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Online Trading Academy SCAM
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http://www.facebook.com/#!/pages/Online-Trading-Academy-SCAM/103159303152106

My husband went to one of their special events on January 11th in Orlando. It was called an ALL STAR EVENT and was supposed to have some great speakers coming to Orlando for the first time. It was an all day show.

I warned my husband not to go as it seemed like one of those scam things. He refused to listen to me and indicated that it was free so what did he have to lose. I insisted that these types of companies are mostly show, create a lot of excitement, offer mostly a hyped up motivational rally and then sucker people like my husband to buy on emotion.

When my husband came home he told me very shyly that he bought a course from them. He paid $2, 000 down for a combined 7 day class and mentioring program that would cost around $12, 000 total. I screamed at him and said, "Are you nuts! We can't afford that. You know it."

He was convinced that he could make a lot of money with this program. I didn't beleive it as it turns out we met some people who took the course from OTA and say they lost over $10, 000 using their system.

So I tell my husband to call these people and cancel. And of course they resisted it. They told him to take the class which was starting on Saturday, try a few techniqies sand then see how it works out.

They were cute and tring to keep my husband from cancelling within the 3 day right to cancel period.

Finally my husband calls me and tells me that he wants to stay with the course and try it out. I tell him no F'"in way. Get your refund and cancel that pronto or you will be stuck into a binding contract.

About an hour later he calls me back. He says they don't want to refund his money and had three guys talking to him trying to convince him to stay with the course. So once again I reiterate that he must cancel this thing and he if he didn't have the guts to tell them, then I would.

Finally after all this he tells me that he got a recipt for a refund and that the money he paid would show up on his visa account. So far, it hasn't shown up.

What really bothers me is the fat talking motivational style techniques that they scamsters use and then the audicity to fight giving back a refund.

Stay away.

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, 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