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Dr. Dan Ecklund claims he can treat dozens of diseases using stem cells. But there's a problem. Ecklund is a disgraced doctor whose medical license was revoked in 2005. That hasn't kept him from founding a company and a website that offer hope where science cannot. Scott Pelley investigates the lucrative business of miracle stem cell "cures." It's 21st century snake oil being peddled to desperate people, including the parents of one young boy, Adam Susser, who has cerebral palsy and is blind and quadriplegic.

The following is a script of "Stem Cell Fraud" which aired on Jan. 8, 2012. Scott Pelley is the correspondent. Oriana Zill and Michael Rey, producers.

There's no greater desperation than to be told that you, or your child, has a disease for which there is no hope. Many people with incurable illness look forward to the promise of stem cells. Stem cells have the potential to turn into any kind of cell and, in theory, they could repair damaged cells though scientists tell us that we're years away from realizing that dream. There is...