Reality Check / Trading courses / Evidence
TRADING COURSE REALITY CHECK · READ 9 Oct 2026
What regulators found when they looked at trading courses
24 official cases and 14 official warnings, from the US, UK, EU, Italy and Australia. We list the legal entity as the official decision names it. We never name a private person.
How to read this
A case is not a verdict on every course
- These are examples, not a blacklist. They show which practices regulators have acted on. Most trading educators are not in this table, and being absent proves nothing either way.
- Outcomes differ. Some are court orders or fines. Others are settlements without admission of guilt, or commitments accepted by the authority with no finding of infringement. The outcome column says which.
- Individuals. Where a decision concerns a person or a trade name, we write "name withheld".
Cases
Official decisions and actions
DateRegulatorEntityPracticeWhat the decision says and how it endedSource
2026-02-20
FCA / Southwark Crown Court
Name withheld (individual)
Unauthorised advice, Signals sale
Seven influencers issued unauthorised financial promotions for a forex trading scheme on social media.
Outcome: Guilty pleas; fines totalling £7,082 plus costs; one conditional and one absolute discharge; reporting restrictions.
Outcome: Guilty pleas; fines totalling £7,082 plus costs; one conditional and one absolute discharge; reporting restrictions.
2026-01-28
CONSOB
Website named in the order
Unauthorised advice
Offering/performing investment services to the Italian public without authorisation (art. 18 TUF): trading accounts in shares, forex, options, bonds, futures, crypto.
Outcome: Order to cease the violation (site blocking); appeal to TAR Lazio within 60 days.
Outcome: Order to cease the violation (site blocking); appeal to TAR Lazio within 60 days.
2025-12-05
CONSOB
Website named in the order
Unauthorised advice
11 sites blocked in a week (10 crypto-asset services, 1 financial intermediation); since July 2019: 2,270 domains (1,507 sites + 763 pages); 2025: 307 sites (196 unauthorised investment services/offers, 111 crypto).
Outcome: Blocking orders (Decreto Crescita, L. 58/2019; MiCAR / D.Lgs. 129/2024).
Outcome: Blocking orders (Decreto Crescita, L. 58/2019; MiCAR / D.Lgs. 129/2024).
2025-06-11
AGCM
Name withheld (individual)
Income claims, Guaranteed returns, Testimonials
Two unfair practices: (1) insistent promotion of easy, risk-free profits with unverifiable endorsements, not labelled as advertising, key purchase information omitted; (2) inflated popularity through fake Instagram followers and one-sided, unverifiable testimonials and reviews.
Outcome: Fine EUR 60,000.
Not read in full: treat as indicative.
Outcome: Fine EUR 60,000.
Not read in full: treat as indicative.
2025-06-11
AGCM
Name withheld (individual)
Income claims, Guaranteed returns
TikTok photos/videos offering 'simple strategies' promising substantial financial gains.
Outcome: Fine EUR 5,000.
Outcome: Fine EUR 5,000.
2025-06-11
AGCM
Name withheld (individual)
Income claims, Testimonials, Fake scarcity
Alleged: 'automatic monthly earnings', hidden advertising, missing price/contact details, fake Instagram followers (art. 23(1)(bb-quater)), pressure tactics in personal-branding promotion.
Outcome: Commitments accepted; closed without finding of infringement.
Outcome: Commitments accepted; closed without finding of infringement.
2025-06-06
FCA with ASIC, CONSOB, OSC, AMF Québec, BCSC, ASC, SFC HK, SCA UAE
Several (see source)
Unauthorised advice
Finfluencers promoting financial products without authorisation, using lavish lifestyle content as proof of success.
Outcome: UK: 3 arrests, 3 criminal proceedings authorised, 4 interviews, 7 cease-and-desist letters, 50 warning alerts leading to >650 take-down requests and >50 websites.
Outcome: UK: 3 arrests, 3 criminal proceedings authorised, 4 interviews, 7 cease-and-desist letters, 50 warning alerts leading to >650 take-down requests and >50 websites.
2025-05-28
AGCM
Name withheld (individual)
Guaranteed returns, Income claims
Alleged (arts. 20-22 Cod. Cons.): Instagram posts promising 'guadagni sicuri e facili' from crypto by following the trader's instructions/groups; no advertising disclosure; price and identity omitted; undisclosed referral-link income.
Outcome: Commitments made binding (remove claims, 'Contenuto sponsorizzato' + risk disclaimers, disclose referral revenue, code of conduct); closed without finding of infringement; no fine; non-compliance fine EUR 10,000-10,000,000.
