Online Trading Academy. Yes, its a FRAUD.

The United States Federal Trade Commission has finally exploded the Online Trading Academy.

On February 12, 2020, the FTC filed a massive 8000+ page lawsuit alleging that the Online Trading Academy ripped off thousands of consumers for a total of $370 million dollars, since at least 2014.

However, the alleged fraud is likely much larger and probably closer to $670 million dollars. According to a source that contacted TradingSchools.Org, the organization was not charged with the full amount because the statute of limitations only covered the prior 6 years.

The lawsuit filed in the Southern District of California is an absolute nightmare and essentially describes what amounts to a highly refined and well-orchestrated financial slaughterhouse where primarily elderly consumers were fleeced of their life savings.

Additionally, on February 25, the FTC was able to successfully obtain a Temporary Restraining Order and was able to freeze the personal and corporate assets of the company founders: Eyal Shachar and Sam Seiden.

Eyah Shahar of Online Trading Academy
Eyal Shachar of Online Trading Academy. A conman without compare.

As it currently stands, the fraudulent company is essentially on life support and making a last-ditch, “bet the company” legal strategy to fight the Federal Trade Commission in Federal Court.

Good luck with that.

The TradingSchools.Org Investigation

Since early 2019, TradingSchools.Org began to receive a steady stream of information from former company salespeople describing that a nascent investigation had commenced at the Federal Trade Commission.

We began to receive a tremendous amount of information that could have only come from someone working on the inside.

All the while, hundreds of consumers have requested that TradingSchools.Org write a review about Online Trading Academy. However, with the pending FTC investigation, we felt it best to wait until all the facts came out, and more witnesses were willing to come forward.

The Online Trading Academy is highly litigious. A search of state and federal court record databases reveals that they will sue pretty much anyone that negatively speaks or writes about them.

These lawsuits include suing and or threatening to sue the very people that they have ripped off. Their legal strategy has been to “spend whatever it takes” to keep the truth from coming out.

Finally, the FTC has taken bold action. It is good to know that the assets of the company founders have been frozen, and are pending the outcome of a trial in Federal Court.

In the following paragraphs, I would like to give a highly truncated version of events. Considering that the lawsuit is over 8000 pages long, there is way too much ground to cover. The following is short, sweet, and not perfectly accurate. Many witnesses were not willing to use their real names for fear of yet more legal reprisal.

The people running this company are very ugly.

Online Trading Academy: What, where, and how much?

The headquarters of the Online Trading Academy is located in Irvine, California.

However, there are also dozens of franchises located throughout the United States and several locations located outside of the United States.

The cost of a franchise depended on the territory and size of the general population in the area. The prices ranged from $300k to $750k, with approximately 10% of gross sales paid to the corporate headquarters.

What did you get for your franchise fee? According to our source, the Online Trading Academy pre-packaged a “business opportunity” that taught franchise owners how to fleece consumers with the well-worn sales pitch of “easily earn millions through day trading.”

Consumers would spend upwards of $60k per person to supposedly learn how to day trade from a purported “professional day trader.”

According to the FTC, the company had a special affinity for scamming the elderly and financially illiterate.

More on that later.

Online Trading Academy: The Early Years

Online Trading Academy was established in about 2001 by Eyal Shachar and Sam Seiden.

In the late 1990s, Eyal Sachar arrived in the United States “with zero money” as he describes in his personal biography.

According to people that know him, he is a life long con artist that fled Israel for attempting to sell fake diamonds to consumers.

Additionally, he is described as a “professional con artist” that has spent his entire life selling all manner of get-rich-quick schemes and financial whack-a-doodle.

When he arrived in the United States, “he didn’t know the difference between a stock and a rock.” In fact, he has never day traded successfully, holds no professional qualifications, and has been nearly convicted on multiple financial crimes in his native Israel, according to our source.

But Eyal Shachar quickly realized that American consumers had an unseemingly unquenchable appetite for “day trading” products and services.

About this time, he met a person named Sam Seiden. Mr. Seiden was also a professional con artist that had spent the prior several years selling books and courses describing himself a “millionaire day trader” and he would sell you his “secret trading system” for several thousand dollars.

Sam Seiden of Online Trading Academy. A losing trader. And a professional conman.

They next devised a scheme where they would lure unsuspecting consumers into a professional-looking office replete with dozens of computer screens.

The office was made to appear as a “prop trading” office where professional traders were supposedly executing trades and earning hundreds of thousands of dollars each year.

Consumers were allowed to walk and talk to these “professional traders” including Sam Seiden and they were told that “day trading is easy” but you “need a proper education.”

However, what consumers did not realize is that these “professional prop traders” were nothing more than formerly used car salesmen, timeshare salespeople, and generally people of low moral character.

Consumers were then taken into specially designed sales offices where Eyal Shachar and Sam Seiden would walk the consumer down a carefully prepared “primrose path.” In short, they were shown falsified brokerage statements and stories of “day trading glory.”

The cost to learn these supposed secrets was upwards of $60k per consumer. However, most elderly and financially illiterate are on a fixed income and typically financially desperate.

And so, they devised a scheme where the victim was offered the opportunity to finance their “day trading education” at 18% interest, which must be paid back over the following 6-months.

Knowing that these consumers were typically middle class, and their primary asset was their home, they encouraged consumers to leverage their home equity, borrow on credit cards, or do whatever possible to raise money to pay the educational fees, and open a trading account.

Consumers were led to believe that most people started a trading account with $5k and typically earned $5k to $50k per month by using their “patented trading strategy.”

