• Report: #695810

Complaint Review: Online Trading Academy

Thank You

Read how Ripoff Report saves consumers millions.

  • Submitted: Tue, February 15, 2011
  • Updated: Fri, June 28, 2013

  • Reported By: Exposing Scams — Orlando Florida United States of America
Online Trading Academy
5575 S. Semoran Blvd, Orlando, FL, Florida United States of America

Online Trading Academy Online Trading Academy of Orlando - Very deceptive and unprofessional Orlando, Florida

*General Comment: Legal Notice of Subpoena

*Consumer Comment: Beware of this SCAM!!!!

*General Comment: Legal Notice of Subpoena

*General Comment: investor

*Consumer Comment: Online Trading Academy SCAM

*Consumer Comment: Yes, it is funny

*Consumer Comment: Too funny

What's this?
What's this?
What's this?
Is this
Ripoff Report
About you?
Ripoff Report
A business' first
line of defense
on the Internet.
If your business is
willing to make a
commitment to
customer satisfaction
Click here now..

Does your business have a bad reputation?
Fix it the right way.
Corporate Advocacy Program™

SEO Reputation Management at its best!

First of all, let me start off by saying that I really should list this as entertainment or some other category than finance/investing. It would be funny and entertaining if it didn't cost so much.

I was invited to one of their Power Trading Workshops sometime ago. It was supposed to be on a Saturday morning. When I called, a guy with a thick New York accent tells me that the workshop was cancelled. Then he quickly tells me to hold on a minute. I heard him cover the mouthpiece and then he comes back and tells me that the workshop is on.

Needless to say, I was a little confused but drove across town from the Clermont area to Orlando where their office is located. It was a 50 minute drive one way on a Saturday morning.

When I get there I noticed that there was only one car in the parking lot. So I call again on my cell phone to make sure that I am in the right place. [continued below]....
..... I am assured that I am and am prompted to come in which I did.

By the way, I forgot to mention that on their website this workshop was listed as "sold out" but when I arrived I was the first and only one there.  So I walked into their office and was led to a b ack room by a older white guy with a thick Italian accent. This guy looked like he could have been part of the mafia.

A few seconds later, a younger black guy walks in and turns out he is the mouthpiece of the two. He welcomes me and begins his presentation at around 10:15am, about 15 minutes late. About this time two other guys walk in. They are seated and like me wondering where the heck everybody is since t his was supposed to be "sold out."

The black guy responds that the workshop was actuually cancelled but these two decided to run it anyway since I had called. And now that there were three of us, they had an event. Another guy asks why it was listed as sold out and the black responds that it "looks better" to say sold out.

I just laughed and started to wonder what else they may alter or say because it "looks better."

All three of us walked out after 20 minutes of this very impromptu and unprofessional event.  To humor us we were invited back to another workshop that would be held the following week. I workd during the week and the next workshop was scheduled for Thursday. Turns out I was able to get off that day and was going to drive a friend to the Orlando airport whichi s only a few miles from the OTA facility.

So I went and this time the parking lot was full. The office had some people in it and the star presenter was a guy that flew in all the way from California. He was supposed to be an experienced trainer. Turns out he was a experienced presenter/speaker aka salesman. This guy started by telling us (a group now of about 8 people) that we would not learn how to make money, but how not to to loose money. WOW!

Then he went on to make wise cracks about CNBC, especially Jimmy Cramer. He showed two video's of Cramer. One called: Cramer -Manipulation s supposed underground video with Cramer saying some things you wouldn't expect and then another video where Cramer talks about how silly it is to sell Bear Stearns as it was about to be a takeover target. The presenter goes on to say that Cramer was half right, Bear Stearns was a takeover target but the stock dropped by 60 points before it happened. All of us were already aware of this and I failed to see the point to this other than the presenter trying to make a case against CNBC and Jimmy Cramer.

Next the presenter shows a chart of a stock that seriously reversed. He used this as a seqway to discuss shorting stocks. I had seen this exact same chart in a Bill O'Niel book. It wasn't news. I elbowed the guy next to me and said, "I bet he talks about the double top  next." Didn't even get the words out of my mouth and the double top thing came out. This is nothing new.

He then goes on to talk about shorting and says that shorting is no riskier than buying stocks. ENT!
I beg your pardon! When you buy a stock, you risk your entire investment.  There is limited risk. When you short, you in ieesence borrow money to sell a stock that you don't own. If the stock goes the opposite way (as it frequently does) you use your entire investment plus much more. Shorting has unlimited risk and you have to be precise. It is a fact that more people loose money by shorting than by buying stocks.

