Timothy Sykes Explained

Timothy Sykes
Birth Date:15 April 1981
Birth Place:Orange, Connecticut, U.S.

Timothy Sykes is a penny stock trader[1] [2] who claims to have earned $1.65 million from a $12,415 Bar mitzvah gift through day trading while in college.[3] [4]

Career

Timothy Sykes graduated from Tulane University in 2003 with a bachelor's degree in philosophy and a minor in business. He is Jewish. [5] While at Tulane, Sykes routinely cut classes to day trade.[6] In 2003 he founded Cilantro Fund Management, a small-short bias hedge fund,[7] [8] using $1 million mostly from his friends and family.[9] After initially acquiring profits the fund shut down 3 years later due to heavy losses.[10]

In 2006, Sykes was included on Trader Monthlys "30 Under 30" list of up-and-coming traders in the market,[11] a selection which editor Randall Lane later called "our worst pick" among the chosen honorees.[9] Sykes claimed that the Cilantro Fund was "the number one long-short microstock hedge fund in the country, according to Barclays";[9] Lane later discovered that the rating came from "the Barclay Group," a small research company based in Fairfield, Iowa, and not the well-known Barclays British bank.[12] [13]

In 2008 Sykes attempted to recreate his initial investing success by again starting with $12,415.[14] [15]

Sykes self-published An American Hedge Fund: How I Made $2 Million as a Stock Operator & Created a Hedge Fund in 2007.[16] The book documented Sykes' experiences as a day-trader and the difficulties he encountered in attempting to start a hedge fund.[17]

In 2012, Sykes created "Miss Penny Stock," a financial beauty pageant among the female representatives for his brand and company.[18]

Sykes has appeared on Below Deck twice, on season 2 episode 10 and season 5 episode 13.

Teaching and other projects

After the shutdown of Cilantro Fund Partners in 2007, Sykes wrote the book "An American Hedge Fund" and launched TimothySykes.com.>[19]

In 2009, Sykes launched Investimonials.com, a website devoted to collecting user reviews of financial services, videos, and books, as well as financial brokers.[20]

Sykes co-founded Profit.ly in 2011, a social service with about 20,000 users that provides stock trade information online.[21] Sykes said the service serves three purposes: "creating public track records for gurus, newsletter writers and students. He also wants everyone to learn from both the wins and losses of other traders to benefit the entire industry."[22] One of Sykes’ students, Tim Grittani, was able to turn $1,500 into $1 million in three years by trading stocks.[23] Another student, Jack Kellogg, made more than $10 million by stock trading under Sykes’ tutelage.[24]

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.[25]

In February 2017, Sykes donated $1 million to Pencils of Promise to help build 20 new primary schools across Ghana, Guatemala and Laos which are to be completed between 2017 and 2018.[26]

The Timothy Sykes Foundation was eventually renamed the Karmagawa Foundation and by 2019, Karmagawa had built 57 schools and donated more than $4 million to 45 charities for environmental causes.[27] [28]

In 2020, Sykes and Karmagawa made a joint pledge to donate $1 million for relief efforts in Yemen during the Yemeni civil war and the cholera and COVID-19 epidemics.[29] Karmagawa built its 100th school in Myanmar in 2022.[30]

Controversy

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

In May 2017, Sykes and Bow Wow had an Instagram feud in which at least one user accused Sykes of using "coded racist language".[36]

