The Federal Trade Commission announced it is sending payments totaling more than $2.9 million to 20,402 people who paid thousands of dollars for Warrior Trading’s investment programs. The company made misleading and unrealistic claims to sell a day trading “system” that failed to pay off for most customers.
The FTC will begin sending payments on January 10, 2023, by check and PayPal. Consumers who get a check should cash it within 90 days. Consumers who get a PayPal payment should accept it within 30 days. Recipients who have questions about their payment should call the refund administrator, JND Legal Administration, at 844-633-0694. The Commission never requires people to pay money or provide account information to get a payment.
The FTC sued Warrior Trading and its CEO and founder, Ross Cameron, in April 2022, alleging that the company made deceptive earnings claims throughout its sales pitch. Warrior Trading claimed to sell a day trading strategy that would show consumers “how to make a profit in the markets.” In its advertisements, Warrior Trading showcased the trading results of Ross Cameron, claiming that his strategies were both “profitable” and “scalable.” According to the FTC’s complaint, the vast majority of customers actually lost money trading—in some cases thousands of dollars—on top of the thousands they paid Warrior Trading.
The Commission’s interactive dashboards for refund data provide a state-by-state breakdown of refunds in FTC cases.
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