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.