It will pay about $ 2.4 Million for Bogus funding claims and hard -earned registration fees to end.

Users of RagingBull.com, an online marketing platform that used fraudulent earnings to trick customers into signing up for services and then locked them in complicated subscription plans with price tag will be required to pay $ 2.425 million, eliminate financial fraud, get approval from customers to register, and provide them with an easy way to eliminate additional fees.

“Raging Bull’s unreasonable financial demands and difficult registration will exclude millions of consumers,” said Samuel Levine, Director of the FTC’s Bureau of Consumer Protection. “The proposed order continues today as the FTC denounces fraudulent financial claims, returning millions to consumers and demanding press-to-remove signatures. website. “

In December 2020, the FTC filed a lawsuit alleging that Raging Bull sold its business and options trading services to consumers with misleading statements, including allegations that consumers could. in addition to Raging Bull’s trading tips and advice “gurus” can “double or triple” their trading accounts quickly and easily.

As in the appeal, the defendants are presented testimonials from customers who said they did “[$]6500.00 in 20 minutes ”and“ $ 500 in 15 min[utes]. ” In addition, the plaintiffs tried to make money from the COVID-19 cancer treatment, with one “guru” saying he was able to “raise nearly $ 500K in cash by trading. to properties related to COVID-19 disease ”to consumers. repeat this progress.

According to the lawsuit, those comments are not uncommon for Raging Bull subscribers, and many people have lost a lot of money using Raging Bull’s services and advice. trade. The company does not follow the commercial interests of its customer and there is no reason to demand a large number of customers.

The FTC’s complaint found that Raging Bull’s services, which cost hundreds or even thousands of dollars, were regularly registered to be paid quarterly or annually, and that subscribers to face significant challenges in avoiding such claims. The FTC said the termination costs were different for different services, and in many cases, the company’s customer service line was long, disconnected, and other problems complained of. subscribers for new features they don’t like.

Under the terms of a proposed injunction, to settle the defendants RagingBull.com, LLC; Sherwood Ventures, LLC; Jason Bond, LLC; Jason Bond and Jeff Bishop have to pay $ 2.425 million to the FTC.

In addition, the order prohibits defendants from making claims relating to income without obtaining written evidence that such claims are normal for consumers. Defendants shall also be prohibited from alleging misconduct so that consumers may not be able to trade without regard to their knowledge, how much money they have to spend, or the amount of money they spend. the amount of time they spend marketing.

The order also requires defendants to provide customers with an easy way to complete their registration and requires them to obtain informed consent and information from customers. before signing them up for a new enrollment program. It also requires that customers calling for a suspension not be arrested for more than 10 minutes, and that voicemails requesting the suspension be returned within one business day. Appellants will be required to provide Raging Bull customers with a notice of the FTC complaint and a detail of their responsibility to customers under the proposed order.

The FTC’s lawsuit against defendant Kyle Dennis will continue.

The Commission vote approving the last order is said to be 4-0. The FTC filed the proposed order to the U.S. District Court for the District of Maryland.

RECOMMENDATION: Final orders or orders shall have the force of law when approved and signed by a judge of the District Court.

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