Next event was to talk down mutual funds and mutual fund managers. The presenter says that you can't make money in mutuals anymore. ENT! A quick look on the internet proved that I was right. Over the last three years, I found over 50 mutual funds that produced an annual return ov over 20%. In fact, I even found several mutual funds that are up over 25% over the last 6 months and one that is up 38% in the last three months. But this presenter, supposedly an expert says that you can't make money in mutuals anymore. BULL!

Next he throws up a chart of the S&P 500 from 1970 to 1999. He demonstrates how "buy & hold" used to work. Then he throws up a chart of the S&P 500 over the last 10 years which obviously shows a very choppy market including the crashes of 2000 and 2008. Funny why he didn't use alonger chart. Probably figured the longer time line would dilute the turbulence.

As we broke for lunch we were treated to a decent catered lunch with hot food. While I was eating, I was approached by one of the counselors, the older Italian guy. Who pulls me into an office and talks to me while I am eating. Just makes small talk at first. Then he begins to ask me about the seminar.

"Seminar? What seminar" I respond. This was a blatant sales pitch and very misleading at that. He then asks me if I learned anything from it. I respond only that this was a a high pressure sales pitch much like Time Share and I was turned off by it. I asked him when the strategies would be discussed. He commented after lunch. I politely asked him to let me eat in peace and after the third time he got the hint.

So I went back outside to the break area at which time another counselor, the black guy from the week before comes over. Same speel. Small talk and then right for the jugular. I told him that I just told his buddy to leave me alone. This guy was more persistent and downright rude. At this point the white guy came back and told his buddy that I wanted to see some strategies and then told me that this guy would show the trading platform after lunch. If the white guy hadn't come I would have walked out.

I went to use the restrooms. What a joke. You need a code to get in and once you get in, you'll wish you hadn't. The place was a mess with paper towels and toilet paper spread all over and residue of urine and fecal matter on the walls. Looked worse than a grade school restoom. I almosy upchucked my lunch.

I went outside to smoke a cigerette and spoke with some lovely girls who worked in the complex.  They suggested that I watch my car. When I asked why I was told that some cars had been borken into and that other vandalism occurred here.

So as I was about to get in my car and leave, the black guy comes out after me and tells me that the seminar is about to continue and assures me that it will be worth my while and won't take long. So I figure, what the hell and go back in.

This young black kid pulls up the trading platform. He starts drawing charts with lines going all over the place. He appeared to know what he was doing untill he came back to the charts and since this was live trading on demo account while the market was open we could follow the stock trades. They all went in the opposite direction. Five of us were left and we all giggled. One guy yelled, "OOPS??"

Obviously this kid was not very skilled in what he was trying to do. Now the presenter comes  back and tries to patch us this mess. He reviews the benefits of OTA. He tells us that this  has a value of at least $14,000 and is usually sold for $6990 but we would be recieving a fast cash shcolorship of $2,000 bringing the price down to a "mere $4990", his words, not mine.

He tells us that there is a tuition reimbursement available if we put up another $5,000 and sign up with their broker recommendation. This tuition reimbursement is ajoke. You get a 20% discount on commissions which are already higher than the industry standard and you have to pay a $99 monthly fee. This broker also has the highest margin interest around. Did I forget to  mention that during the "seminar" the presenter was very liberal about using margin and said it was safe?

At this point the black guy tapped me on the shoulder and asked me to follow  him to the office. Here it comes I thought and boy was I right. Another high pressure sales pitch much worst than the first one.

I got so mad that I walked out and this guy, the black guy followed me  outside to my car. Even while I am in my car, he motions to me like a cop to roll my window down. I ask him what the hell he wants and he responds, "Sure you won't change your mind."  At which point I hit the gas pedal and peeled out.

My advice is to stay away from these guys. That is unless you really need an free meal real bad and are willing to be hit with high pressure selling tactics.

This report was posted on Ripoff Report on 02/15/2011 07:14 PM and is a permanent record located here: http://www.ripoffreport.com/r/Online-Trading-Academy/Orlando-FL-Florida-32822/Online-Trading-Academy-Online-Trading-Academy-of-Orlando-Very-deceptive-and-unprofessi-695810. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report.