Outcome: Commitments made binding (remove claims, 'Contenuto sponsorizzato' + risk disclaimers, disclose referral revenue, code of conduct); closed without finding of infringement; no fine; non-compliance fine EUR 10,000-10,000,000.
2025-05-13
AGCOM
Several (see source)
Income claims
Opinion on trading influencer promoting crypto profits without risks, without ad disclosure, without price/identity.
Outcome: Opinion issued; AGCOM reserves further action.
Outcome: Opinion issued; AGCOM reserves further action.
2025-01-17
SEC
Quest Education L.L.C.
Unauthorised advice
Self-described 'financial education company' earning ~$2.5M in commissions from unregistered securities issuers: unregistered broker (Exchange Act s.15(a)), Securities Act s.5.
Outcome: Complaint pending (injunction, disgorgement, penalties sought).
Outcome: Complaint pending (injunction, disgorgement, penalties sought).
2022-03-08
FTC
Website named in the order
Income claims, Guaranteed returns, Refund terms, Signals sale
False profit claims ('100% profits in 1-3 days', 'guaranteed >$1,000 on a single trade', 'double or triple your account in a week'); recurring subscriptions hard to cancel; 'bogus stock tips'; consumer losses >=$137M.
Outcome: 2022 settlement: $2.425M refunded to customers, express consent for subscriptions and simple cancellation; 2023 proposed permanent injunction against individual co-defendant (no earnings claims without written evidence they are typical).
Outcome: 2022 settlement: $2.425M refunded to customers, express consent for subscriptions and simple cancellation; 2023 proposed permanent injunction against individual co-defendant (no earnings claims without written evidence they are typical).
2021-12-13
ASIC / Federal Court of Australia
Name withheld (individual)
Unauthorised advice, Signals sale
Paid ASX trading courses ($500/$1,000/$1,500, 'Stage 1-3'), one-off paid share 'tips', private Discord: carrying on a financial services business without an AFS licence (s911A Corporations Act).
Outcome: Consent interlocutory injunction 2021-12-16; Federal Court found contravention of s911A.
Not read in full: treat as indicative.
Outcome: Consent interlocutory injunction 2021-12-16; Federal Court found contravention of s911A.
Not read in full: treat as indicative.
2020-12-07
New Hampshire Bureau of Securities Regulation
Website named in the order
Unauthorised advice, Signals sale
Stock-trading 'educational' subscription service allegedly acting as an unlicensed investment adviser.
Outcome: Administrative action (final order not read).
Not read in full: treat as indicative.
Outcome: Administrative action (final order not read).
Not read in full: treat as indicative.
2020-12
FTC + states (Operation Income Illusion)
Digital Income System, Inc.; 8 Figure Dream Lifestyle LLC; MOBE Ltd.; Nudge, LLC; Zurixx, LLC; Position Gurus, LLC
Income claims, Upsell ladder, Testimonials
Unsupported income promises for coaching/'business education'; escalating course fees ($1,000-$25,000; Nudge >$400M taken); celebrity endorsements; consumers pushed into credit-card debt.
Outcome: Injunctions and monetary judgments (e.g. 8 Figure >$32M partly suspended; Zurixx >$12M refunds).
Not read in full: treat as indicative.
Outcome: Injunctions and monetary judgments (e.g. 8 Figure >$32M partly suspended; Zurixx >$12M refunds).
Not read in full: treat as indicative.
2020-10-23
SEC
Tradenet Capital Markets Ltd.
Unauthorised advice
Day-trading 'education' packages ($500-$9,000) bundled with simulated 'funded trading accounts' with profit share: found to be unregistered security-based swaps sold to >5,000 retail investors.
Outcome: Cease-and-desist; $130,000 penalty (no admit/deny).
Outcome: Cease-and-desist; $130,000 penalty (no admit/deny).
2020-09-15
FTC
OTA Franchise Corp. (Online Trading Academy)
Income claims, Testimonials, No real track record, Refund terms
Unsupported earnings claims (internal surveys showed most buyers made little or nothing); instructors/salespeople falsely presented as active successful traders; testimonials and hypothetical trades; contract gag clauses barring complaints to authorities and online reviews.
Outcome: Stipulated final order: $362M judgment largely suspended; principals pay $8.3M+$736k+$158k and surrender assets; >$10M to consumers; debt forgiveness for students; ban on undocumented earnings claims and on gag clauses; cannot call salespeople 'education counselors'.