The Patented Trading Strategy

To further extend the fraud, and to add a bit of sizzle to the sales pitch, they presented consumers with a fancy looking document from the United States Patent Office.

Both Sam and Eyal promised consumers that “This patent serves as proof that our trading strategy is legitimate.”

However, nothing could have been further from the truth. Obtaining a patent requires little more than paying a filing fee and submitting the idea to a clerk.

Have a good cookie recipe? Congratulations, for only $495 you can patent the recipe. This does not mean that your cookies are tasty.

But Sam and Eyal systematically convinced consumers by stating, “The United States Patent Office would not have given us a patent unless we could have proven that our trading strategy is legitimate.”

Once again, this is a blatantly fraudulent misrepresentation.

During the first several years of refining the sales pitch, and subsequently ripping off consumers for millions of dollars, they next devised the franchise scheme of replicating the fraud, and teaching others how to also rip off consumers.

The Franchise Scheme

In order for the fraud to be perfectly executed, Sam and Eyal discovered that the “key to the con” was in the perfect presentation.

It is one thing to sell a fraudulent product to faceless people over the internet. It is an entirely different thing when you can isolate the victim in a sales office, staffed with actors portraying themselves as professional day traders.

The magic happened when people were lured into the spider web of the fancy office, and presented with fraudulent information from highly trained “closers.”

Sam and Eyal perfected the sales pitch into what can best be described as “the perfect fraud” according to sources.

Additionally, they specialized in finding high-pressure salespeople with long histories of selling dubious products and services.

The key was to “polish the turd.” In other words, take a person with no financial qualifications, but with experience in selling used cars, vacuum cleaners, or timeshares and then give them the appearance of a “professional day trader.”

Professional Trader? Nope.
Former Male Porn Actor? Most definitely!

In essence, they were perfecting the art of replicating themselves. Like a virus that invades the host, changes the cell structure, and then releases itself unto the host until the host is completely consumed.

Sam Seiden and Eyal Shachar are not too different than the coronavirus in that they consume their victims, and then teach others how to yet consume more victims.

It worked well. Until the vaccine showed up.

Federal Trade Commission: The Undercover Investigators

Vaccines are a medical marvel. They serve one purpose, to track down a virus and destroy it. Some vaccines disguise themselves as weakened versions of a virus, which triggers the body into producing antibodies.

And yet other vaccines disguise themselves as potential victims in which the target virus unwittingly consumes — only to quickly discover that the vaccine implodes within the virus. Thereby destroying it.

In approximately 2018 and 2019, the United States Federal Trade Commission decided to finally take action against the Online Trading Academy. But how?

According to court documents, several former salespeople bravely came forward and provided the exact blueprint of how Online Trading Academy was operating as a sort of “viral franchise scam”.

They described that the “magic” of the $60,000 sales pitch was in isolating the victim within the inner sales chambers at sales offices and then making verbal communications that would be fraudulent, but hard to prove.

Online Trading Academy was clever in teaching the “closers” that the magical sales pitch should be fraudulent in form but concealed and presented only behind closed doors.

With this information, the Federal Trade Commission then armed a team of investigators with the needed information to worm themselves into these fraudulent sales presentations.

In short, investigators infiltrated several of the franchise operations and secretly recorded everything. What they found was unimaginable fraud and misrepresentation.

The Lies, the Fraud, the Misrepresentation

According to Federal Trade Commission investigative reports and submitted affidavits of secret investigators, the highly-trained closers within this financial slaughterhouse made the following fraudulent statements and actions…

All of the “closers” were instructed on how to present themselves as “professional day traders.”

They were encouraged to tell stories of how they typically earned hundreds of thousands of dollars each year from day trading. That they owned expensive sports cars, lived in expensive neighborhoods, and that their kids attended private academies and Universities.

All were lies.

That they traveled the world on private yachts, visited castles (yes, actually visited castles), enjoyed parasailing, giving generously to charity, and buying homes and cars for family members.

All were lies.

They were encouraged to tell stories that nearly all of the students of the $60k education were now earning between $50k to $250k in their very first year. That nearly anyone with a $5k account was virtually guaranteed to double the account, each and every month.

That they could expect to work only an hour each day.

The secret of the sales pitch all played within the storyline of the “patented trading strategy.” All a consumer needed to do was click the button when the software said “buy” and then click the button when the software said “sell.”

They showed victims copies of the patent and declared they have proven to the United States Government that “this is real, we had to prove it, else they would not have given us the patent.”

They portrayed the trading system as a virtual ATM or printing press where money could be obtained with simplicity and ease. But in order to obtain the secret trading strategy, you must pay a fee of $60k.

Of course, they would also finance the cost with a loan at 18% interest that needed to be paid back within 6 months. But assured that nearly everyone paid it back within 6 months with the profits generated with the “patented trading strategy.”

They encouraged elderly victims to sell their stock portfolios to pay the fee, encouraged them to take a second mortgage, or borrow from a family friend. They were clever, deceitful, and absolutely horrifying.

Additionally, they also maintained a relationship with TradeStation Securities in Miami Florida. They would push their victims to TradeStation to open trading accounts and be paid yet more fees and incentives to direct the victims to TradeStation.

Audited TradeStation Accounts: The Big Reveal

But the Federal Trade Commission was thorough…they subpoenaed TradeStation Securities.

The Federal subpoena was clear. The FTC wanted the names, addresses, phone numbers, and most importantly…the account statements of each and every victim of Online Trading Academy.

The FTC then proceeded to analyze the account statements of each and every victim. What they found was discouraging.

