The Federal Trade Commission (“FTC”) has reached a settlement with Online Trading Academy (“OTA”) that will provide debt relief to thousands of consumers and require the company’s leadership to pay between $5 million and $9.1 million. This settlement, valued at over $10 million, comes as a result of allegations that OTA deceived consumers for years with misleading claims about its investment training programs.
The FTC’s lawsuit against OTA, led by founder Eyal Shachar, accused the company of making exaggerated claims that its training programs could lead to substantial financial gains. OTA pitched its services with high-profile testimonials, showing hypothetical profits and depicting a “get-rich-quick” strategy. The company claimed that anyone could easily master its trading techniques and generate significant income, regardless of market conditions. However, the FTC’s investigation revealed that OTA had no credible evidence to support these earnings claims, and their own surveys and external trading data showed that most consumers made little to no money from the program.
FTC Settlement Forces Online Trading Academy to Forgive Debt and Pay Millions for Deceptive Practices
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