Notes and References

  1. Web site: Trader turns $1,500 to $1 million in 3 years. Yousuf. Hibah. December 16, 2013. CNN Money. 2019-08-27. 2018-12-04. https://web.archive.org/web/20181204053642/https://money.cnn.com/2013/12/16/investing/penny-stock-trader-millionaire/index.html?iid=HP_LN. live.
  2. News: Culturally, Hedge Funds Go Public . de la Merced, Michael . New York Times . December 8, 2006 . February 23, 2017 . June 23, 2018 . https://web.archive.org/web/20180623085130/https://www.nytimes.com/2006/12/08/business/media/08hedge.html?_r=0 . live .
  3. News: Timothy Sykes Will Not Be Stopped, Gosh Darn It . New York Magazine . November 1, 2007 . February 20, 2020 . June 23, 2018 . https://web.archive.org/web/20180623112813/http://nymag.com/daily/intelligencer/2007/11/timothy_sykes_will_not_be_stop.html . live .
  4. News: Interview Central: Timothy Sykes, Part 1 . Forbes.com . Neal. Jeff. March 13, 2009 . September 16, 2017 . October 19, 2017 . https://web.archive.org/web/20171019010346/https://www.forbes.com/feeds/options/2009/03/13/options20986.html . live .
  5. Web site: Timothy Sykes' LinkedIn Profile . LinkedIn . 2013-01-29 . 2010-02-27 . https://web.archive.org/web/20100227110027/http://www.linkedin.com/in/timothysykes . live .
  6. Web site: Young Entrepreneurs: "Quit being such babies!" Tim Sykes Tells it Like it Is. Toren. Adam. October 25, 2011. YoungEntrepreneur.com. https://web.archive.org/web/20121101232834/http://www.youngentrepreneur.com/blog/young-entrepreneurs-quit-being-such-babies-tim-sykes-tells-it-like-it-is/. November 1, 2012. dead. 2019-08-27.
  7. News: US magazine toasts star traders aged 30 or younger . Reuters . July 27, 2006 . January 29, 2013 . May 8, 2013 . https://web.archive.org/web/20130508093256/http://www.timothysykes.com/files/reuters07_26_06.pdf . live .
  8. Web site: Two students win Sykes Award recognizing nontraditional abilities and interests . Joe. Michael. Tulane.edu . May 8, 2012 . dead . https://web.archive.org/web/20130225213333/http://tulane.edu/giving/news/two-students-win-sykes-award-recognizing-nontraditional-abilities-and-interests.cfm . February 25, 2013 .
  9. Book: Lane, Randall. Randall Lane (journalist). The Zeroes. 56. Penguin Group. 2010. 978-1-59184-329-0.
  10. News: 2007-11-01. Failed hedge fund manager tries again on Internet. en. Reuters. 2022-01-29.
  11. News: 30 under 30 . Barber. Andrew. Trader Monthly . August 2006 . 2013-01-31 . 2013-05-08 . https://web.archive.org/web/20130508103653/http://www.timothysykes.com/files/tradermonthly30under30_08_06.pdf . live .
  12. Web site: 5 Things You Should Know about Tim Sykes . Thomassen. Lucilla. TopTenPK.com . 2013-01-31 . 2013-01-20 . https://web.archive.org/web/20130120163624/http://toptenpk.com/5-things-you-should-know-about-tim-sykes/ . live .
  13. Book: Lane, Randall. The Zeroes. pages 151-153. Penguin Group. 2010. 978-1-59184-329-0.
  14. Web site: Wunderkid is Back. Hansard. Sara. November 12, 2007. Investment News. August 27, 2019. August 27, 2019. https://web.archive.org/web/20190827224542/https://www.investmentnews.com/article/20071112/FREE/711120334/wunderkind-is-back. live.
  15. Web site: 'Wall Street Warriors' TV Star Timothy Sykes Sets Up New & Transparent Challenge . PR Web . November 1, 2007 . January 31, 2013 . July 6, 2013 . https://web.archive.org/web/20130706052555/http://www.prweb.com/releases/2007/11/prweb565596.htm . dead .
  16. Book: Sykes, Timothy. An American Hedge Fund: How I Made $2 Million as a Stock Operator & Created a Hedge Fund. 2007. BullShip Press. 978-0979549700. 235. 2017-09-16. 2021-02-07. https://web.archive.org/web/20210207214441/https://www.amazon.com/exec/obidos/ASIN/0979549701/. live.
  17. Web site: An American Hedge Fund . https://web.archive.org/web/20100515204136/http://www.oprah.com/oprahradio/An-American-Hedge-Fund . 2010-05-15 . dead . Chatzky. Jean. Oprah.com . 2019-08-27.
  18. Web site: Penny Stock King Tim Sykes Is Hosting A Beauty Pageant Where Girls Will Parade Around In Bikinis And Cocktail Outfits. La Roche. Julia. Aug 23, 2012. Business Insider. 2019-08-27. 2017-02-19. https://web.archive.org/web/20170219175726/http://www.businessinsider.com/miss-penny-stock-pageant-2012-8. live.