According to court records, the Federal Trade Commission individually analyzed 4,799 trading accounts.

The average account size varied between $5k to $15k. Of all of these accounts, 74.9% of the accounts lost an average of 94%.

Typically, the accounts were drained to nothing within 6-months. Which seems to perfectly match when consumers were required to pay off their $60k debt, at 18% interest.

Consumers that refused to pay, or could not pay were threatened with lawsuits and negative credit reporting.

One victim, in particular, lost his entire life savings of $1,364,337.

The Federal Trade Commission submitted “victim impact statements” from multiple parties and their stories are heartbreaking.

Many people were driven to bankruptcy, had to defend lawsuits for posting negative reviews on YouTube, were constantly harassed and threatened by creditors and lawyers working for Online Trading Academy, and the list goes on and on.

This was truly a nightmare scenario for nearly all. But a glimmer of hope for just a few as the FTC immediately halted Online Trading Academy from attempting to collect these debts, attempting to foreclose on homes, and otherwise further harassing the victims.

Wrappings Things Up

Well, this article took much more time than expected. Thanks for making it this far.

The thing that drives me most crazy is that the Federal Government is still only willing to proceed with civil actions. Not willing to push for criminal prosecution.

Undoubtedly, what these charlatans and con artists pulled off were criminal in nature. They should be jailed. And they should be jailed for the remainder of their lives. What they have committed over the past decade is to simply destroy the lives of thousands of innocent people.

The declarations of victims, contained with the complaint of the lawsuit is truly heartbreaking.

Once again, thanks for reading. And a big thanks to our sponsors and advertisers of TradingSchools.Org. Without your generous support, we would not be able to keep the reviews cranking out.

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Nash R
Nash R
28 days ago

The franchise I was at did have at least 4 former car salespeople each acting as a salesperson/education counselor/education coach. They get one week of training at the corporate office and then are ready with the sales pitch.

Mary Jackson
Mary Jackson
1 month ago

This is fake news and slander. OTA is loved by it’s students. Educate yourself. I hope they sue you.

Jesse
Jesse
2 months ago

They are still operating. They are running ads on Facebook and holding classes.

Michael F Macrae
Michael F Macrae
2 months ago

Great investigative reporting…

Rufusa
Rufusa
3 months ago

Hmm, given the choice to believe scammers or the FTC, who do you choose to believe? I am going to believe the party whose mission is to protect consumers, the FTC.

Keith Berry
Keith Berry
3 months ago

I am a former student. And I took Core Strategy and Futures trading.
My only problem with them is the sales tactics can be a bit much.
The material itself takes time and money to grasp
I gave up when I used most of my money to pay for and finance my courses. This was in 2014 and I opened a TradeStation Account with little cash. Could only trade futures.
I had the stripper guy in the picture twice as our instructor. He was very good at making some nice trades on the screen.
If you are new to it you really need to stick with it before you commit money to trading.
I didn’t. But I would love to hear of the people who did and how they are doing now?
I just never felt comfortable with learning the system well enough to pull the trigger.
Different time frames, using the platform, candles, all of these things were like diving into a pool filled with ice cubes. I think if I learned TradeStation platform to the point where I could pull up charts and the matrix and fire off a trade with confidence it might have worked but still I felt like I needed to know why we are doing what we are doing and I never felt that I could know enough. So for that reason I quit and went back to buy and hold which has suited me well. But would love a recommendation for another system that I could reengage with?

Rob Lipman
Rob Lipman
3 months ago

Anyone who paid money thinking they would make a fortune without effort deserves exactly what they got. When I invested in my education with OTA, I KNEW it would take a lot of time and effort to learn what I didn’t know about the market.

This education is IMPOSSIBLE to find unless you work in the markets.

I have worked my butt off to learn this material. There were a lot of people in my classes who just didn’t get it – and weren’t able or capable of learning this material. I STILL am far from an expert. But I have moved way beyond where I was when I joined, and the education was well worth the money.

I am disappointed with the FTC’s action, and strongly disagree that the information contained in this post has validity.

Yana Noyola
Yana Noyola
3 months ago

So glad something is getting done. They are a Ripoff . Over priced school with poor quality instructors.

Yana Noyola
Yana Noyola
3 months ago

So glad this school is finally going to be stopped from stealing from so many people. They sell something great and give you something so low in quality and overpriced. I spent over $30k for a 2 week course that was not taught properly and told I could retake it or do my own research… for $30k I was expecting the top quality detailed course taught to me

Rob Lipman
Rob Lipman
3 months ago
Reply to  Yana Noyola

I, too, spent $30K and I have taken the introductory course THREE times (it takes more than once to “get” it) – and there is no problem with taking classes online. There are thousands of hours of further education available.

This stuff is not easy. It’s not for everyone. Give it another try, and see if it makes more sense next time.

Mike
Mike
3 months ago

I took the core strategy class , it’s a week long , which you can never learn in that amount of time , the instructor was terrible , everything was taught way to quickly, never showed that the strategy actually worked in live trading, doesn’t surprise me they are being investigated

OTA Student
OTA Student
3 months ago

My husband and I joined Online Trading Academy in 2013. We feel we have gotten an outstanding education on many levels. We were never promised that just by signing up we would become millionaires. In fact, every class we took held a clear understanding that there are risks, they need to be managed, and you need to understand your risk tolerance. We were offered opportunities to upgrade our OTA membership, most of which we did not take and we did not feel any high pressure or misrepresentation. We’ve had many outstanding instructors – none of whom talked about their personal situations – no bragging about airplanes, yachts, mansions….

