In February last year, the FTC sued Online Trading Academy for allegedly making false earning claims to attract consumers to purchase its expensive investment training programs. OTA settled with consumer protection watchdog’s complaint in September 2020. As part of the settlement, Online Trading Academy agreed to offer debt forgiveness to consumers whose loans were held by UGA.
Proposed settlement with UGA and UAS
In addition to offering debt forgiveness to consumers, UGA and UAS agreed to stop providing assistance including underwriting, funding, or servicing of Accounts to any entity engaged in deceptive and unfair business practices.
UGA and UAS also agreed to first conduct due diligence screening of any prospective covered client before providing underwriting, funding, or Account servicing. The screening allows both loan payments funder and servicer to determine if a prospective covered client’ business practices are or likely to be deceptive or unfair.
Furthermore, UGA and UAS agreed to monitor their covered client’s transactions and business practices to determine whether it is engaged in deceptive or unfair business practices.
