Losing MoneyMichael Schroeder
The new year got off to a rocky start for Dan Dorfman, the TV and magazine stock tipster. On Jan. 1, Money magazine fired its columnist for refusing to disclose to his editor the sources he uses in reporting his columns.
Dorfman had been on paid leave from the magazine since BUSINESS WEEK revealed in October that Dorfman and stock promoter Donald Kessler were being investigated by the U.S. Attorney's Office in Brooklyn for possible securities-law violations and wire and mail fraud. Money Managing Editor Frank Lalli says he asked for Dorfman's sources "to maintain my confidence in the quality of the information we publish." In a statement, Dorfman said he couldn't comply with Money's "sweeping demands."
Estimates put Dorfman's income at more than $1 million a year from speaking fees and salaries from CNBC television and Money. CNBC has continued to air Dorfman's daily stock reports, and a spokesman said that the network still sees "no reason to believe that Dorfman has violated the law."
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