Victims of the 24HR Trading Academy scam are set to receive payouts after a court approved a settlement agreement. The scam, which operated from 2016 to 2018, promised investors high returns on their investments in foreign exchange trading. However, the company was found to be fraudulent, and many investors lost their money.
The settlement agreement was reached between the Federal Trade Commission (FTC) and the defendants in the case, including the company’s founder, Pedro Fort Berbel. Under the terms of the settlement, the defendants will pay $10.2 million in restitution to victims of the scam.
The FTC filed a complaint against 24HR Trading Academy in 2019, alleging that the company had deceived investors by making false claims about its trading strategies and profits. The complaint also alleged that the company had used fake testimonials and manipulated trading results to lure investors.
The settlement agreement requires the defendants to surrender assets, including luxury cars and real estate, to help pay for the restitution. The defendants are also prohibited from making any false claims about their trading strategies or profits in the future.
The FTC has warned investors to be cautious when considering investments in foreign exchange trading or other high-risk investments. The agency advises investors to do their research and seek advice from a financial professional before investing.
The settlement is a significant victory for the victims of the 24HR Trading Academy scam, who have been waiting for justice for years. The payout will provide some relief to those who lost their savings in the scam and serve as a warning to other fraudulent companies that they will be held accountable for their actions.
In conclusion, the approval of the settlement agreement between the FTC and the defendants in the 24HR Trading Academy case is a positive development for victims of the scam. The payout will provide some compensation for those who lost their money, and the settlement sends a message to other fraudulent companies that they will be held accountable for their actions. Investors should always be cautious when considering high-risk investments and seek advice from a financial professional before investing.
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- Source: https://zephyrnet.com/court-greenlights-payouts-to-victims-of-24hr-trading-academy/