Writing about various scams and schemes, it’s easy to get jaded, even numb to people that steal the money of others through empty promises. A change of the usual pace is a good reminder of what they are really doing. Online Trading Academy, or OTA, is an education and investment training firm. This firm is held under suspicion by the Federal Trade Commission (FTC) of the US, who suspects fraudulent activities.
Useless Courses For Big Money
OTA, headed by a former Isreali Intelligence officer by the name of Eyal Shachar, organizes interactive workshops as well as training sessions. These sessions focus primarily on investment within the stock and currency markets.
However, the FTC considers these courses and lessons regarding the subject matters to be overall useless knowledge. The crux of the matter is the FTC is accusing OTA of fraudulently obtaining over $370 million from its customers through useless courses costing an excessive amount of money. According to the FTC, OTA has been doing this for more than six years.
OTA: Turning Newbies Into Wall Street Sharks In One Lesson
OTA provides web-based courses and financial education, guided by the hands of more than 120 individual structures. As it stands now, the day-trading academy has come under the scrutiny of the FTC, since the regulator has accused OTA of intentionally misrepresenting its business through its operatives.
One of the critical places where the company did this, is where they targeted those within retirement age. The students within that age range at OTA had been given claims that OTA instructors will teach them to invest like the professionals of Wall Street who have many years of experience. OTA promised these kinds of results, irrespective of prior experience or backgrounds.
Among the overblown claims, were promises to teach them to find investment opportunities with low risk and maximum yield, through the application of the typical “patented strategy.” This miracle strategy is claimed to extend to every type of asset class, including currencies, stocks, futures, and options.
Big Money For Big Promises
All customers had to do to get into these classes, was to pay $50,000 per course. Let’s reiterate. A customer has to dock out $50,000 for the privilege of learning this fool-proof technique, a pitch they target the elderly with. Hefty promises were thrown around by the salespeople of OTA to facilitate this massive pricing. They used claims that these classes were capable of teaching them skills that would generate an incredible income, thus justifying the enormous price tag.