There are resources available to us that we haven’t taken advantage of, but even so we feel that we’ve gotten our money’s worth from the educational opportunities. We also continue to take courses, now online, and find them to be of benefit, refreshing our knowledge and learning new concepts.

The affiliation with TradeStation has been beneficial for us – we appreciate the platform. We’ve looked at other platforms and have come away feeling that TradeStation was the best for us. We belonged to an Investment Club that used Schwab and so we had a direct comparison. We feel that TradeStation works better for us as individuals.

Overall I’d say that we are happy with Online Trading Academy, do not feel duped in the slightest. We are “older”, and certainly not wealthy, but comfortable. We’ve tried many services over the last 7 years and would rate Online Trading Academy as one of the best.

Finally, part of what we were sold is a life-long access to training and support. We would hate to see that go away. That would be a shame for us and for many. Then we would have a beef – but it wouldn’t be with Online Trading Academy, it would be with the FTC.

ota student with no mercy
ota student with no mercy
4 months ago

I will say this… probably their sales tactics changed but in my experience it was straight forward pay for what you want, however I found the strategy decent but did not work in all assets as they claimed. I took it upon myself to further my education on my own and its been a long road. Fxcm was booted they almost blew up my account and the strategy FAILED me there. the instructors didn’t help when it came to fx because that was not an asset they really traded. during 1 class online i critiqued the instructors strategy as being incorrect and that it will lose due to it being on the wrong side of trend and the instructor coined me as experienced. Soon after the school was working on a strategy similar to mine and now its exactly as mine. So what alot of these ota students don’t understand is that they aren’t learning; the school is learning from them trading and reviewing their trades and getting paid all the while. As for payments in 6 Mos that is true. so ota can defend themselves. There is 2 sides to a story and if they are found guilty so be it.

ChuckP
ChuckP
4 months ago

Mr. Moore claims on the about page of this website 1) that he writes reviews 2) that he will “relentlessly search for the truth”

First, the post he made about OTA can not be called a review because he has never taken a single course from OTA. This is the same as if a TV reviewer reviewed a sitcom without ever having watched it, or a food critic reviewing a restaurant without ever having tasted the food.

I consider Consumer Reports to the the gold standard in reviews. They are totally independent. They buy every product they review. They have their own testers and, when needed, enlist outside testing firms as well. Then they survey 1000’s of consumers about every product they review.

Mr. Moore has done none of that. He has done zero independent research. He has done nothing in his claim that he will “relentlessly search for the truth.”

At best this post (I will not dignify his post by calling it an article as the word “article” implies professionalism and this post has none.) is gossip and at worse libel.

The post is not presented as an article of reporting standards. Instead it is filled with everything from outright false accusations and inaccurate comments to childish name calling.

Here are some facts:
1) I have been a student of OTA since 2014.
2) I have attended in person or online over 4000 hours of educational courses through OTA
3) In reference to the post and Sam as a day trader: I have watched, live, Sam Seiden present a 1 hour trading session nearly every weekday morning for over 2 years. Never ONCE did he call himself a day trader. In fact, he has stated on several occasions that day trading is not the best way to make money in the markets. In fact, he has said most day traders fail. He advocates swing trading.
4) In reference to claims about OTA sales tactics: I have never ONCE been told by any OTA staff that OTA will guarantee any returns or any winning percentage while using their system. This includes the founder (Whom I have met and spent time with) Eyal Shahar (Who’s name Mr. Moore misspelled.)
5) Up until last year OTA had no software of any kind in regards to trading. They are building a trading platform but it is still in beta. So OTA could not have any software that has a “buy” or a “sell” button as claimed in the post.

So much for Mr. Moore’s relentless search for the truth.

Finally, after being with OTA for 3 years, as an experiment, I withdrew $32,000 from my main trading account and opened a separate account. I used one specific trading strategy that I developed using the education I received from OTA. In 7 months I doubled the account.

Next I withdrew $1500 from my main account and opened a new account. Again, using a different strategy I developed using the education provided through OTA I doubled the $1500 in 8 weeks.

I have given both my brokerage statements and my trade confirmations to OTA as documented proof that they may use in showing prospective students that what OTA has to offer can and does make a profit.

Alan
Alan
4 months ago
Reply to  ChuckP

I went to one of their free 3-hour trading courses. I am an experienced trader. This place put up so many red flags in their presentation it was obvious a major shakedown fraud operation. Period. No question about it. Who paid you for your comment?

ChuckP
ChuckP
4 months ago
Reply to  Alan

No one paid me. Everything I said, I said because it it true.

LIZ
LIZ
4 months ago
Reply to  Alan

Alan you are closed minded if a simple presentation scares you off. I am also an OTA student since 2015 and it has been a blessing joining OTA. I agree with ChuckP this article is a piece of crap put together by some reporter that was told rumors. OTA works and anyone that says otherwise are those that do not want to put in the time it takes to learn. This is financial education and is not meant to be a get rich quick or exciting process and OTA clearly explains to their students. If you want something that requires less effort go make money playing video games or youtube videos for a thrill… Finance is not a game. #SAVEOTA

dtchurn
dtchurn
3 months ago
Reply to  Alan

Don’t mind these paid shills which most of them are, except maybe for a few still deluded newbs they successfully caught up in a sunk-cost mental block, even though it’s proven now most all ota students just lose money with the “teachings” and all the sham instructors don’t even trade for a living including the owners. OTA has long had a history of covering up their scam in past comment sites that attempted to review them, either bribed them to be compromised like ripoffreport is now, or flood any comment thread anywhere with their actored shills. OTA has done enough damage and gotten away with it for literally decades now. It’s time they were shut down for good and clawbacks from classaction ensue for due justice. Next should be Netpicks (when are you going to review them Emmett? they are legacy shamshow since the late 90’s also and are still duping and monthly churning newbs(!)), the Busby’s, and daytradetowin’s brazillian venture of Marcellos’ theDayTradingAcademy scam.

