The Federal Trade Commission or FTC has filed a several hundred-page complaint alleging a massive $137 million fraud against Raging Bull, LLC., Jason Bond, Jeff Bishop, and Kyle Dennis in Federal Court, District of Maryland.
The complaint was filed today, on December 8, 2020, and is several hundred pages long.
As readers are aware, TradingSchools.Org has been involved in several legal entanglements with Jason Bond and Jeff Bishop over several articles that we have published over the past several years.
We have fought vigorously and spent quite a bit of money in legal fee’s to protect our reviews — with each review alleging investment educational fraud relating to stocks and options trading.
Our reviews were published in the following order:
- Trust Pilot: the Mecca of FRAUDULENT trading reviews
- Is Petra Picks a SCAM?
- Jason Bond Picks
- Jason Bond Picks: Millionaire Roadmap? Or Pathway to Financial Disaster?
Additionally, TradingSchools.Org embedded complaint forms within several of the articles which were then forwarded to the Securities and Exchange Commission, the Commodity Futures Trading Commission, and the Federal Trade Commission.
In total, TradingSchools.Org processed approximately 60 credible complaints that included affidavits which were also shared with various members of Congress – both Senate and House.
Three of the individuals listed in the Federal Trade Commission complaint are persons that TradingSchools.Org interviewed personally — before they were forwarded to the FTC.
Additionally, TradingSchools.Org provided key evidence used by the FTC in their complaint regarding Jason Bond and his phony Harvard University representation.
At this point, I cannot write a full and complete article regarding the FTC lawsuit. However, multiple parties have asked that I post the lawsuit publicly so that readers pick through the allegations.
The following documents are as follows:
Document A: This is the complaint filed by the FTC which gives a brief description of the allegations.
Document B: This is a temporary restraining order where the FTC is freezing the company assets of Raging Bull, LLC and the personal assets of Jason Bond, Jeff Bishop, and Kyle Dennis. According to the FTC, they are taking all of the assets but will leave each of the defendants with $25k in which to pay their bills and support their families.
Document C: Raging Bull and all of the assets seized from Bond, Bishop, and Dennis will be placed into receivership pending the outcome of the trial. The assets will presumably be held to repay the victims of this fraud.
Document D: These are the exhibits and victim impact statements that the FTC has attached as part of their complaint.
Once again, TradingSchools.Org will be publishing a full and complete article on our interactions with various enforcement bodies regarding our involvement in the investigation.
Also, I will be publishing an article on the various lawsuits that Raging Bull filed against various parties, including their own students alleging defamation of character. In particular, we will be writing about the lawsuit against David Jaffee, where he was sued by Raging Bull and Ross Cameron of Warrior Trading within several days of each other.
As many readers are also aware, Ross Cameron of Warrior Trading began at Raging Bull, before starting Warrior Trading. Readers will find the connection interesting.
Once again, check back for these articles. But for now, you can read the complaint in their entirety.
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found a sworn statement online:
https://www.courtlistener.com/recap/gov.uscourts.mdd.487710/gov.uscourts.mdd.487710.13.1.pdf
Is this a rocket Science to figure out these guys talk like koolaid . may be another sitcom and entertaining.
“The realized net loss in the aggregate for the TD Ameritrade securities brokerage account in which Jeffrey Bishop implemented the trading patterns and techniques that he taught to Raging Bull subscribers for 2018 was ($1,158,939).”
-Filed with the court
Wow. A little more than I expected, but not surprised. Thanks Emmett
Can you provide a link to or copy of this filing? Thank you.
here shows some of it, look at pp 424-426
https://www.courtlistener.com/recap/gov.uscourts.mdd.487710/gov.uscourts.mdd.487710.15.1.pdf
So the only “Mensa”-certified options trader managed to generate a net loss of approximately 1.2 million dollars, but a dart-throwing monkey can beat the SP500?
Perhaps, the Mensa society should revoke Bishop’s membership and give it to the monkey.
Pop quiz:
Q: How can you become a profitable trader?
A: By teaching others to become unprofitable traders.
Hey look, I am also a MENSA! And you can too! Just buy this book on eBay and complete the “test.”
