Online Trading Academy Sued by FTC

[ironchef]

https://www.ocregister.com/2020/02/...ed-by-ftc-for-allegedly-misleading-investors/

What is interesting is their own survey of their students found only 3% said they made a lot of money.

In addition, the commission charged that the academy could not support its claims of trading riches, noting a company survey of customers found “just 3% of people who responded claimed to be making ‘a lot of money,’ 31% reported making ‘a little money, and 66% said they were making no money at all.”

 

[gaussian]

https://www.ocregister.com/2020/02/...ed-by-ftc-for-allegedly-misleading-investors/

What is interesting is their own survey of their students found only 3% said they made a lot of money.

I get an ad for these guys once every few months. I've also seen their commercials. Always struck me as odd.

FWIW their percentages more-or-less reflect trading of leveraged derivatives so I'm not totally surprised. What does surprise me is that people would pay $12,000-$60,000 for lessons. You could stumble through the market blind folded and come out profitable with that kind of capital.

 

[ironchef]

I get an ad for these guys once every few months. I've also seen their commercials. Always struck me as odd.

Last year I was "invited" to attend a free 1/2 day seminar, even received a free kindle for attending. I didn't sign up because all the "expert instructor" did was trying to sell courses to us. Poor lady was very pleasant and nice. I felt bad for her I didn't sign up.

 

[ajacobson]

https://www.ftc.gov/news-events/blo...s-online-trading-academys-money-making-claims

Wonder if the AGs will want a bite of this apple.

 

[gaussian]

Last year I was "invited" to attend a free 1/2 day seminar, even received a free kindle for attending. I didn't sign up because all the "expert instructor" did was trying to sell courses to us. Poor lady was very pleasant and nice. I felt bad for her I didn't sign up.

I never got a free kindle for attending . One time I got a nice dinner from some people that wanted to sell me hearing aids though! haha.

OTA is operating in some really murky waters. They've adapted MLM tactics to trading which, while brilliant, is despicable.

 

[NewTraderAdventure]

lets cut to the chase

these folks are vermin , that should be drawn and quartered

FTC very late in cutting this down , as anyone with even half a clue, which is most of ET, knew this was pure bs , a lot like the Najarian hustle, just worse

Con men all

 

[heavenskrow]

Good god, I've been getting spam physical mails every week by them.
It's been going straight to the recycling dump every time

 

[schizo]

https://www.ocregister.com/2020/02/...ed-by-ftc-for-allegedly-misleading-investors/

What is interesting is their own survey of their students found only 3% said they made a lot of money.

I'm rather surprised they've lasted this long.

 

[Tony Optionaro]

I'm rather surprised they've lasted this long.

I’m surprised that people still keep falling for this shit all the time.. Then again I remember how ignorant and foolish the average wanna-be trader is.

 

[Baron]

It's interesting how the CEO said that his company should be allowed "the constitutionally granted right to commercial free speech", but yet if one of his customers asks for their money back, that customer has to sign an agreement that they won't say anything negative about the company on sites like this. Hmmmm...