Arvin Wilson
Arvin Wilson
3 months ago
Reply to  dtchurn

It’s obvious you have never taken a class at OTA. I would like to see any real proof you have of your claims. I have taken may classes at OTA and I have made many friends at OTA. Were are learning !! We learn the rules taught and FOLLOW the rules. If you went to any of the classes you would have learned it’s not how many losses you are your wins more than your losses. Your rant and ravings have no proof and no substance. Thank goodness there are thousands of satisfied students compared to the few whiners who are too lazy to learn. If you follow the rules you will never drain your account.

Arvin Wilson
Arvin Wilson
3 months ago
Reply to  Alan

No body paid me for giving my opinion about OTA. If you are an experienced trader, you obviously still have a lot to learn. All the OTA instructors I have had were knowledgeable and demonstrated it through their teaching ability. I spent $100, 000 going through four years of college and when I was done they had nothing more to offer me – unless I gave them more money. I paid less than half that at OTA and now I have thousands of hours of online lessons available as well as the opportunjty to go back to any class for the rest of my life . .. … FOR LIFE AT NO CHARGE !!

Yea YOU have a lot to learn!

Rufusa
Rufusa
4 months ago

So that’s why I stopped receiving junk mail from OTA, after I canceled a scheduled seminar, at a local hotel.

Good.

Baruj - Reptilian
Baruj - Reptilian
4 months ago

This article is so dum. OTA DOES nkt ask 60k to start trading or entering THEIR SCHOOL
– it is 9k for their patenetdd strategy and
9K FOR ANY OTHER asset class that ud like to have FUTURES – forex – options or stocks- IF UR STUPID ENOUGH TO WANT THEM ALL and have the time to learn all 4 markets then u pay the sum of 5ok obiously.. but u have to have time TO ACTUALLY DEDICTE URSELF TO IT ppl went and bought bought but then what happened… Why dont u get people that have been sucesfull in OTA? That are rich now travelling the WORLD?

I feel bad for the people that did pay the 50k “Mastermind” plan which included free EX CME PIT TRADERS AND CME ELECTRONICS trader Professional entries to the market –

Professional market screening articles daily

Live hour VIDEO SESSIONS RECORDED AND WATCHED AT UR CONVENIENCE (Over 11k VIDEOS!!!!)

– LIVE TRADING SESSIONS FROM MONDAY – FRIDAY EVERYDAY FOR 3 hours— and all other shyt im not gonna mention cause is pointless now

Mother fuckers were trading without stop losses
Did not KNOW HOW TO FOLLOW RULES –
DID NOT HAVE More time than USUAL LIKE one would at a college or highs school to take notes And actually TAKE NOTES TO LEARN MORE and so some students got pissed off because it was too much and wasnt working st their OWN DESIRED TIME – i get it is stressfull

People expected, to be millioanres when in reality u gotta work to be millionsres in this trading world…

Yeah true thaf 18% bullshyt they had of paying back is / was some crap (no ones gonna pay back in under 6 months this thing… u know)

But basically

All the FREE FOOD
THE LIVE TRADING Sessions
The feedback of trades online
The MUTLIPLE (40k) ARTICLES TO READ
The YOUTUBE CHANNEL THEY HAD (POWER TRADER nation)
The general call – email support
The freaking on center veteran professional instructors

THE LIFE TIME RETAKE OF CLASSES WITH THESE PROFESSIONAL EX CME/NYSE pit traders/electronic professional traders ..

The on center meetings with important veteran traders that were not a part of OTA kinda sums up for 20k and that applies to all i got for 19k so stio with the crap

————————————————————————

Everyone knew what they were paying for IF Ur STUPID ENOUGH TO GET BRAINSHWED THEN UR A DUMM ASS AND have not lived LIF3! … im a dude from the street no 1 is gonna brainwash me, cause IVe done it – OTA IS NOT A SCAM THEIR STRATEGY WORKS, no 1 pulled a gun to ur head and PRESSURED U too say yes, and sell and mortgae ur house for a 50k thing
When YOUhhh got kids and u got house and u got 2 jobs and u got no time to be behind tbe computer taking notes and learning how to speak another language… OTA IS NOT A SCAM the lazy peoppe could not, defeat the process .. and did not press on the fight got knocked down becUse THEY GET DESPERATE —- THE PROCESS is a long one and peoppe wnna praise the RESULT before the process.. and so they get despert

AND Another thing is we HAVEE FEELINGS IN THE MANY MARKETS we put our money on WHEN We are not supppse too _and then u got PEOPLE MAKING their own rules so they fail and then they blame the teacher – in this case the school cause they so dum they can blame themselves….

OTa hopefully Wins the case BECAUSE THERE ARE OVER 70k students so where ARE WE GONAN GO ?? Whys gonna happn to us???

Some of us like me ARE READY to keep trading live and enjoying life as we do.. but still that life retKe and live trading rooms with instrcutors IS A PART OF THE TUITION WE PAYED and is always cool and vetter to have someone that has done this JOINT FOR 30 years or 40 years than someone that has done it for 2 years – we payed for this… so if they close the school down ? What justice is thT?? Punish the greedy bastards not all OTA students ! FTC!

