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FTC on a full-court press against Raging Bull


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FTC on a full-court press against Raging Bull

  #1 (permalink)
 
shodson's Avatar
 shodson 
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Here is the temporary restraining order.

https://www.ftc.gov/system/files/documents/cases/21_-_tro_signed.pdf

Their assets have been frozen, employees furloughed, etc.

From an email they sent...

"We have recently been served with a lawsuit by the FTC, without warning or an opportunity for any prior discussion with the FTC, that paints our business in a very bad light.

We have not been able to get our full defense in front of the judge to argue our side of things. In our view, the FTC has taken a very aggressive approach to handling this. The United States District Court for the District of Maryland, though, issued a temporary restraining order (which can be accessed here) on December 8. This order, among other things, appointed a temporary receiver and placed a freeze on the company’s assets. In addition, theNew Hampshire Bureau of Securities Regulation has initiated a regulatory action against the company. We believe that we will prevail in both matters, but with the extraordinary actions taken to this point our business has been virtually crippled overnight."

I was talking to some guys that work at Online Trading Academy, who is also under investigation and had assets frozen, the full-court press thrown at them. Guilty or not, it's amazing how powerful the govt is in shutting you down if they get a bad whiff about you.

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  #2 (permalink)
 
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 Big Mike 
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FTC link

https://www.ftc.gov/enforcement/cases-proceedings/2023073/ragingbullcom

Mike

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 kevinkdog   is a Vendor
 
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shodson View Post
Here is the temporary restraining order.

https://www.ftc.gov/system/files/documents/cases/21_-_tro_signed.pdf


I was talking to some guys that work at Online Trading Academy, who is also under investigation and had assets frozen, the full-court press thrown at them. Guilty or not, it's amazing how powerful the govt is in shutting you down if they get a bad whiff about you.

I think "whiff" is the wrong word here, since that implies a small or slight amount.

In both OTA and RB cases, the gov't compiled much more than a whiff, they have a whole dumpster of stench to present as evidence. The gov't (I hope) wouldn't shut down a small pile of dog doodoo, but will shut down a steaming mountain of it.

Whether or not it holds up in court remains to be seen, of course. "Innocent until proven guilty" I guess does not apply when the gov't thinks you are soooo guilty that they can't let you continue.

Maybe a bad analogy, but it could be like a suspected serial murderer (with a lot of evidence against him) being arrested and denied bail, so even if he is found not guilty at trial, at least he was off the streets (and not murdering more people) until the case was settled.

Regardless of what happens though these guys will resurface with a new name. OTA people have already done this, and so have plenty of others.

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 shodson 
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kevinkdog View Post
I think "whiff" is the wrong word here, since that implies a small or slight amount.

In both OTA and RB cases, the gov't compiled much more than a whiff, they have a whole dumpster of stench to present as evidence. The gov't (I hope) wouldn't shut down a small pile of dog doodoo, but will shut down a steaming mountain of it.

Whether or not it holds up in court remains to be seen, of course. "Innocent until proven guilty" I guess does not apply when the gov't thinks you are soooo guilty that they can't let you continue.

Maybe a bad analogy, but it could be like a suspected serial murderer (with a lot of evidence against him) being arrested and denied bail, so even if he is found not guilty at trial, at least he was off the streets (and not murdering more people) until the case was settled.

Regardless of what happens though these guys will resurface with a new name. OTA people have already done this, and so have plenty of others.

I didn't mean to imply by "whiff" that there was scant evidence. True, the govt's usually not going to go through the trouble of a trial, tying up resources, ifi they don't they feel they have a good case, unless it's some rogue DA with a personal ax to grind, but we hope that only happens in movies.

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 cory 
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Quoting 
the FTC alleges that consumers—many of them retirees, older adults, and immigrants—have lost at least $137 million to the scam in just the last three years.

amazingly there is still plenty of money going for this kind of scam, will people ever learn?

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 kevinkdog   is a Vendor
 
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shodson View Post
I didn't mean to imply by "whiff" that there was scant evidence. True, the govt's usually not going to go through the trouble of a trial, tying up resources, ifi they don't they feel they have a good case, unless it's some rogue DA with a personal ax to grind, but we hope that only happens in movies.

You are 100% right!

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 seattle7 
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kevinkdog View Post
I think "whiff" is the wrong word here, since that implies a small or slight amount.

...

Whether or not it holds up in court remains to be seen, of course. "Innocent until proven guilty" I guess does not apply when the gov't thinks you are soooo guilty that they can't let you continue.

...

___________________________________

I believe the FTC action is in civil, not criminal, court. Therefore, "guilty" as well as "innocent until proven guilty" (as well as "beyond a reasonable doubt") have no meaning here.

The issue is whether or not Raging Bull has acted consistently with FTC rules and regulations, and if not, Raging Bull will likely be ordered to pay fines and restitution.

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 kevinkdog   is a Vendor
 
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seattle7 View Post
___________________________________

I believe the FTC action is in civil, not criminal, court. Therefore, "guilty" as well as "innocent until proven guilty" (as well as "beyond a reasonable doubt") have no meaning here.

The issue is whether or not Raging Bull has acted consistently with FTC rules and regulations, and if not, Raging Bull will likely be ordered to pay fines and restitution.

Did not know that, thanks for pointing that out.

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  #9 (permalink)
 seattle7 
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It was interesting to me to read the Declarations constituting the FTC's evidence against Raging Bull, that is, the statements of Raging Bull's customers who complained about Raging Bull's behavior.

See for yourself:

1. Go to: https://www.courtlistener.com/docket/18719211/federal-trade-commission-v-ragingbullcom-llc/

2. Go down the page to Document 9.

3. Open and read any of Attachments 1 through 10.

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  #10 (permalink)
 Cloudy 
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I also think part of the exposed "whiff" alerting or motivating the authorities of the stench of RagingBull and OTA's scams, which persisted for a decade or two decades, respectively, were helped along in no small part by the involvement of tradingschools.org and reader victims corresponding with Emmett who helped encourage them to file their cases with the authorities, and to be not as intimidated by the legal threats from Ragingbull against their own clients while their supposed customer support structure was also denying refunds. Emmett had been the "sheriff" of the more honest and uncompromised trading reviews since 2015 and the site has served as an internet crux haven of the long time coming "withchunt" of justice against scammy vendors who had caused up to massive personal financial damages to retailers. He had also spent over $200k defending from several lawsuits from various busy vendor scam organizations, including Jason Bond, to keep up his Bond and Ragingbull reviews on the site. As well as two lawsuits from Ross of Warrior Trading.

Reviews and case updates of RagingBull and OTA on tradingschools here:

https://www.tradingschools.org/?s=raging+bull
https://www.tradingschools.org/?s=online+trading+academy

press reports of the $137 million fraud:

https://www.seacoastonline.com/story/news/local/2020/12/12/nh-ragingbull-accused-duping-investors/3882257001/
https://www.dailymail.co.uk/news/article-9027769/Company-offering-pandemic-stock-tips-accused-137M-fraud.html

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