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Online Trading Academy email correction

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Did you get a letter in the mail from Online Trading Academy (OTA) saying that you’re eligible to have your debt forgiven? Unfortunately, OTA’s letter gave you the wrong email address to use. That means you’ll be getting a corrected notice in the mail shortly.

The right email to use is myeducation@tradingacademy.com. If you already emailed OTA at the wrong email address to request debt forgiveness, you must re-send your email to myeducation@tradingacademy.com. Not sure if you sent the request for debt forgiveness to the right email? Just re-send your email to myeducation@tradingacademy.com, or call (877) 755-1650 by or before November 13, 2020 to cancel your outstanding balance and have the debt removed from your credit report. 

As a reminder, Online Trading Academy is a company that peddled a “patented” training program, promising to help people earn big money by paying big money to OTA — for trainings costing as much as $50,000. OTA’s lavish earnings claims often came with encouragement for people to go into debt to pay for those OTA trainings. The FTC recently announced a settlement where OTA agreed to resolve the FTC’s charges that it used false claims to sell its training programs. As part of the settlement, OTA agreed to forgive the debt owned by some of the people who bought and financed training programs from OTA, and delete the debt from their credit reports.

For more information about the settlement, visit ftc.gov/OTA. If you’ve been scammed by and investment program or seminar, report it to the FTC at ftc.gov/complaint.

Tagged with: debt, invest
Blog Topics: 
Money & Credit

Comments

I have read many FTC releases like this, including the recent nationwide Operation Corrupt Collector crackdown by the FTC, Federal and state law enforcement partners.

I have never read that any of the people running these scams were arrested and brought to trial, as I believe criminals should be. Many don't even have to pay the full amount of the fine determined by the FTC if they can prove they don't have the money.

How do we know this wasn’t Intentional?

I know this blog covers debt but please don’t penalize those who paid upfront out of retirement, this too is not fair. I understand $362M seems like a lot, however, covers approx 36K people if all paid $10K (most paid more). Just looking for due diligence and not another unfair act on top of unfair act of OTA.

Thank you for this post Cristina! God bless you

Will the refunds extend to those of us who are members of OTA in other countries, or does it only apply to US members?

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