Outcome: Stipulated final order: $362M judgment largely suspended; principals pay $8.3M+$736k+$158k and surrender assets; >$10M to consumers; debt forgiveness for students; ban on undocumented earnings claims and on gag clauses; cannot call salespeople 'education counselors'.
2020-09-14
CFTC
Name withheld (individual)
Guaranteed returns, Income claims
Mass solicitations for 'free' automated trading software and binary options accounts promising large profits.
Outcome: $13.8M judgment.
Not read in full: treat as indicative.
Outcome: $13.8M judgment.
Not read in full: treat as indicative.
2020-06-26
CFTC
Long Leaf Trading Group, Inc.
Income claims, No real track record
Options trading program ('Time Means Money') marketed as profitable; all customers lost money, about $6.1M total.
Outcome: Complaint plus administrative orders.
Not read in full: treat as indicative.
Outcome: Complaint plus administrative orders.
Not read in full: treat as indicative.
2020-06-17
Pennsylvania AG; Oregon DOJ
Money Map Press, LLC
Income claims, Testimonials, Refund terms
Investment publications with false profit claims, fake testimonials and undisclosed subscription terms.
Outcome: Settlement (PA); AVC $141,499 (OR).
Not read in full: treat as indicative.
Outcome: Settlement (PA); AVC $141,499 (OR).
Not read in full: treat as indicative.
2020-06-11
CFTC
Silver Star FX, LLC
No real track record, Income claims
Forex software sold via online videos and live events with misstated trader qualifications and performance.
Outcome: Complaint.
Not read in full: treat as indicative.
Outcome: Complaint.
Not read in full: treat as indicative.
2019-11-13
ASA
Fortune Academy (fortuneacademy.co.uk)
Income claims, Testimonials
'Crypto Masterclass': claim of helping 700 students create £2.5M in 2017; no substantiation; advertiser did not respond. CAP Code 1.7, 3.1, 3.3, 3.7.
Outcome: Upheld; referred to CAP Compliance.
Outcome: Upheld; referred to CAP Compliance.
2019-09-10
CFTC
Name withheld (individual)
No real track record, Guaranteed returns, Testimonials, Signals sale
Subscription 'live trading room' (up to ~$9,000; ~$1.3M from >300 members) where 'live' trades were simulated; false claim of CFTC-registered CTA status; 'Free Money', 'A Guaranteed Winning Formula'; testimonials and hypothetical results not properly disclosed.
Outcome: Complaint seeking restitution, penalties, bans (final outcome not located).
Outcome: Complaint seeking restitution, penalties, bans (final outcome not located).
2018-10-17
ASA
Trendsignal Ltd
Income claims, Testimonials, No real track record
Email '£3,198 profit in the first 2 weeks - Learn how to make consistent profits from trading' plus trader testimonial; five years of results and customer surveys not adequate substantiation. CAP Code 3.1, 3.7, 3.11.
Outcome: Upheld; 'consistent profits' claim banned without robust substantiation.
Outcome: Upheld; 'consistent profits' claim banned without robust substantiation.
2017-06-07
ASA
Learn to Trade Ltd
Income claims, No real track record
'FREE Forex Seminar ... how to make £3.5 million over the next 15 years': assumptions (£20k start, 3%/month) omitted; no evidence teaching methods produced such sums. CAP Code 3.1, 3.3, 3.7, 3.11.
Outcome: Upheld; ad must not appear again; claim banned absent robust evidence.
Outcome: Upheld; ad must not appear again; claim banned absent robust evidence.
Each row links the regulator's own page or the court docket. "Not read in full" means we read the press release or a summary, not the whole order.