Click Here to read other Ripoff Reports on Online Trading Academy

Search for additional reports

If you would like to see more Rip-off Reports on this company/individual, search here:

Search Tips
Report & Rebuttal
Respond to this report!
What's this?
Also a victim?
What's this?
Repair Your Reputation!
What's this?
REBUTTALS & REPLIES:
0Author 7Consumer 0Employee/Owner
Updates & Rebuttals

#1 General Comment

Legal Notice of Subpoena

AUTHOR: Tomatoes Legal Notice - ()

To the author of the Consumer Comment posted 4/4/12 under the title “Online Trading Academy SCAM.”  Please take notice that a legal action has been commenced in the Superior Court of the State of California for the County of Orange, Case No. 30-2013-00639004-CU-DF-CJC, as a result of the false and defamatory statements made by you under your Consumer Comment (the “Action”).  In the Action, we have subpoenaed the records of Xcentric Ventures LLC in an effort to obtain your contact information and any other improper and defamatory messages that you have posted on the website Ripoff Report, www.ripoffreport.com, under the pseudonym “Tomatoes”, or any other pseudonym.

If you do not respond within 3 business days with your true and correct contact information to Michael S. Orr, Esq. via email (msorr@calljensen.com) or facsimile (949-717-3100), we will pursue the records as outlined above which currently has a production date of August 19, 2013.

 

Respond to this report!
What's this?

#2 Consumer Comment

Beware of this SCAM!!!!

AUTHOR: Traderone - ()

 My opinion:  Beware of bait and switch tactics when they lure you in with a low cost program and later try to sell you on something more expensive claiming that you need it to succeed and make money. I feel that this company is nothing more than a scam and should be shut down by the FTC just like the many other similar companies that used to air informercials all the time. Do not believe their sales pitches, their testimonials, trading results, ads, etc. None of their trading is done with real money and is all done in a demo account. Read the disclosure statements that you will need to agree to when you sign up for the program. They tell you that everything is Hypothetical and they are not trading in a real account using real money. I have lost thousands of dollars in trading with their bogus program and thousands more on their classes. Don't be a fool with your money and fall for this scam. This is nothing more than a sales company making their money on victims who don't know any better. Read all of the ripoff reports. Nobody would be motivated to say anything good about the company on ripoff report posting pages except people who work for the company and owners. Use common sense. Only people who are really upset and feel that they have been scammed would be motivated to go into these pages and post a report. That would include me and all of the other victims of this scam. Unless you like to lose a ton of moeny very quickly, stay far away from this scam or you will be sorry like my wife and I are. 

Respond to this report!
What's this?

#3 General Comment

Legal Notice of Subpoena

AUTHOR: Tomatoes Legal Notice - ()

To the author of #2 Consumer Comment posted 4/4/12 under the title “Online Trading Academy SCAM.”  Please take notice that a legal action has been commenced in the Superior Court of the State of California for the County of Orange, Case No. 30-2013-00639004-CU-DF-CJC, as a result of the false and defamatory statements made by you under #2 Consumer Comment (the “Action”).  In the Action, we have subpoenaed the records of Xcentric Ventures LLC in an effort to obtain your contact information and any other improper and defamatory messages that you have posted on the website Ripoff Report, www.ripoffreport.com, under the pseudonym “Tomatoes”, or any other pseudonym.

If you do not respond within 3 business days with your true and correct contact information to Michael S. Orr, Esq. via email (msorr@calljensen.com) or facsimile (949-717-3100), we will pursue the records as outlined above which currently has a production date of May 29, 2013.

 

Respond to this report!
What's this?

#4 General Comment

investor

AUTHOR: roger s - (United States of America)

I'm interested in knowing who the 1st responder works for. I have been investing for 40+ years and follow traditional practices and valuations like p/e ratios, eps, growth, debt to equity ratios, etc. I have found the fundamentals drive value - not a chart, not an opinion, not some goofball claiming they know something no one else does, etc. I suggest people stick to the basics. This system sounds like a scam.



Respond to this report!
What's this?

#5 Consumer Comment

Online Trading Academy SCAM

AUTHOR: Tomatoes - (United States of America)

SCAM!

Although not new, Online Trading Academy based out of Irvine, Ca pretends to offer investment/ trading education across multiple asset categories like stocks, options, futures, commodities, forex and real estate.

The cost is salty beginning at $5,000 for their basic course and up to $10,000 per mentoring class and $65,000 for their passport programs. They have been running informercials on late night tv much like the now defunct Teach Me To Trade. More recently they are using apparently bogus testimonials on the internet posted by apparently paid shills and OTA employees. They even have their own website which implies that it is a 3rd party review site. An obvious clue is the raving five star reviews which all look like they were written by the same person and that other accurate, but not so positive reviews are blocked and deleted.

OTA will lure you to their facility to attend a Power Trading Workshop, ostensibly a half day workshop which really only lasts about 3 hours, time for lunch and registration included. Calling it a workshop is quite a stretch. It is a blatant sales pitch much worse than any time share presentation.

