FTC Takes Action Against Online Trading Academy for Deceptive Practices in Investor Training Scheme

The Federal Trade Commission (“FTC”) has secured a temporary restraining order against Online Trading Academy (“OTA”), a company that has been accused of misleading consumers with false claims about its investment training programs. The legal action aims to put a stop to deceptive practices that have reportedly cost consumers millions of dollars while leaving them with little to show for their financial investment. OTA, which promotes investment training programs that can cost as much as $50,000, has been under scrutiny for making exaggerated claims about the potential earnings its training can generate. According to the FTC, the company used these misleading assertions to attract consumers, many of whom were older Americans, to purchase its costly programs. The agency’s complaint also highlights the company's troubling practices surrounding refund requests. Consumers who sought to get their money back were allegedly forced to sign contracts that prohibited them from posting negative reviews or communicating with law enforcement about their experiences.