LOS ANGELES (CN) - The Wealth Intelligence Academy defrauds its "students" by charging them thousands of dollars to learn stock-trading techniques that do not work, and advertising that "it was 'likely' that program participants would earn more than $1 million," a doctor claims as lead plaintiff in a class action in Superior Court.
Dr. Alexander Kotler claims he fell for defendant's pitch and paid $199 for an initial "Teach Me To Trade" seminar. At those classes, he says, he was persuaded to pay $15,990 for a "Professional Trading Package." After those classes, Kotler says, the defendants persuaded him to pay another $6,000 for a "mentor program."
"Like the seminars themselves, however, the mentor program was a sham," Kotler says. "Despite numerous requests for assistance from his 'mentor,' Dr. Kotler was never able to actually meet with his mentor. Though Dr. Kotler requested a refund for the Mentor Program, WIA refused.
"Dr. Kotler also spent thousands of dollars on computer trading program and monthly subscriptions recommended by WIA. These programs, however, were primitive, outdated, unreliable and slow, and, like the rest of the WIA system, unhelpful.
"After attending the seminars, Dr. Kotler spent between 10 to 12 hours, 5 days a week, for more than 10 months in an attempt to implement the 'strategies' taught by WIA at the seminars. He eventually came to the conclusion, however, that it would be virtually impossible for an individual trader to make money trading in the stock market based on the formula taught by WIA."
Represented by James Henderson, he demands punitive damages for fraud and violations of consumer laws.
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