From Wiki: (emphasis added)
In the mid-2000s, a dispute arose between Weiss Research and the U.S. Securities and Exchange Commission (SEC), which centered on whether Weiss Research acted as a publisher or a financial advisor. In its filing, the SEC argued that the actions were those of an adviser, while Weiss Research maintained that it acted strictly as a publisher.[6]
In 2006, Weiss voluntarily settled his dispute with the SEC. The SEC instituted cease-and-desist proceedings against Weiss Research Inc., Martin Weiss and Lawrence Edelson. The proceeding stated, "13. Weiss Research, in promotional materials prepared by Martin Weiss, Edelson, and others, sometimes used selective, outdated, and/or hypothetical examples of specific returns that subscribers might have realized on individual trades had they followed Weiss Research's recommendations, without advising that the overall return was or might not be profitable," and "14. The overall performance of Weiss Research's premium services did not support these profit claims. In fact, during the relevant time period, many subscribers who followed each Weiss Research trading recommendation – as Weiss Research encouraged its subscribers to do – experienced overall returns that were substantially lower than Weiss Research's profit examples and most actually lost money." [7]