Once you complete the test, you send in the results and pay a yearly fee of $199.99 for a certificate!
Look mom, I’m a genius.
I had no idea.
Send in results? I know as late as 2008, people had to go to a MENSA test center to take the test. There was no sending in of test results.
Since the dart-throwing monkey beats the SP500, I’m sure it can scrape together $199.99, annually…lol.
Not going to discuss the complete and convincing evidence that you and others were WRONG about Bond from that SAME document? This whole thing was you guys cherry picking etc. and you are STILL doing it. The defense document Moore copied this from has 40 pages proving Bond’s results were real and honest and he picks the ONE sentence above to show something not quite right with Bishop’s results. It is all in the Bates exhibit….come on Mr Moore I thought you were suppose to be the epitome of honesty here? LOL or a criminal sociopath out for revenge…..
“Not going to discuss the complete and convincing evidence that you and others were WRONG about”
That’s probably a smart move Emmett Retard since Emmett and Cyn have handed you your ass once already over how WRONG you were about the wash sales rule. Best not to make a complete ass of yourself. Oh wait. To late for that
Interesting comment…
It seems that you want to give credit for Bond making roughly $300k over several years of trading. However, if you factor in the Happy Mountain trading accounts, which were accounts traded by Bond, this shows a several million dollar loss.
Further, it is not fair or honest to depict ONLY the accounts where Bond actually produced a profit, and “forget” the accounts where he provably lost millions of dollars.
And shame on Bond’s lawyers for attempting to argue to the court that “only the accounts with a positive result should be considered, and the account where Bond lost millions of dollars should not be considered.” Honestly, I feel sorry for his lawyers. They had to make an argument with what they had to work with.
Finally, you describe me as either “the epitome of honesty OR a criminal sociopath out for revenge.” Why can’t I be both? Why can’t a person attempt to be the epitome of honesty, a former criminal that is sometimes a sociopath, that is out for revenge?
A good debate. But really, the debate is not about me. It is about Raging Bull, and their conduct. Yes, I take the blame for destroying this company. They needed to be destroyed. They were an evil lecherous blob of chicanery and deviant behavior. Bond and Bishop showed an utter lack of compassion to the needs of the people that trusted them.
And dissenting voices were crushed through the boot heel of expensive reputation lawyers. A combination of all of these factors is why I did what I did. Do I have any regrets? Not in the least. In fact, it gives me great joy to see both of them squirm.
Blame or credit? I say you should be credited. You saved hundreds, if not thousands, of future customers from being swindled out of thousands of dollars respectively.
How dare you say that? They WANT to be swindled, and you are talking about saving them? They are on here, arguing and insulting anyone who thinks that Band et al are swindlers.
For the avoidance of doubt by the ignorant, that previous paragraph is called “sarcasm”.
Only a scummy piece of shit would defend Raging Bull’s tactics of not granting refunds to people who were entitled to one. Did you read the documents? Of course not.
I don’t think that you read Cyn’s comment correctly, especially the last sentence.
As it is obvious that you really cannot read English correctly, even when it is spelled out for you, there is nothing to be said other than: “It is better to keep your mouth shut and be thought of as ignorant, than to open your mouth and remove all doubt.”
I wonder what other stupidity you would have displayed, if I had not explicitly stated that I was being sarcastic.
Is there a link that goes in to the details of which accounts have gains or losses? I am sure there are basically just losses. I have always thought they were frauds, but i the links I found:
x- 2018 was only mentioned, 300k or so of losses
x- a forensic accountant with FDC reviewed 1099 that showed losses.
curious where the info is coming from. I am glued to this great news of Bond being busted. It has been the highlight of my year.
Does anyone remember last year when they said they would not do anymore live trading? Then voila in July they said they put a lot of thought into their new service and for a couple of thousand you can join their new double platinum silver gold elite? Has anyone ever had the pleasure of watching their webinars? Just bogus hype and fluff flogging a new service? Trust me I am one of the fools who have spent more than I ever got out of it…
Go look up the BBB website for Jason Bond! “F” rating. Those are horror stories!