Warnings
What regulators tell the public to watch for
DateRegulatorRed flags it listsSource
n.d. (page no longer updated)
US SEC (Investor.gov Director's Take)
finfluencers likely not registered investment professionals; undisclosed compensation / agenda; fact-check everything; they do not know your finances or risk tolerance
2014-11-12
US SEC
unrealistic returns; guaranteed returns ('Every investment entails some level of risk'); pressure to act quickly; unsolicited offers; affinity fraud; unregistered offerings; verify on EDGAR / BrokerCheck / IAPD
n.d. (assets 2026-03)
US CFTC
flaunting wealth and high win rates; screenshots of trades/balances can be faked; self-described gurus selling 'secrets', discounts, free trials, guarantees; upsell after small gains / 'loss insurance' after losses; fraudsters commonly fake urgency; not verifiable in NFA / FINRA BrokerCheck; recovery-scam follow-ups
2026-04-24 (updated 2026-05-18)
US FTC (consumer alert)
guaranteed income / 'proven system'; no one can guarantee earnings with little or no risk; pressure to act immediately; fake success stories; reviews from invented profiles; hype around crypto / forex / precious metals training
2022-03-08
US FTC (consumer alert)
take time before buying anything with earnings claims; high-pressure 'act now or lose out'; be skeptical about success stories and testimonials; search company name + 'scam' / 'complaint'
2023-04-06
UK FCA + ASA
influencers promoting products without knowing the rules; checklist infographic before accepting financial brand deals; 8,582 promotions amended/withdrawn in 2022; 1,882 consumer warnings
2025-06-06
UK FCA (+ 9 regulators)
lavish lifestyle content as proof of success; promotion without authorisation; only promote financial products where authorised
2025-06-06
IT CONSOB
effetto gregge; occasioni 'altamente redditizie nonché prive di rischio'; conflitti di interesse del finfluencer; attività possibilmente non autorizzata; raccomandazioni soggette a MAR; informazioni false = possibile manipolazione
2024-07-08
IT CONSOB
pagamento per corso/servizi informativi come porta d'accesso (prop firm); challenge 'congegnata in maniera tale da non essere facilmente superata'; challenge a pagamento crescenti; profit-share mai ricevuto; amplificazione social ed 'effetto gaming'
2025-12-05
IT CONSOB
verifica preventiva che l'operatore sia autorizzato; prospetto / white paper pubblicato; sezione 'Occhio alle truffe!'
2024-02-06
EU ESMA + NCAs
price opinions in posts are investment recommendations; undisclosed conflicts of interest; 'stay away from suspicious posts and invitations to take part in strategies'; coordinated activity may be market manipulation, criminal in some states
2025
EU ESMA (Italy factsheet)
promesse troppo belle per essere vere; urgenza / arricchirsi in fretta; piattaforme non autorizzate; CFD/forex/futures/cripto possono perdere il 100%; post che mostrano solo i benefici
2025-12-11
CA CSA/CIRO
misleading or biased information; complex/high-risk products; undisclosed conflicts; pump-and-dump; 'not to be missed' / 'golden opportunity' phrasing
2022-03-21
AU ASIC
payment makes content more likely to be advice; overall impression test for misleading posts; risks and benefits need similar prominence
Gaps
What we could not find
- IAP (Giurì/Comitato di Controllo): no decision on trading courses/mentoring/signals located; only crypto-ads guidelines found. NOT FOUND.
- AGCM: no sanction decision against a trading-course COMPANY located; only the six 2025 'guadagni facili' influencer proceedings (one EUR 60k fine, one EUR 5k, four commitments). NOT FOUND.
- CONSOB: primary document specifically on 'corsi di trading' as fraud vector not retrieved (press reports it); the 2024-07-08 prop-firm communication covers courses as entry point. 'Cinque precauzioni' page not opened. PARTIAL.
- SEC: no enforcement case on earnings claims of trading courses found; only Tradenet (unregistered swaps) and Quest Education (unregistered broker). NOT FOUND.
- CFTC: final outcome of FuturesFX (8006-19) not located; Long Leaf / Silver Star / Szatmari known only via FTC Income Illusion compilation. SECONDARY.
- FTC Earnings Claims Rule: only NPRM (2025-01-13), no final rule; Consumer Review Rule effective date taken from Federal Register knowledge, placeholder in the fetched document. SECONDARY.
- UCPD consolidated EU text (Annex I 23b/23c, arts 6-7) not readable on EUR-Lex via fetch; used UK retained text and Italian transposition. SECONDARY.
- Directive 2011/83/EU art. 9 text not opened; Italian art. 52 verified instead. SECONDARY.
- FCA 2024 charging press release and 2025 criminal proceedings not read; 2026 sentencing release read (names withheld, reporting restrictions). SECONDARY.
- ASA: no ruling specifically on fake scarcity, refund terms or 'limited spots' in trading courses. NOT FOUND.
- Canada: no enforcement case on courses/signals located; only Staff Notice 31-369. NOT FOUND.
- AGCOM: Allegato A of delibera 7/24/CONS (follower thresholds) and 2025 code of conduct not read; 129/25/CONS is an opinion in PS12817. SECONDARY.
- New Hampshire final order COM2018-000019 (RagingBull) not read. SECONDARY.
- No regulator-published aggregate statistics on outcomes of trading-course students; only case-level evidence (OTA internal surveys; Long Leaf all customers lost). NOT FOUND.
Education only, not legal advice. Report an error or a later decision that changes an entry.