Warrior Trading, Inc.
The FTC alleged that Warrior Trading sold day-trading programs on claims built around its founder results, when the vast majority of customer accounts lost money, often thousands, on top of what they paid for the training.
Resolved. Refunded, settled, ceased operating, or the claim did not hold up. Kept for the record.
Identity
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- Registrations
- FTC v. Warrior Trading, Inc. (FTC case 2023198, D. Mass., 2022)
- Locations
- Great Barrington, Massachusetts
- Jurisdictions
- United States (federal)
The founder’s results as the product
Warrior Trading, based in Great Barrington, Massachusetts, sold day-trading programs online, claiming to teach a strategy showing buyers “how to make a profit in the markets.” From 2018 to 2021 it made tens of millions of dollars selling them.
The advertising showcased the trading results of chief executive and founder Ross Cameron, describing his strategies as both “profitable” and “scalable.” The pitches included:
- “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”
- “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.”
What the customer accounts showed
According to the complaint, the vast majority of customer accounts lost money, with numerous customers losing thousands of dollars trading on top of the thousands they had paid Warrior Trading.
That is the shape of the harm in trading-education cases: the tuition is the smaller loss. The FTC credited the Securities and Exchange Commission’s Office of Litigation Economics with analysing the trading data.
The order
Warrior Trading pays $3 million in consumer redress. It is prohibited from unsubstantiated earnings claims and from representing that buyers can succeed regardless of their educational background, capital, or the time they spend trading. It is barred from further Telemarketing Sales Rule violations, including misrepresenting earnings potential or risk.
In January 2023 the FTC sent more than $2.9 million to 20,402 people.
What is not established
A stipulated final order resolves the allegations without any admission or finding of wrongdoing.
Sources
Every claim above rests on one of these. Open them and check.
- Enforcement action April 19, 2022
- Enforcement action January 10, 2023
- Enforcement action January 10, 2023
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First recorded April 19, 2022 · Last updated January 10, 2023