Not a chance in hell they have 160 employees. I am sure that is them lying to the receiver trying to free up more money to be able to spend ahead of time. Unless they pay people to make goosed-up reviews or respond to their twitter posts. Ten gurus, ten?? customer service reps, three accountants, two lawyers, four web designers? Three research analysts (yeah, right!) and a couple of videographers.
I struggled to get over thirty people with the exaggerations above They’re simply lying to the government like they did all of their customers.
LinkedIn lists 84, down from 88/89. Last week’s emergency motions by the defendants came up with an initial list of 30-some “essential” employees, which were whittled down to 6 by the FTC and the receiver.
Perhaps try and contact the FTC attorneys directly and ask if you can give them sworn declarations ot affidavits to support their case, and also ask them about recovering money:
crobbins@ftc.gov,
skim6@ftc.gov,
gsommers@ftc.gov,
tbiesty@ftc.gov
Based on their latest pleading, RB had to cut its staff from “160” to 6 (!) “essential” employees and was forced to furlough all others due to asset freeze and receivership. They’re begging the court to let the defendants use their (frozen) individual assets to pay for lawyers’ fees.
Looks like the receiver is laser-focused on asset preservation — which may be good news for those seeking restitution.
https://www.courtlistener.com/recap/gov.uscourts.mdd.487710/gov.uscourts.mdd.487710.107.0.pdf
does it really take 160 people to run a subscription service where a couple of chat rooms and youtube videos are operated/filmed? Or is their lawyer saying 160 employees to try and unfreeze some more assets?
I call bullshit on 160 employees. Divide by four and I think they’re still being aggressive.
So nice. SO NICE. To see the Court giving these absolute low-life- low-down-basement-miserable-excuses-for-human-forms an allowance of $ 25 000 each, to pay their heating and credit card bills! To a lot of people this would be a lot of money. To them it’s a pittance. They won’t know what’s hit them. A wife will be sitting on the bedroom floor, her eyes full of tears and the last night’s make up running down her face, with a look of disbelief: “What d’you mean $ 25 000 for the bills? I just bought a fur coat for $ 30 000!” Hilarious. Quite reminiscent of Jeffrey Epstein finding himself one day out of his palaces and into a cold dirty prison. Let’s hope that is coming to them too.
Excuse the gloating.
I was lulled into getting their Elite service for $4999 right after getting Kyle Dennis’ Mobile Closer for $2499. The lure was that I could get all of their services and pick the ones that worked best for me. Well, I guess I’ll never know and I’m out $7k+. I’d like to find out how to become part of the class action suit against them to maybe get my money back… or some of it, anyway.
fIf you are interested for any update regarding a complaint filed with FTC,feel free to go to http://www.ragingbullscam.com website.
I asked for a refund from a Jason Bond class and they refused to refund my 2499.00 but instead signed me up for a different 1500.00 class and kept 1000.00 “on credit” for future purchases. Is there a way to truly get my money back?
Contact your CC company. Open a complaint. I did. It worked. Rec’d full refund and related interest charges.
How Does this actually work?
inform your CC company that you paid for a service that you have not received and you want to dispute the charges.
I spent over 2K on their stuff and lost half of my 12K account on their pics
The FTC only talks about the losses relating to the “educational” sales. They never mention the actual losses from investment accounts. I wish I could quantify this amount.
Thanks for adding your amount. I know it’s painful to talk about. Very sorry.
Try and stay positive — the stock market is still the best way to generate wealth for the average person. What irritates me most is that people, like yourself, will become jaded and stop investing altogether.
Yep, lost on their fees, even though they said, if you do not make any money, we will not charge you for your second year… Lies… You try to cancel, you get the run around… They charged my card, even though it had expired, and the CC company wouldn’t do anything about it. So, yes, fee’s plus investment losses. I think most investors can be pretty good at losing their own money, without these guys help of stealing from you for their “courses”. The money they have will be 80 % FED and Lawyer, 20% a settlement of…. “Get a free year” worthless offers, and they will go on their way… Sadly..
Not to pile on, but you must work the system correctly. If you deal with a scammer who has your CC number, report the card stolen and get a new number. The CC company will reject ALL charges made to a reported stolen card.
I am sure that you maybe did not think that they would go so far as to charge your card after you cancelled, but next time, do not take the chance.