– YES I DO AGREE that for their core strategy and for 1 asset class they SHOULD lower the volume of capital required to take the class… but hey ur dealing with rich MOFOS what chu exp3ct – greed and ambition… plus they gotta pay rent for their centerz, their workers, computers dont come free, cpus dont come free food doesnt come free, car rentals dont come free, paying an instructor to fly on a plane from texas to new york then to india doesnt come free… so jot those down too

These dum asses went to trade station (broker) and got a bunch of loosers beginners and said 94% Of then loose this is the proof we saw their accout jajajajjjaja my ass all the master mind members they winning 80% of the time makkng 5x mkore than they loose #NOUGH #Said #real #Talk

In few words OTA STRATEGY IS NOT A scam…
OTA patented core tecnique is not a scam either
THEY jusT charged too much, and got kicked in the back, for being too greedy and so the only thing ppl can say is “ohh Strategy doesnt work and they got good speakers to sell to consumers”
Mann please this is bullsh**t

Scooter
Scooter
4 months ago

Two words: spell check

Crixus
Crixus
4 months ago
Reply to  Scooter

Im from NEW YORK – and give u 5 words

i dont Give a fu**

jstew
jstew
4 months ago

your response contributes absolutely nothing.

QUENTIN STAPLES
QUENTIN STAPLES
4 months ago

You’re the MAN bro!!! Truth makes people scatter like roaches when the light is turned on. I guess the streets do give a better education!!! Dumb ass, brain washed, misguided, miseducated sheep mutherfukkas. Streets teach you that you have to EARN EVERYTHING and NOTHING is EASY. People want to put success in a microwave for 5 minutes…🤣🤣🤣🤣🤣 #BlameGame #PowerOfPrivilege 🤡 #SouthJamaicaQueens #QGTM #TradeOrDie #PipGetterz #OTAAtl

Kenney
Kenney
4 months ago

That is how they charge now but in 2016 it was different. You did not leave without paying $30K for three courses plus the “Professional Trader” (now known as Core Strategy). That was the minimum. If you wanted Master Mind it was $60K

Alan
Alan
4 months ago

Why then is the FTC investigating OTA?

mark
mark
3 months ago
Reply to  Alan

The FTC is investigating OTA because some folks didn’t get rich in 30 minutes with zero effort and think they were taken advantage of. We live in a culture with a lack of personal responsibility. ‘I poured hot coffee in my crotch and got burned’ – sue McDonald’s. ‘I ate too many desserts and got fat’ – sue Sara Lee/Little Debbie/etc. I smoked cigarettes for 30 years and got lung cancer – sue the cigarette makers. Nothing is ever their fault. Rioters and looters are ‘protesters that need to be heard’. No, they’re thugs that are destroying someone else’s life’s work, investment and livelihood and need to be either arrested or shot. They, much like OTA students, need to be held responsible for their own actions.

I have been a student of OTA since 2013. I am not a shill for them. I am not paid by them. I am one of those who paid somewhere north of $30 for a more advanced package. I feel very much like I got my money’s worth. I wish I had waited a bit and been a little more selective in what I bought but I’m not sure I would have ever known if some of the things were for me or not if I hadn’t tried them. And one asset in particular didn’t suit my temperament or lifestyle. That’s OK. I made the choice.

When I came to OTA I was looking at retirement in the not too distant future with a feeling that I will likely not be able to do so. My experience is more mixed than some of the more positive reviews above but the problem with me and my trading has almost always been me – my not following rules, my being greedy and not managing risk, my feeling like I have to make up for ‘lost time’ and take bad or risky trades or trades that were too large that I knew inside were bad/risky when I put them on but saw $ signs in my eyes and took them anyway. I will say some of the OTA marketing borders on crap but anyone over the age of twelve knows when they hear ‘new and improved’, ‘better than ever’, ‘save up to 50% and more’ that the marketing world is full of that kind of meaningless nonsense. My local center was particularly bad about the ‘you only have to work 45 minutes a day and you can make a decent living’ schpeel. They never promised fantastic riches but they did promise and decent living with not having to work at it much. I have found that statement to be half true – the first half at least. I am making money at this now but I spend a lot more time than 30 minutes a day at it but then I spend a lot more than 30 minutes a day on my day job – why would I expect anything different from this? I have had to work very hard at this but it is paying off. Age-wise I’m not quite ready for retirement but financially I am and I *never* thought I would be.
I do think their target demographic is probably the 50-60 somethings as many probably have the same mindset about retirement as I did and, face it, they have money. What 22 year old can drop $10-15k for classes? The lure of ‘easy’ money is probably a swan song for many of 50-60-somethings too. ‘I can make rockin’ chair money and not have to work at it’. And they all lived happily ever after. End of fairy tale. No instructor I’ve ever had said this was easy. I have set in a couple hundred online sessions with Sam Seiden and he will be the first one to tell you that day trading is, for most, a losing proposition. He’s an advocate of longer term trading as the probabilities are better. His view is there are many days when the markets don’t present opportunities to trade. On those days, you just don’t trade.

