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FTC Nabs $362M In Settlement With ‘Online Trading Academy’

Tiomkin Law Offices of Elliott Tiomkin > Legal News  > FTC Nabs $362M In Settlement With ‘Online Trading Academy’

FTC Nabs $362M In Settlement With ‘Online Trading Academy’

Law360 (September 14, 2020, 8:56 PM EDT) — The company behind a trading program known as Online Trading Academy will pay $362 million to settle claims from the Federal Trade Commission that it lied about its success to lure prospective retirement-age students into paying up to $50,000 per class.

A California federal judge on Friday signed off on an order that resolves the legal dispute between the FTC and OTA over allegations that the latter made false claims about earnings, misrepresented its training program and unlawfully exercised nondisparagement provisions.

In addition to requiring OTA Franchise Corp. to pay a $362 million monetary judgment, OTA’s founder, Eyal Shachar, will be…

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