In 2022 I first told you that the Federal Trade Commission (FTC) settled its lawsuit against Warrior Trading, a company that put on “free” webinars that promised to show you “a quick and simple way to get your dream of day-trading success going.” Warrior Trading promised that you could make $100,000 or more in less than 45 days. While the initial webinar was free, people taking the webinar were lured into paying thousands for its worthless trading programs.
In 2023 as part of the settlement, Warrior Trading paid $2.9 million to the FTC which, in turn, sent refunds to victims of the scam. Now the FTC is sending a second round of refunds to victims of the scam. For more information about the refund program go to the “FTC Scam Refunds” section on the first page of Scamicide.com.
TIPS
Never rush into any investment or other opportunity being sold through a seminar until you have carefully investigated the people selling their investment or system as well as the investment or system itself. Always be a bit skeptical as to testimonials which should also be carefully investigated before being relied upon. Before investing with anyone, you should investigate the person offering to sell you the investment with the Securities and Exchange Commission’s Central Registration Depository. This will tell you if the broker is licensed and if there have been disciplinary procedures against him or her.
Remember my motto, “BS – Be skeptical.” Take with a grain of salt any testimonials and success stories touted by investment promotors. Scammers often create phony websites with glowing videos and reviews that are totally bogus.
Do a search engine search of the company’s name with the word “scam” or “complaint” and see what comes up.
It is also important to remember that you should never invest in something that you do not completely understand. This was a mistake that many of Bernie Madoff’s victims made. Day trading, in particular is a very risky investment strategy. You also may want to check out the SEC’s investor education website at www.investor.gov. Scammers can be very convincing and it may sound like there is a great opportunity for someone to make some money, but you must be careful that the person making money is not the scam artist taking yours.
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