In my experience, even using the substitute, purpose-generated number that some banks provide still manages to pass unwanted charges through.
I spent 3000$ In subscription services in the month of February 2020 after being lured by Jason bonds videos and how easy it is and anybody can do it all the hype and excitment that he showed and support that he would offer well fadtfoward now I lost 110k dollars in the market following there trades and option strategies now my business is gone cause of covid and all that I had saved up i got evicted out of house and lost everything I once had my heart hurts when I look into my kids eyes knowing that I lost there future while making someone else’s at the expenses of my hard work and saving he is a smooth talking crook wish I could go back and change it all
Painful to read. And what you have written is what best describes nearly everyone that contacted me, regarding Raging Bull.
The FTC paints a picture that Raging Bull sold $127 million in “trading education” but they don’t mention the losses that investors experienced. Which is probably in the hundreds of millions of dollars.
Bishop and Bond literally destroyed people’s lives. There are hundreds of untold stories, just like yours, that describe the financial horrors the investors experienced by taking their advice.
Too often I warn investors…ignore ‘hypothetical performance’ and demand actual brokerage statements that can serve as a from of ‘proof’ that a trading educator is real or fake.
Really sorry to read your story, Brandon. Reading your story is what motivates me to keep getting up off the mat and to continue to do what I am doing. And trust me, I hate writing so many negative articles.
Please hang in there — for your children’s sake. They need you. You can rebuild your losses and recover, but you cannot do any of this if you let your life slip away because of guilt or remorse. So please keep moving forward and stay focused on providing a better life for your children.
Nice and on-point reply to Brandon. I too am sorry to hear about him losing a large sum of money by believing in RB and then acting on it (by taking their trades). Even though the situation is obviously very tough, I hope that you (Brandon) can apply as much positive thinking and actions as possible to your future – as you will bounce back, you’ll be better than you were in the past and you’ll provide opportunities, education and a future for your family. Never quit the chase, the road is lined with quitters – be relentless in your education and investing in yourself and you’ll get through this.
Also, as Emmett so wisely says – don’t believe all the hype that the internet is full of about big, easy money in the stock market. It is a very hard place to create consistent profits – but it can be done and there are many who have and are doing it. The most important advice I can give is to really take the time to learn – without putting your money on the line. Learn to paper trade, find good people to follow and let them mentor you (directly or indirectly) – and give yourself time to figure out what works for you. There is NO MAGIC system for stock trading – as if one existed, they (nobody) would be selling it to you for a few thousand dollars (or a subscription) – because they’d be using it themselves to make “all those easy profits”.
Best of luck to you Brandon and thanks again Emmett for what you do!
God Bless you all and I wish you a successful, healthy and happy 2021.
SH
Brandon, your intentions were good… It was for your kids future… Don’t let these criminals take away your plans for the future. Everyone goes through hardships… Lost a business, home etc… back in 2010. The good news is, you will move forward through this! Now you know your limits, and what not to do, first part of the process is learning from your mistakes and work on your successes. Since you have kids, might I suggest a life insurance policy? It’s the best way to create wealth in the future for your kids, by a simple signature. Also, don’t forget that you can pay their futures forward by getting an inexpensive policy for them when they are kids.
The problem with these guys, they didn’t have those pesky letters behind their names, that are required by FINRA… You are not alone, many ignored the proof, for faith… The investment rule though still applies, only invest what you are willing to lose at the casino tables.. Pyramid’s tend to only enrich those at the top, with these folks, you couldn’t find out that they were a Pyramid, till after you paid their fee, and then they would bleed your credit card, never to stop.
Don’t lose your faith, don’t let them take that away from you! Remember, there are no shortcuts, everyone needs to learn what works for them, and failure is your best teacher.
To get your self back on the road to recovery, do this one step… Pay yourself 1st Always, make yourself the top of your own Pyramid. Then pay everyone else after you pay yourself. If that means just paying yourself $10.00 a month, then pay yourself $10.00, what ever you feel is right for you. Slowly grow it, you will be amazed how quickly it will grow. Also, always over pay your bills when you can… If the Electric Bill is $30.00 a month, pay $35.00 a month, over a period of time, you will have a credit cushion with your bills, so if a hard time comes around, you don’t have to worry about that bill..
