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.


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