The fact you can take classes over and over again at no cost is huge for me. I have been in IT for 30+ years. I have taken countless classes in IT systems over that time as these systems change all the time. It seems like every 3-5 years hardware and software get complete new reworks. Every time I need a new class it’s roughly $800-$1000 / day for a class – $5k for a week. Need to take it again because you didn’t understand it completely the first time? No problem! That’ll be another $5k please. Family emergency when class is on and miss a day or two? No problem – a mere $5k and you can take it again. New version software/hardware comes out a year or two from now and you need to learn a new version– that’ll be another $5k, thank you very much. I have taken classes each of the asset classes that I’ve studied at OTA at least 5 times and have never paid a dime for any since the initial tuition paid – probably 25 weeks of in-house classes since 2013. At my local center they even feed you breakfast and lunch every day. The ongoing, online learning offered by them is just as good as the in-house classes. They have between 6 and 12 hours every day of classes in continuing education that one just needs to log in to and attend. There is no cost after the initial lug when you first sign up. I have been doing this for years now. Takes effort and, for me at least, considerably more than 30 minutes a day but the opportunity to learn is there if you turn off the tv, set down the game console, log in to the computer and take advantage of it. Personal responsibility. It’s all there if you just un-ass your chair and do it.

Are there things about OTA’s marketing I would change? – Yes. Does that mean the whole school is a sham and should be shut down. Not in my view. I actually see a day in my future when I will be able to leave my day job and still be able to live comfortably doing so and it’s all because of my association with OTA and the work that I have put in to what I’ve learned there since my attending their classes. Is this a ‘get rich quick’ thing? No. It’s more like a ‘live comfortably for the rest of my life but work at it daily’ thing. It’s better than my alternative at least.

If there is anything here that may well be a sham it’s likely to be this site. I can put up a website, register a domain name and make it sounds very official and yet be doing all of it out of my parent’s basement as a one person operation but no one knows that. If this reviewer hasn’t taken OTA classes personally then everything he says in his review is suspect IMHO. I can tell you what I’ve heard 2nd or 3rd hand about something but if I haven’t experienced it personally then it’s just that – 2nd or 3rd hand here say and needs to be taken as such. They write a sensational, controversial review and get lots of eyeballs to the site then they get lots of ad revenue. Easy to figure this guy out.

Berlinoa
Berlinoa
3 months ago
Reply to  mark

Mark – Reading your rant, I venture to guess that during your breaks at the OTA training sessions you listened yo too much of the right-wing talk radio station that they had blurring all the time in their break room – at least in Atlanta. Your arguments are terrible and ignorant – specifically about the hot coffee incident at MCD – you know nothing about it and make terrible statements typical of right-wing arrogance and ignorance. Terrible as those comparisons have really absolutely no relation to the tactics and activities at OTA.
Okay – not all work at OTA might have been fraudulent, true. But: I have not met in the four years that I was an active student at OTA anyone who really made money using their ‘system approach’ either. People I saw struggled generally with the didactics and methods taught there. Granted the instructors were very different personalities and that can be part of the learning issues.
I spend way too much money there, definitely partially my fault. But the high-pressure sales tactics of their “counselors” are a fact and I’m happy to tell that anyone in person, who might want to hear it. I met also both founders -Sam Seiden and Eyal Shahar – my first impression did warn me of those money-hungry guys. Why didn’t I listen to my inner voice… expensive lesson. I do hope sincerely both of those two con-man get now what they deserve!

LIZ
LIZ
4 months ago

Baruj I agree with you 100% I am an OTA student and OTA has been a blessing!!! #SAVEOTA

LIZ
LIZ
4 months ago

A protest would help so much in this case the judge is only listening to the FTC. We need to show the judge the FTC is wrong. Students need to standup for OTA and make noise so we can be noticed.

S_Cubed
S_Cubed
2 months ago

First of all…you can’t patent a trading strategy and expect continued functionality. To patent it would make it publicly accessible, and then anyone can alter it in the tiniest way and use it, making it obsolete. For example, if my strategy is based on 2% marginal separation between two averages and I patent it, everyone and their mother could use it based on 2.01% marginal separation. Anyone who mentions a “patented strategy” is either playing you like a fool or is a fool him/herself.

Christian Lane
Christian Lane
4 months ago

This article is absolutely absurd. No validity, no research, and the author has no idea what they are talking about. I’ve been a student with OTA for a few years now and have nothing but great things to say about OTA. I wonder if the author tried OTA and didn’t put in the effort to learn, lost money in the market, and then wanted to publicly whine and misrepresent what OTA is all about. Absolutely ridiculous.

Rufusa
Rufusa
4 months ago
Reply to  Christian Lane

So, the FTC is lying, huh?

liz
liz
4 months ago
Reply to  Rufusa

there is so much more to the story than the FTC want you to know. The FTC does not want to give OTA a day in court and is trying to shut it down before they get a chance to defend themselves in court along with us the students. The FTC does not want the students to be heard because there are thousands of us that have actually put in the work to learn the program and are successful. It takes patience and attention to detail to be successful and many do not have what it takes to get there. Do not blame others for your failure because of your lack of commitment. I am a student and OTA has been a blessing. #SAVEOTA

Rufusa
Rufusa
4 months ago
Reply to  liz

You comment makes no sense. OTA will get its day in court.

https://www.ftc.gov/news-events/press-releases/2020/02/ftc-sues-online-trading-academy-running-investment-training

What a part of the press release is incorrect?

I have no dog in this fight. I never enrolled in OTA, because my due diligence led me to believe the program is BS.

LIZ
LIZ
4 months ago
Reply to  Rufusa

I have already read that article. Dont believe everything you hear on the news. I am a student and I am following the case. This press release talks about (earnings claims, advertises income, instructors’ claims of amassing wealth, misrepresents is has a patented strategy)… funny way to exaggerate, non of this is true. The classes start are as low as 10,000 and up to 50,000 and they advise to start with the minimum and work your way up. They never made earnings claims or promised any results they do have a strategy but in no way did they mention it was patented lol. I have been a student since 2015 and I am very happy with OTA. I love that if I run into an issue on the market there is always an instructor that can help guide in this life long journey they provide LIFE LONG ACCESS! You dont find that anywhere. #SAVEOTA

If you are not a student dont try to make it worse with assumptions.