I wish you all the best, know that you and your Family are not alone, people are going down the same path. But with prayer and faith, you will get through this on the other side, much better than where you started.
God Bless, many wishes for a happy new year!
I did the same thing last Febuary and regretted it immediatly. Especially when others offer better services for $99.He basically didn’t need any money out of pocket for his trades since we paid for all of them.
Kyle Denis was one of the worst in RagingBull. I had subscribed to his Dollar Ace service, and it didn’t take me long to realise that he had designed this service to pump & dump his picks. He used to buy and sell before alerting, and of course very seldom I could get his entry and exit point prices. But the most infuriating thing was that he bragged in his sell alerts about how much profit he had made, although I was sitting at a loss. The other gurus at RagingBull were not only okay with this, but proudly were applauding in their promotions how successful Kyle Dennis was in his trading, and how many million dollars profits he had made so far this year…
Well, the smart trader, learned quickly that if you could short their recommendations… You might make a little bit of money… Cause their stuff was going in the wrong direction.. I paper traded one of their portfolios, they said that they would invest $100,000… Well that same investment quickly turned into about $40,000, it never recovered totally, and now sits at about $60,000.00 So much for making millions off of that $100K investment. I also see why they refused to allow members’ to talk to each other as well…
Exactly the same experience.FTG!!
How can I sign up for the coming class action lawsuit?
I have been a member of a number of Raging Bull services, most notably Mobile Closer. I am just learning about this lawsuit when I saw the email about all services being suspended for 30 days. I’ve always had a suspicious gut feeling about Jason Bond. Something wasn’t right and I never did his services. However, I really did like Kyle Dennis. I thought he was a good guy and really tried to educate people.
Reading all of this now makes me sick to my stomach. One of the findings states that they showed customers how to generate substantial income by following trade strategies or trade recommendations. I can attest this is 100% true with Mobile Closer and have documented evidence of emails with trade recommendations from each day. There are daily trade videos with Kyle’s recommendations on calls or puts for AAPL. Of course, everyone is free to follow the trade or not and buy or sell however many contracts they want and when they want. Kyle did offer education and caution but it clearly was investment advice. It was the point of the service – to trade AAPL evey day. Most of the time I followed his recommendation each day and sometimes I went against him. However, this is precisely why the FTC is going after them.
Did I get some good education in the process? Sure. Did I like Kyle? Yes, I believe he got caught up with what Jeff and Jason were going and do believe he is genuinely a good guy. I did purchase a couple of other services but I feel so deceived and defrauded now. And trust me – I am NOT one easily deceived. I am cautious and pessimistic when it comes to stuff like this. I am got gullible. I have a background in finance and accounting. It’s why I only selected certain services and stayed away from Jason. It’s why I liked Kyle because I had a good feeling about him and he has a good track record (unless his backstory is all a lie also).
I called my credit card company and asked for a refund for all services. They have opened a fraudulent charge investigation and have all the documentation ready to provide them. In the end, I lost about $157 total in investments on AAPL – most of that Kyle’s recommendations, some of that my own choice. Even if I had followed all of Kyle’s it would have been pretty much a wash or a small gain.
In the last couple of weeks, trades were halted, he noted he would only provide updates on the market, said he would no longer recommend trades, and was changing things up. Now I know why. I filed a complaint last week that I no longer was getting what was advertised in the service and wanted a refund. I haven’t heard back. Now I finally understand why and this make sense. Sad, deceived, and disappointed as I might be one of the last people to fall for a scam and anyone who knows me would attest to this.
Jeremy916 – right there with you. I think it goes to show what the power of persuasion and a seemingly unlimited marketing budget can do to convince even the most sophisticated. I’m sure you’ve seen the show: American Greed. Personally I don’t think any of us are 100% immune. Some cons are just more obvious than others.
I had subscribed to Kyle Dennis’ Biotech Breakouts service and knew it was a scam designed for him to front run / pump & dump his picks once I figured out I could never get his entry and exit point prices.
Right there with ya! Actions became fishier as time went on.Sometime it would be an hour or so later he would inform about his buys.What good is that?