FTC sends payments to people allegedly defrauded by an online investing scheme
The FTC is sending a second round of checks to people who purchased an investment training scheme offered by Online Trading Academy (OTA) and its founder and Chief Executive Officer, Eyal Shachar.
The FTC sued OTA, and the company agreed to settle. According to the FTC's lawsuit, OTA made misleading claims that anyone could use its patented “strategy” to generate substantial income from trading in the financial markets and claimed this strategy could generate income in any market condition. The FTC also alleged that OTA “instructors”— salespeople on commission who marketed OTA’s training and strategy in live events across the country— often falsely held themselves out as successful traders who had amassed substantial wealth using the company’s strategy.
The FTC first sent checks in August 2021, which resulted in $4.6 million in refunds. Because there is still money in the fund, the FTC is sending a second round of checks totaling more than $800,000 to people who cashed their first check and paid the defendants more than $20,000.
If you get a check, please cash it within 90 days.
You can find answers to common questions about refund payments on our FAQ page. If you have any other questions, please call the refund administrator at 1-855-535-1840.