June 1, 2011. 
  27. ^ Anderson, Tom (September 15, 2011). "Profit.ly Mines The Masses For Stock-Trading Gold". Forbes. 
  28. ^ a b "Veteran Trader Timothy Sykes Creates Two Millionaire Students, Proving the Average Joe Can Outperform Wall Street's Big Boys". Reuters. 
  29. ^ Rampton, John The Man Who Wants Everyone to Be a Millionaire Inc. September 24, 2015
  30. ^ http://www.huffingtonpost.com/dan-solin/learning-from-timothy-syk_b_4998799.html
  31. ^ Veneziani, Vince (March 3, 2010). "Tim Sykes: I Dare Shaq To Take Me To Court!". Business Insider. Retrieved 7 January 2013. 
  32. ^ a b Cunningham, Brandon. "The Curious Case of Justin Bieber and Options Media Group (aka PhoneGuard)". Motley Fool. 
  33. ^ Peterson, Kim. "Justin Bieber's penny-stock trouble". MSN Money. 
  34. ^ "Not Spongeworthy". New York Post. 
  35. ^ "SpongeTech CEO Arrested For Fraud A Week After Suing Short-Seller". Business Insider. 
  36. ^ "Bill for Spongetech fraud: $52 million". Crain's New York. 
  37. ^ How Tim Sykes became a Millionaire