FTC Sues an Online Trading Academy, Here’s Why
Crypto Engine is a crypto trading tool for investing in the crypto market with an %88 average win rate on trades and is the #1 trading software for crypto traders from all around the globe in 2022. Try it For FREE Today.
Ever since the launch of internet, people were introduced to a new platform where they had more opportunities than the real-team world for starting their businesses or trades. Online trading has been one of the factors that has driven large crowds of people to invest in the online sector so they can make fortunes and profits. Many trading brokerages that were providing services in the real-time world also opened their own websites to target the online trading market and gained international popularity and recognition.
However, in the middle of all this, the scammers found the flaws and loop holes in the systems, and penetrated with plans devised only to deceive people, their sentiments and needs to lure them and deprive them of their savings.
In the current times, when the entire world’s population is suffering from monetary deficiencies and losses, everyone is desperate and eager to find a way for putting food on their tables. This is when online trading has proven to be reliable as the online trading business seems to have blossomed in the pandemic and is constantly showing upward trend.
At present, people are weak, vulnerable, and prone to scams. Amidst all of this, the Federal Trade Commission (FTC) has gone ahead and sued an online trading academy that goes by the name OTA. FTC claimed that this particular firm falsely claimed to be an online trading academy with false claims and phony statements only to lure people and gain their trust.
FTC added that these imposters tend to claim that they have created so many trading experts and millionaires over the period of six years, which would in turn, gain the confidence of the users and they would end up spending around $50,000 in their fake training plans. They have also revealed that these imposters were able to scam people for almost six years and in this period, they have been able to generate a revue of around $370 million.
In addition to their fake trading academy, OTA also claimed that they had team of expert traders and real-time support to provide assistance to their customers at any point.
Altcoin Directory is not responsible for the content, accuracy, quality, advertising, products or any other content posted on the site. Some of the content on this site (namely Branded Content Posts) is paid content that is not written by our authors and the views expressed do not reflect the views of this website. Any disputes you may have with brands or companies mentioned in our content will need to be taken care of directly with the specific brands and companies. The responsibility of our readers who may click links in our content and ultimately sign up for that product or service is their own. Cryptocurrencies, NFTs and Crypto Tokens are all a high-risk asset, investing in them can lead to losses. Readers should do their own research before taking any action.