The course includes primarily basic t/a which can be found in any inexpensive book or even free on the internet. They claim to offer a one time $2,000 schlorship discount for that day only. This is a lie.

They also promise lifetime retakes. But their class room only seats about 20 people and they are constantly pushing for more clients. Where will they put everyone? FACT: Most clients quit in frustration and even though classes and workshops are listed as "sold out", there are more often less than half full and cancelled.

And they also promise tuition reimbursement. (Don't you love the way they throw around those educational terms to make them sound like a real school?) Here again, read the fine print and really check them out. You know what they say about when things sound too good to be true.

On some websites where complaints have not been deleted, supposed company officials post rebuttals and challenge anyone to contact them at their corporate offices in California. The number is a toll number, not toll free and those who have called find it links to a voice mail and after leaving multiple messages, no one returns the calls. So much for help from corporate.

OTA also seems very upset about the increasing number of complaints appearing about them on the internet and are now charging complaintants as being people who work for the competition, frustrated, lazy students who wouldn't take the time to follow their courses, deadbeat clients who defaulted on their loans (18% interest, they may be right on this one!) people whose credit cards were denied and disgruntled former employees.

Before it was called Online Trading Academy, it was called bloc securties, then momentum securities, then Newport Beach securities. In Orlando, the local office ownership has changed hands five times in a few years and has had massive employee turnover.

Many of OTA's offices are located in right to work states which means that employees were probably treated unfairly so there probably are a lot of unhappy ex-employees out there for sure.

However, one thing that Online Trading Academy doesn't want to admit is that they have a lot of unhappy clients and whatever is showing on the internet pales compared to what goes on in the local offices where clients are many times screaming at Online Trading Academy staff for their wrong doings and high pressure sales tactics.

This is just one of the many Organized Crimes that have been operated globally.

Stay away from these guys!

Respond to this report!
What's this?

#6 Consumer Comment

Yes, it is funny

AUTHOR: Angry Consumer_10 - (United States of America)

Obviously this rebuttal was made by an OTA employee. Why? Because your response, the tone and the mentality is exactly what I recieved when I went to the Power Trading Workshop and was allowed to sit in on the Pro Trader class and offered my feelings as to what was going on. Which is why I along with many others walked out and never signed up for the gig. We didn't buy into your pitch.

The way you guys operate is funny though. You invite us to a supposedly free workshop with continental breakfast and a promise to buy us lunch. Turns out that what we get is cheap danish and a cheap sub and a drink.

The so called  "workshop" is a blatant sales pitch. It should be called an infomercial, not a workshop. Just a dog and pony show. The information on double bottoms, double tops and shorting could hardly be considered anything new or revolutionary for anybody but the most naive to trading.  And the way it was present could be and is misleading.  The presenter made it sound like a double top is a guarantee of a big decline in stock price and predictable. Not so.

Ditto for shorting. It is a fact that more people LOSE MONEY by shorting than by going long. The presenter said the exact opposite. The market can turn on a dime and if you are short, you have unlimited risk. Having stop losses won't help you if bad news come out after the bell and your stock takes a licking.

Not a fan or a "buddy" of Jimmy Cramer or CNBC. I do watch Cramer. Is it true that the only reason that you guys attack Cramer is because his company "The Street.com" took cheap shots at your people when they were working for Wade Cook and perhaps had something to do with Mr. Cook filing for bankruptcy?

Looking for retribution? Payback?

By the way, if OTA has such an issue with CNBC and Jimmy Cramer, why do you advertise so heavily on that station? And I wonder what Cramer would say if he found out what you guys were saying about him. Or should I say, misquoting him. Perhaps he would have "The Street.Com" do the same kind of report on you that they have done on Wade Cook and others. Now that would be interesting. By the way, in answer to your question, why was I at your circus show if I watch  CNBC. It was because I saw your ad on CNBC! HELLO!

And isn't it true that all or most of the OTA employees especially trainers and speakers have all worked for get rich quick guru's now out of business like Wade Cook, Larry Pino, Better Trades and more? You guys sound like prostitutes jumping around and being pimped from one get rich quick con  failed artist after another.

There is a case for mutual funds for certain people. Even your speaker indicated that traders should have a couple of buckets, one for trading and one for investing.  Personally, I prefer ETF's for diversification to MF's and on that point, I hope we might agree. Back to MFs, there are no load mutual funds with low maintenace fees. You have to know what you are shopping for and you have to move in and out of stock, bond and money market funds. You also need to know when to move into sector funds. Your comments convinces me that you know nothing about mutual funds.

