The United States Federal Trade Commission (FTC) is sending checks totaling more than $5.4 million to 31,144 consumers who lost money after buying into an allegedly deceptively marketed investment training scheme offered by California-based Online Trading Academy (OTA) and its founder and CEO.
According to the FTC’s February 2020 complaint, OTA used false or unfounded earnings claims to sell “training programs” costing as much as $50,000. The Commission alleged that OTA made misleading claims that anyone could use its patented “strategy” to generate substantial income from trading in the financial markets and claimed this strategy could generate income in any market condition.
Additionally, the complaint alleged OTA “instructors”— salespeople on commission who marketed OTA’s training and strategy in live events across the country— often falsely held themselves out as successful traders who had amassed substantial wealth using the company’s strategy.Explore Data with the FTC: Learn more about FTC refunds to consumers
In addition to paying for monetary refunds to consumers, under the order settling the agency’s complaint, OTA forgave over $13.3 million in debt owed by consumers to OTA.
More than 31,000 consumers are receiving checks, averaging $175 each. Epiq, the redress administrator in this case, will mail checks today. Checks will expire in 90 days, as indicated on the check.