Sunday, November 29

Online trading academy

Online Provider of Securities Trading Classes Faces Fraud Suit – Bloomberg Law
Online trading academy

Online Provider of Securities Trading Classes Faces Fraud Suit – Bloomberg Law

A California-based provider of securities trading and investment classes used false and misleading representations to sell itself to consumers who often ended up paying more for their education than they earned in trades, a proposed class action filed Tuesday in federal district court alleges.Online Trading Academy deceived consumers by claiming the online classes would allow them to generate significant earnings, and by misrepresenting consumer risk, success rates, and the expertise of course instructors, according to the suit. OTA has charged more than $370 million from U.S. consumers in the last six years for its program, the suit alleges.The...To read the full article log in. To learn more about a subscription click here.
Cotchett, Pitre & McCarthy Files Class Action Lawsuit on Behalf of Consumers Against Online Trading Academy for Fraud – Business Wire
Online trading academy

Cotchett, Pitre & McCarthy Files Class Action Lawsuit on Behalf of Consumers Against Online Trading Academy for Fraud – Business Wire

LOS ANGELES--(BUSINESS WIRE)--Today, Cotchett, Pitre & McCarthy filed a class action lawsuit on behalf of Amy Jine and Ana Biocini against Online Trading Academy (“OTA”) and its executives, Eyal Shahar and Samuel Seiden, for their nationwide fraudulent business scheme. The executives are also named for their individual conduct outside. OTA targeted consumers and elderly individuals in particular. OTA claims to offer consumers a low-investment, high-profit online trading strategy and charges each student up to $50,000. The vast majority of students who receive OTA training do not make the “substantial income” promised by OTA. Many students lost thousands of dollars trading on top of the money they spent on OTA training.The Federal Trade Commission (“FTC”) sued OTA in February and obta...
FTC Obtains Preliminary Injunction Against Investor Training Scheme Online Trading Academy – MyChesCo
Online trading academy

FTC Obtains Preliminary Injunction Against Investor Training Scheme Online Trading Academy – MyChesCo

WASHINGTON, D.C. — A federal court has granted the Federal Trade Commission’s request for a preliminary injunction to halt the alleged illegal practices of Online Trading Academy (OTA). The court had previously entered a temporary restraining order in the case.The FTC’s complaint against OTA, Eyal Shachar (also known as Eyal Shahar), Samuel Seiden, and Darren Kimoto, filed earlier this year, alleges that the defendants have used false or unfounded earnings and related claims to sell investment “training programs” costing as much as $50,000.The complaint also alleges that OTA has required consumers who have gotten refunds from OTA to sign contracts that limit their ability to speak to law enforcement agencies or post negative reviews about OTA.Under the terms of the pr...