When I was at your Circus sideshow, I spoke to one of your people and told him that I had been in mutual funds for many years and amassed a considerable net worth following a simple strategy but wanted to begin trading. I also told him that I used Morningstar as a guide to pick funds. His reponse? "Who or what is Morningstar?"  And had an understandable "DUH" look on his face. Who trains your people? Never heard of Morningstar and he is supposed to be a counselor? C'mon!

I sat in on your Pro Trader class. The newbies seemed very excited and thought they had  been making money. The veterans were not so happy. They siad everyone makes money in class but when you go home, it is quite different. Someof these people had retaked the class repeatedly for a year and still were losing money. One person I heard had lost over $10,000 using your "proven" system. Hey what's up with that?

And what's up with this "trade with real money" that you claim? Isn't it true that your people are really trading in a demo account and no real money?

Your retake provison I am told is also a joke. With a maximum of only 20 seats and such a strong effort to aggressively bring in new people, where in the world will you fit everyone? And isn't it true that most people drop out after the first class?  And who has the time to takeoff of work or away from trading to spend 7 days in a classroom and then be weary eyed for days later? And let's not forget the cost of lost wages from work, trading, traveling, lodging, meals and gas.

And if you really had so many happy students, why do you have to advertise so much? I would think you would have people knocking your doors down to enroll just based on word of mouth referrals. So why so much heavy advertising? Hmmmm?  Speaking of word of mouth, Orlando is a large city but word does get around. And regarding Online Trading Academy in Orlando, the word is that you guys are a joke!

We were told that the real cost of the course is $6990 but we get a $2,000 discount by enrolling that day. However, I also heard that nobody ever paid the $6990, but only $4990 or even less. Some paid only $3500. Some even less.  Many say that it's not even worth $500.

By the way, did you know that most of these get rich quick scams get nailed in Florida? Our attorney generals are good!

I hear your tuition reimbursement is also a joke. And several people have indicated they lost all of their reimbursement credits when you changed brokers a few years ago. How often do you change brokers?

Slippage? To make any money with that, you need to trade in 500 to 1,000 share lots. And I suspect that the people who trade like that know more about trading than your trainers. The fees associated with that broker you recommend eat up any profits in 3-4 cent slippage with small trades. And you talk about mutual fund fees? C'mon!

Based on the high pressure placed on myself and others, it is very obvious that your slaes people are under a lot of heat to sell and upsell. And I've heard that even though the Orlando office is only a couple of years old, ownerships has changed hands what 4,5 times and employee turnover is very high? No wonder there is so much high pressure selling when we go in there.

Regarding the free home study course that is supposed to be worth $99 to $207 depending on the commercial or informercial you see, in my opinion, it is not even worth $.99 cents. You offer an abridged version of a program that sells for about $35 (worth about $1) with the intent of luring us in for more.
Respond to this report!
What's this?

#7 Consumer Comment

Too funny

AUTHOR: StillLife - (United States of America)

Hey bud, just wanted to address a few of your comments in your report. Sadly, you sound like one of those indoctrinated cheerleaders on cnbc but don't worry, you aren't alone and quite frankly people like me need people like you to be on the losing end of my winning trades. I have known many people who have attended the academy (though I have not myself as I was fortunate enough to have a mentor) and they all make a VERY good living off of the principles they learned from OTA. Regarding your buddy Jim Cramer, if you were to take a close look at the securities he selects, the aggregate return has consistently underperformed major market indices year over year. Point being, if he is such a stud, why can't he do better than a market under fund?

Regarding mutual funds.... Please please please continue to invest in those money pits. We need people like you to support the broad market selloffs we are seeing almost on a weekly basis these days. If you had wont your homework and not been a cnbc cheerleader, you would know that the fees on open-ended mutual fees a excessive and the deck is subsequently stacked against you in terms of ultimately seeing any real asset growth (at least growth which outpaces inflation). That coupled with the fact that mutual fund managers are paid based on total assets under management and not performance makes them a TERRIBLE place to put your money. But by all means, put your money in that fund with the 50% return. I am quite sure that will happen this year because as we all know, past results ARE indicative of future returns....

Lastly, if you a such of fan of CNBC and Jim Cramer and likely Bloomberg then what the he'll were you doing at OTA anyway? All you need to do just watch there market wrap-up for all your fincacial wisdom. I think they are still recommending going long residential real estate..... You may want to get on that. :). Happy hunting!
Respond to this report!
What's this?
Report & Rebuttal
Respond to this report!
What's this?
Also a victim?
What's this?
Repair Your Reputation!
What's this?

Advertisers above have met our
strict standards for business conduct.



Ripoff Report Legal Directory