Before you purchase any course from Online Trading Academy please read the following from the FTC…read morewebsite as it describes exactly my experience with OTA.
"OTA pitched a get-rich-quick investment strategy using fake or unrepresentative testimonials, depictions of wealth, and implied promises of profits," said Andrew Smith, the Director of the FTC's Bureau of Consumer Protection. "OTA had no support for its lavish earnings claims, and that's illegal."
In February, the FTC brought a lawsuit alleging that OTA, led by Eyal Shachar, had deceived consumers for years with claims that purchasers of OTA's investment training were likely to generate significant income. OTA claimed that anyone could learn to use its strategy, and filled its sales pitch with testimonials and hypothetical trades showing significant profits.
OTA had no evidence that purchasers were likely to realize the advertised profits, and that the company's own surveys and third-party trading data showed that most purchasers made little to no money. OTA also claimed that its instructors and salespeople were active, successful traders, pointing consumers to their supposed success as evidence the strategy worked, those claims were false or unsubstantiated, and that several high-profile OTA pitchmen admitted they did not make significant money trading. Finally, the FTC charged that when consumers realized the truth and asked for their money back, OTA illegally used form contracts to prevent them from telling the government or other consumers about OTA's deception.
As the old saying goes "if you want to make money, tell people how to make money and charge for that "knowledge"
Here's who made money telling us "how to make money"; read below.
Eyal Shachar to pay $8.3 million and surrender a number of vehicles to the Commission, including a Cessna 400 airplane, a 2006 Bentley Mulsanne, a luxury motor home, a Cadillac Escalade, and six minivans. Darren Kimoto must pay $736,300 and surrender a 2017 Land Rover, and Samuel R. Seiden must pay $158,000. The cash and the proceeds of the vehicle sales will be used to provide refunds to affected consumers.
Fact checks below are some links.
https://www.ftc.gov/news-events/press-releases/2020/09/ftc-settlement-requires-online-trading-academy-forgive-consumer
https://www.tradingschools.org/online-trading-academy-yes-its-a-fraud/
Online Trading Academy West Palm Beach center is run by no less than Kareem Maghrabi who through his employment with First Choice Tech Support, a fraudulent company based in Florida which later changed its name to Client Care Experts, knowingly and willfully conspired with others known and unknown to commit an offense against the United States, namely to devise and
participate in a scheme and artifice to defraud and to obtain money and property by means of false and fraudulent pretenses, representations, and promises, and for the purpose of executing the scheme, and attempting to do so, knowingly to cause telephone calls, internet communications, credit card transactions, electronic fund transfers, and other signals to be transmitted in foreign
commerce by means of wire and radio communication, in violation of Title 18, United States Code, Section 1343.
Maghrabi pled guilty to an Information on June 11, 2020. Sentencing was held on September 28, 2020. Maghrabi was sentenced to 1 day of time served and 5 years supervised release. He was also ordered to pay a $100 special assessment fee as well as $1,623,342.78 in restitution.
Fact check.
https://www.justice.gov/usao-sdil/united-states-america-vs-kareem-maghrabi