  19. Web site: Best Penny Stocks Guide: The Ultimate Plan on Trading in 2019 . 2019-01-14 . 2019-01-14 . https://web.archive.org/web/20190114210316/https://www.timothysykes.com/penny-stocks/ . live .
  20. Web site: Investimonials Wants To Be Your Guide To Quality Financial Products . Kincaid. Jason. Tech Crunch . November 25, 2009 . June 25, 2017 . September 29, 2018 . https://web.archive.org/web/20180929041305/https://techcrunch.com/2009/11/25/investimonials-timothy-sykes/ . live .
  21. News: Best Advice I Ever Got: Timothy Sykes . Inc. . June 1, 2011 . January 28, 2013 . May 16, 2013 . https://web.archive.org/web/20130516035106/http://www.inc.com/young-entrepreneur-council/best-advice-i-ever-got-timothy-sykes.html . live .
  22. News: Profit.ly Mines The Masses For Stock-Trading Gold . Anderson. Tom. Forbes . September 15, 2011 . September 16, 2017 . November 22, 2016 . https://web.archive.org/web/20161122225319/http://www.forbes.com/sites/tomanderson/2011/09/15/profit-ly-mines-the-masses-for-stock-trading-gold/ . live .
  23. Web site: Yousuf . Hibah . 2013-12-16 . Penny stock trader: From $1,500 to $1 million in three years . 2022-09-15 . CNNMoney.
  24. Web site: Maidan . Laila . A 24-year-old stock trader made over $8 million in 2 years. Here's how he identifies a winning trade regardless of stock-market conditions. . 2022-09-15 . Business Insider . en-US.
  25. Rampton, John The Man Who Wants Everyone to Be a Millionaire Inc. September 24, 2015
  26. Web site: Make Money and Make an Impact with Tim Sykes. 23 January 2017 . Lewis Howes. 2017-02-12. 2017-02-13. https://web.archive.org/web/20170213163926/http://lewishowes.com/podcast/timothy-sykes2/. live.
  27. Web site: Represent Launch Charity Collection Alongside Karmagawa to Spread Awareness . 2022-09-15 . Complex . en.
  28. Web site: Fox . MeiMei . Penny Stocks Trader Tim Sykes On Finding His Life Purpose With Karmagawa . 2022-09-15 . Forbes . en.
  29. Web site: Why millionaire stock trader Timothy Sykes donates $ 500,000 to the children of Yemen . 2022-09-15 . Radar 2014 . en-US.
  30. Web site: Team . The Karmagawa . 2022-01-27 . Karmagawa Announces Big Milestone: 100th School Opened To Help Children Escape Poverty . 2022-09-15 . Karmagawa . en-US.
  31. Web site: Veneziani. Vince. Tim Sykes: I Dare Shaq To Take Me To Court!. Business Insider. 7 January 2013. March 3, 2010. dead. https://web.archive.org/web/20130114131353/http://articles.businessinsider.com/2010-03-03/wall_street/29981469_1_mailer-stock-price-blogging. 14 January 2013.
  32. Web site: Peterson. Kim. Justin Bieber's penny-stock trouble. MSN Money. dead. https://web.archive.org/web/20110527100004/http://money.msn.com/exchange-traded-fund/article.aspx?post=158da049-d085-455a-9f98-df126b4ebaf0. 27 May 2011.
  33. Web site: Cunningham. Brandon. The Curious Case of Justin Bieber and Options Media Group (aka PhoneGuard). 20 May 2011 . Motley Fool. 2013-01-28. 2018-08-19. https://web.archive.org/web/20180819182206/https://www.fool.com/investing/general/2011/05/20/the-curious-case-of-justin-bieber-and-options-medi.aspx?source=isesitlnk0000008. live.
  34. Web site: SpongeTech CEO Arrested For Fraud A Week After Suing Short-Seller. Veneziani. Vince. May 5, 2010. Business Insider. 2019-08-27. 2019-08-27. https://web.archive.org/web/20190827224541/https://www.businessinsider.com/spongetech-execs-charged-with-fraud-2010-5. live.
  35. Web site: Bill for Spongetech fraud: $52 million. Elstein. Aaron. 2011-04-11. Crain's New York Business. en. 2019-08-27. 2019-08-27. https://web.archive.org/web/20190827224553/https://www.crainsnewyork.com/article/20110411/BLOGS02/304119998/bill-for-spongetech-fraud-52-million. live.
  36. News: Black Twitter Comes to Bow Wow's Rescue After White Entrepreneur Disses Rapper. Willis. Kiersten. 2017-05-17. Atlanta Black Star. 2018-01-06. en-US.

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