Arvin Wilson
Arvin Wilson
3 months ago
Reply to  Rufusa

YOU are really in trouble if you believe every thing you read in the paper>>> WOW, how ignorant are you ?? Don’t read the paper – read the court documents and find out the truth. OTA is well worth the money.

Rufusa
Rufusa
3 months ago
Reply to  Arvin Wilson

1. I believe a government regulator before I believe a con artist.

2. I learned how to trade on my own. I don’t need OTA.

3. Lastly, you haven’t provided any proof. So, you’re the ignoramus. Have a nice day.

Arvin Wilson
Arvin Wilson
3 months ago
Reply to  Rufusa

Read the hearing documents. There were three people who bought the suit. Learn the facts before you make statements. I did and I saw that the whole law suit was perpetrated by a few people trying to get even. Guess what – it didn’t work !! It’s back in business and I’m back in class.

liz
liz
4 months ago
Reply to  Christian Lane

agreed Christian

Derrick
Derrick
4 months ago

I WANT MY MONEY BACK FROM THESE CON ARTIST!

Christian Lane
Christian Lane
4 months ago
Reply to  Derrick

How are they con artists? Honestly.

dtchurn
dtchurn
4 months ago
Reply to  Derrick

‘Derrick’, you and presumably everyone else over the years who were scammed by this OTA shamshow need to report your case to the FTC, contact Emmett etc. to help be part of the class action lawsuit. Their scam is egregious and even outdated compared to today’s shamshows with all the upselling to multiple tens of thousands. Considering all their stuff is just regurgitated crap easily found for free on the web in this day and age of the tradeucation wild west. And then que in the shills posting now, lol. If they’d hadn’t heard of tradingschools before, usually they assume the readership of tradingschools are a bunch of clueless newbs and are ignorant that hundreds of vendor scams had been exposed already on tradingschools, and OTA already has symptoms of one of the worst of the lot of the cockroached cesspool. Look at their fakery numbers of “8000” ‘happy’ customers on their site. This is what happens when a scam gets too big, they can use funding to buy out and corrupt review sites like ripoff report which has fallen and then make up a bunch of baloney hiring as many shills and fake testimonials as needed to pretend they have a satisfied customer following, lol. (Where are you RobB?? This past year has had reviews of some of the bigtime scams ever seen in the tradeucation industry that everyone jaded has known about for years!).I hope OTA and its worthless stink organization is clawbacked and oblivated for good which should be a relief. And hopefully the FTC, or FBI will subpoena , and do discovery and show how all the ill-gotten funds were siphoned to the top owners who don’t even trade for a living, exposed for all to see.

liz
liz
4 months ago
Reply to  dtchurn

there is so much more to the story than the FTC want you to know. The FTC does not want to give OTA a day in court and is trying to shut it down before they get a chance to defend themselves in court along with the thousands of students. The FTC does not want the students to be heard because there are thousands of us that have actually put in the work to learn the program and are successful.

If the FTC is right then it wouldn’t have a problem going to court and prove its case. Why try to shut it down before we have a chance to speak? Why convict someone of being guilty before proven innocent? That is not the American way…
FTC has noticed the people are making too much money in the markets and is trying to suppress the people from learning and leave trading education only for Wall Street. It is a way to choke people out to restart the economy. Without financial education people will learn from trial and error and loose more money than the cost of education itself. FTC is the real bully open your eyes.

It takes patience and attention to detail to be successful and many do not have what it takes to get there. Do not blame others for your failure because of your lack of commitment. I am a student and OTA has been a blessing. #SAVEOTA

dtchurn
dtchurn
3 months ago
Reply to  liz

Sheez. You shlls are just clueless about tradingschools. Many of the readers are wised up jaded and many have spent years to finally learn the shamshow cess pervades this so called vendor education industry. You really believe the same old tired excuse of “not spending enough time and work” on the “methods” taught is going to fly here? lol. For your information I have my own success after years and practice of trading, and it has NOTHING to do with OTA or any of these scam shamshows reviewed here on tradingschools. I didnt’ get snooked by OTA, elitetrader and forexpeacearmy old reviews helped warn me years back. But I did get duped by a few of these shamshows reviewed here, but I never had to pay as much as this long legacy scam OTA ripoff. Shilling won’t help here. OTA just want to try to get out of a court order to pay refunds and restitution back to the thousands they duped. I hope due discovery gets the proof that OTA owners and instructors never traded live in any substantial amount, much less can even trade for a living. So h0pe all of the OTA victims get their day or voice heard remotely in whatever manner in court. Shilling won’t help here, or any excuse making , or any tiny attempt to convince on the smallest bit of reasonable doubt, even though I see all those shill posts on the recent forexfactory thread “Sam Seiden goes DOWN” : https://www.forexfactory.com/showthread.php?t=991901 . where are you RobB? You must surely have known of the OTA long infamous scam. Missing your chance to call them out here! lol

Arvin Wilson
Arvin Wilson
3 months ago
Reply to  dtchurn

You are another person sounding off with absolutely no objective evidence to back your statements. Quoting other people and web sites doesn’t cut it. Show me court documents. Oh, wait, you can’t, because court is over and OTA was found innocent.

Arvin Wilson
Arvin Wilson
3 months ago
Reply to  dtchurn

You are another person sounding off with absolutely no objective evidence to back your statements.

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