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Legendary / Stochastic Calculus is not your friend
Experience: None
Platform: Ninjatrader, Python API
Broker: CQG
Trading: S&P, Crude, Gold
Posts: 879 since Oct 2009
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Hey guys do you have experience with Warrior Trading / Ross Cameron? ...tons of youtube videos....and this:
Federal Trade Commission Cracks Down on Warrior Trading For Misleading Consumers With False Investment Promises
Investing Company and its Owner Will Pay $3 Million in FTC Case
April 19, 2022
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Tags: Consumer Protection Bureau of Consumer Protection Investment Internet commerce deceptive/misleading conduct Finance Advertising and Marketing Online Advertising and Marketing Advertising and Marketing Basics
The Federal Trade Commission is cracking down on the Warrior Trading day trading investment scheme for making misleading and unrealistic claims of big investment gains to consumers. The FTC alleges that Warrior Trading and its CEO, Ross Cameron, used those claims to convince consumers to pay hundreds or thousands of dollars for a trading system that ultimately failed to pay off for most customers.
As a result of the FTC’s case, Warrior Trading will be required to pay $3 million to refund consumers and will be prohibited from making baseless claims about the potential for consumers to earn money using their trading strategies.
“Warrior Trading is paying a heavy price for misleading consumers with bogus money-making claims,” said Samuel Levine, Director of the FTC’s Bureau of Consumer Protection. “The FTC will continue its crackdown on false earnings claims and phony opportunities.”
Warrior Trading, based in Great Barrington, Mass., promotes day-trading investments online, claiming to sell a trading strategy that will show consumers “how to make a profit in the markets.” From 2018 to 2021, the company made tens of millions of dollars selling its programs online. Day trading is a form of investing where consumers buy and sell stocks over very short intervals throughout the day, hoping to make profit during the very short times in which they may own shares in a particular firm.
The FTC’s complaint alleges that Warrior Trading’s advertising showcased the trading results of its CEO and founder, Ross Cameron, claiming that his strategies were both “profitable” and “scalable.” Warrior Trading deployed deceptive earnings claims throughout its sales pitch in violation of the FTC Act, and the Telemarketing Sales Rule (TSR).
According to the complaint, the vast majority of customer accounts actually lost money, with numerous consumers losing thousands of dollars trading on top of the thousands they paid Warrior Trading.
In its online advertisements, Warrior Trading exhorted consumers:
“Learn to Trade With Certainty Towards The Financial Freedom You’ve Always Wanted”
“Learn How I Made over $101,280.47 in Verified Profits Day Trading Part Time in Under 45 Days Using 3 Simple Strategies that You Can Use Immediately to Increase profits and Reduce Losses NOW!”
“Start trading over my shoulder side-by-side with me because I guarantee you that next week, the week after, the week after that, I’ll be trading the one or two stocks each day that move up 20 to 30 percent.”
Enforcement Action:
Under the FTC Act, and the TSR, the FTC has the authority to take action against companies violating consumer protection laws, including engaging in unfair or deceptive acts or practices. Under the court order agreed to by the FTC and Warrior Trading, the defendants must:
Pay consumer redress. Warrior Trading must pay $3 million to consumers harmed by its false earnings claims and phony opportunities
Shut down bogus earnings claims. The order prohibits the company from making unsubstantiated earnings claims and misrepresenting that purchasers of their products can be successful in trade regardless of their educational background, the amount of capital they have to invest, or the amount of time they spend trading; and
Prohibit TSR violations. The company is prohibited from further violations of the TSR, including making any misrepresentations through telemarketing about investment opportunities, including the earnings potential or amount of risk a consumer might face.
The Commission vote approving the stipulated final order was 4-0. The FTC filed the proposed order in the U.S. District Court for the Western District of Massachusetts. The Commission thanks the U.S. Securities and Exchange Commission, Division of Economic and Risk Analysis, Office of Litigation Economics for its invaluable assistance and analysis of the relevant trading data in connection with the Warrior Trading matter.
NOTE: Stipulated final orders have the force of law when approved and signed by the District Court judge.
Wow that's crazy. And a complete reinforcement of why Markets Chat is being built to be the complete opposite. Built on realistic expectations. Verified identities and verified broker statements are part of our solutions, and we encourage the forthcoming broker statements by offering 10% bonus payout (up-to our 70% max).
Also, Markets Chat is all about diversifying with many different Leaders that focus on their own strengths, allowing Followers to pick and choose the best ones suited for them.
If I'm reading right, Warrior Trading requires hundreds of dollars per month in subscription costs to follow Ross? Whereas Markets Chat is all about protecting traders from exorbitant pricing, putting a ceiling of $99 on each room.
We also stand behind our money back guarantee, and we always protect your identity. So no more harassment by a vendor just because you're having a hard time and ask for a refund -- no banning like Vinny.
We are working on the platform every day, our team is hard at work. I'm very excited to share it.
Making $10s of millions, to be fined $3 million ... not a bad deal, I'll take that trade!
In all seriousness, why would anybody ever actually make claims of profitability? I'm answering my own question as I realize that I guess it's because doing so nets more money after fines than not making claims would net.
What questions do you have that we haven't yet answered? We will continue adding more detailed articles to the site every day.
IMPORTANT:
We are looking for room Leaders! We have hundreds of followers participating in our beta test, but we need many more Leaders to help us test the platform.
If you are in any kind of room currently, please share our website with the group and ask the room leader to reach out to us. We want to host all trading rooms on our platform, and anyone can do so for free.
Stop using Discord, built for gamers, and start using Markets Chat -- built for traders, by traders.
Please reply with any and all feedback. We are working hard every day and are so excited to share this with you. We expand our beta group as we add new features, so please help us by sharing our website on social media and other trading communities.
