Let's spread the word!
Like us on FACEBOOK! Post your comment/ complaint at:
Online Trading Academy SCAM
(you just need to type "scam" on the search box and the Page comes up)

Let's spread the word!
Like us on FACEBOOK! Post your comment/ complaint at:
Online Trading Academy SCAM
(you just need to type "scam" on the search box and the Page comes up)

Last January I attended a two day special event that was held at the Crowne Plaza hotel in Orlando one day and at the company onsite office the following day. Somehow I was invited to both days and was told the information would be different. It was billed as a "gala event" with special speakers coming from all over the USA and even other parts of the world. In fact, the primary special lives in Orlando a few blocks from where the event was being held. The rest were corporate people flown in from California. They were seminar promoters and salesmen, not trainers

I have to admit that there was a little bit of information interspersed with a ton of sales hype and downright b.s. It reminded me a little of Amway, except even Amway pople would be embarrassed with this.

I saw a beedy eyed guy that looked very familiar to me. At first I couldn't place him. Then I asked one of the local OTA employees who he was and he told me his name was Lance Straus. Then it hit me! Yeah I know where I know him from. It seems like all of t he scams come through Florida and Orlando especially. Many of us, me included attend a lot of these events just to see if we can find something good about it. Rarely do we. Lance used to be associated with Larry Pino. a gentleman with a questionable reputation and pervayer of get rich quick schemes. Apparently, Lance had a higher position that even I thought and many complaints were made against him. Pino's company collapsed

He (Lance) also was associated with Wade Cook. Another company with questionable ethics that went into bankruptcy. Check this out
http://www.fool.com/specials/1999/sp990422wadecook02.htm

And look at this:
/link removed/

I found Lance Straus behavior at the OTA event consistent with what the above reports indicate. The 2 day event was really a giant sales pitch spread out over two days where attendee's were hustled and high pressured to buy OTA products or if they were already member, high pressured to upgrade to one of their other programs like XLT or whatever.

They told us that were would be a contest with cash prizes. Actually, the cash prizes were certificates that were redeeemable if you bought OTA programs. You were supposed to get as muchas $1, 000 discount. Of course the prices at this event were actually inflated to cover the cost of the prize and I am sure to pay the travel expences of the crew that came in from Califormia and perhaps to give the lady from Orlando some gas money for her 2 mile trip.

I do have an issue with the manner that this event was handled and especially with Lance Straus. When I appproached him, he seemd rude and acted like he could care less about anything but making some quick cash. He was very nervous when I asked him if he had any documented proof that OTA members were making any money from trading and if the trainers and employees actually traded in anything other than a demo account which was the opinion among many who were there and had been associated with OTA. I also asked him if anyone could provide confirmation slips, statement or tax returns to show evidence of successful trading.

In any case, I would think twice about dealing with a company, any company that hires a man with Lance Straus's reputation. He has left along line of disatisfied people across multiple companies. Not the kindo man that I would trust and I have to question OTA if they support him and obviously are very aware of his background.

And I found that this special 2 day event with allof the suppsedly great speakers, fell far short on it's promises and claims. I didn't hear anything that I didn't already l know. And what really bothers me is that OTA claims that they are not a seminar-like company. They are brick and mortar. It sure looked and smelled like a seminar event espcially when you have guys like Lance Straus who's specialty is seminar promotion. Need I say more? Stay away from OTA.

Let's spread the word!
Like us on FACEBOOK! Post your comment/ complaint at:
Online Trading Academy SCAM
(you just need to type "scam" on the search box and the Page comes up)
http://www.facebook.com/#!/pages/Online-Trading-Academy-SCAM/103159303152106

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 1/2 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, t hey 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.

Stay away from these guys

I am not surprised to see all of the complaints made here about Online Trading Academy. I am only surprised that Online Trading Academy is still around. Soggy sandwiches and cheap cd-roms that are virtually worthless does not warrant sitting through a 45 min to 2 hour presentation. (I was invited several times and since ownerships changes hands so many times I thought that perhaps the new owners may offer something better and different-ENT!)

What they call a workshop is a sugar coated sales pitch. There was no real technical analysis presented as I was told on the phone would be presented. No workbooks. No exercises as one would expect in a real workshop

I felt like I was misled and that was the general belief of the others who came and left, many threw their soggy sandwiches away in disgust while walking out.

The so called 'Educational Counselors" came across like high pressure pitchmen and were just that. I was invited ino the office, was asked 5 quick questions and they the guy asked me which credit card I wanted to use today! Didn't qualify me. Wouldn't answer any of my questions and got really annoyed when I asked if he could use proof that students and employees were really making any moneytrading.

I felt like I was lied to from the getgo and treated like a piece of meat. Stay away from these guys. Like I said, I am not surprised at all of the complaints only suprised that they are still around.

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 1/2 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, t hey 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.

Stay away from these guys