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Online Trading Academy

United States,
Florida

Consumer complaints and reviews about Online Trading Academy

User929784 Send email
 
Apr 11, 2012

fraudulent statements

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Online Trading Academy SCAM
(you just need to type "scam" on the search box and the Page comes up)
User929784 Send email
 
Apr 11, 2012

Misleading

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)
User790167 Send email
 
Apr 11, 2012

Deception

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.
User929784 Send email
 
Apr 11, 2012

Deception

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
User929784 Send email
 
Apr 11, 2012

Misleading

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
User885793 Send email
 
Apr 10, 2012

fraudulent statements

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.
User929784 Send email
 
Apr 10, 2012

fraudulent statements

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
CHARLIE COPELAND Send email
 
Feb 23, 2012

Misleading

I told them up front that I would be trading with my IRA account, which means I cannot trade shorts or day trade. They told me not a problem. The only thing I could trade was intra ETF'S. This course cost me $6, 000. Intra ETF'S means timing the market. GOOD LUCK.

Then my coach told me that I could not make any money with the initial course but I needed the XLT course. Another $6, 000.

Then I was told by my coach that the only way to make any money was with options, forex or e=munis. Another $6, 000. Who knows what after that.
Bonniec Send email
 
Feb 23, 2012

Misleading

I signed up after attending a workshop. I should have known better but signed up because the presenter indicted that the cost would bee free after tuition reimbursement and that retakes would be free for life.

The tuiition reimbursement is a joke. Classes are a waste. Too generalized. The whole programwas a waste of money
Fighting Scams2 Send email
 
Feb 23, 2012

Misleading

I went to the free workshop and then paid for the Pro Trader Class which was supposedly being offered at a$2, 000 discount if I signed up that day and that day only. I should have known better.

I've been out of work and savings has dwindled. I saw the ads and informercial on CNBC and believed the testimonials that I could turn this ins an income producing machine. I was scared so I signed up.

I have to agree with the others who have said that the workshop is really hype and the class isn't much better. It is too general and it is another sales gimmick to get us to upgrade to more classes.

After I signed up the manager there, a heavy set guy named Tim who claimed to be an ex Marine (reminded of a heavier, out of shape version of Sgt. Carter fromt he Gomer Pyle TV series) and a fmr broker with Lehman Brothers told me that I should have enrolled in the Futures class as that has more bang for my buck. He also suggested another broker for options tradig, different from trade Station the broker that was supposed to offer the tuition reimbursement and the one in wh cih we were taught on in the Pro Trader class. To be this appeared to be a lack of congruency within this company and a bait and switch tactic.

The training is a joke. I have learned more from FREE INFORMATION that I got from the internet and learned how to trade better with the FREE DEMO accounts that are available than what I learned here.

By the way, I doubt if they really use REAL MONEY as they claim. It is most likely a glorified demo account.

My advice, stay away. The instructors are not that good and the so called counselors are just used car salesman desperate to hang on to their jobs and will tell you whatever they have to get you to sign up.
Peter Brockman Send email
 
Feb 23, 2012

Misleading

As pathetic as you say they are...they took you for a sucker. hahahahahahahahahahahahahahahahahahahahahahaha
Richard Masterson Send email
 
Feb 23, 2012

Misleading

What ever happened to taking responsibility for your ignorance? While I can't agree with you more that Online Trading Academy is less than ethical in their business practices and very dissappointing on what they actually deliver on, I attended one of their circus side shows called a Power Trading Workshop. I excused myself, headed to the restroom and then headed out the door. Only a fool would fall for this.

Most people who attend, walk out. There is I am sure high pressure, but who says you have to signup? What's wrong wiht just walking out? OR you could take a page out of their book and LIE! Tell them anything. "I left my checkbook, wallet, purse at home." "I just bough a new car." "I'm out of work." OR tell the truth. "$5, 000 for this! Are you crazy?" "18% interest? That is insane!"

I got their number when I asked why these guys teach if they are making so much money. I was told, "Because trading is alonely business." LOL! C'mon. What kind of crap is that. If these guys were really making any real money trading, do you really think they would be in a classroom 7 days a week for 8 hours a day? C'mon. They teach and present because that is their main source of income. Ask them to provide statements or confirmation slips showing their trading prowess. Or better yet, ask them to show you their tax returns and compare the income from W-4 or 1099, however they are paid with their investment returns which they have to file by law. Then compare the results and you'll see where their main source of income really is.

As I said in the bginning, what ever happend to taking responseability? I almost feel sorry for you for getting taken, but in the end, who really is to blame? It is you? I have no idea how old you are, but I hope you learned a lesson and will stay away from these companies that overpromise and underdeliver and blatantly lie.

But the way when I was there I recognized severalof the staff, speakers, trainers from having worked for other now defunct or nearly defunct companies like Wade Cook, Optionetics, Better Trades, Larry Pino and more. These guys are like prostitutes jumping from one company to another (as they get shut down) being pimped by these "get rich quick" con artists and suckering the naive into their programs.

I go to a lot of these programs too. I go for the free gifts, just like time share which the OTA model is very similiar to, however, I don't buy. Why? Because I have yet to find one that is authentic.

Live and learn.

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