Temporary Restraining Order Obtained by FTC Against Alleged Investor Training Scheme Known As “Online Trading Academy”
Kehoe Law Firm, P.C. is making investors and consumers aware that on February 28, 2020, the FTC announced that a federal court has granted the FTC’s request to temporarily halt the alleged illegal practices of Online Trading Academy (“OTA”).
The FTC’s complaint against OTA, Eyal Shachar (a/k/a Eyal Shahar), Samuel Seiden, and Darren Kimoto, filed earlier this month, alleges that the defendants have used false or unfounded earnings and related claims to sell investment “training programs” costing as much as $50,000.
The FTC’s complaint also alleges that OTA has required consumers who have gotten refunds from OTA to sign contracts that limit their ability to speak to law enforcement agencies or post negative reviews about OTA.
Under the terms of the temporary restraining order, the defendants are prohibited from making false, misleading, or unfounded representations to consumers about OTA’s training, including earnings claims. OTA also is prohibited from making or enforcing contracts that limit consumers’ ability to speak to law enforcement agencies or leave reviews online. Additionally, OTA is temporarily barred from collecting payments on the loans it made to customers to finance purchases from the company, and it is not allowed to sell the debt to others or report consumers to credit bureaus for non-payment of the loans.
The order also temporarily freezes OTA’s assets and limits how much the individual defendants can spend, to preserve funds for potential redress to consumers.
Source: United States Federal Trade Commission. FTC.gov