Search online for “trading” or “investments” and you’ll be bombarded with offers, often from self-proclaimed experts, guaranteeing you’ll make big money fast. But no one can truthfully make those kinds of guarantees. That includes WealthPress, a company the FTC says violated the law by making false earnings claims to convince people to buy its financial trading services.
When somebody claims their service will “make you very wealthy very quickly” and “put you on the path to millionaire status, no matter your starting point today,” they’d better have proof. According to the FTC’s lawsuit, WealthPress told people they were likely to make substantial profits with its trading services, but couldn’t support that claim. Instead of making big money, the FTC says many WealthPress clients lost money trading, on top of the hundreds or thousands of dollars they paid for the so-called service and the recurring charges that followed.
To settle the FTC’s allegations, WealthPress has agreed to stop making deceptive or misleading claims about earnings. WealthPress will also pay more than $1.7 million to settle the case, with $1.2 million going back to the people affected. Stay tuned for more information on refunds.
Before you pay for any investment-related service, or ANY offer that includes claims about how much you’ll make, how fast:
- Know that no one can guarantee any return on investment in stocks, commodities, cryptocurrency, real estate or the foreign exchange market. Only scammers do that. So anyone who promotes riches and doesn’t mention the risks involved is a scammer.
- Research the offer. Search online for the name of the company and words like “review,” “scam,” or “complaint.” Other people’s experience with the company can tip you off to possible problems.
- Question the statistics and testimonials…which can be faked. A company might show reviews from people who’ve used their program and “made lots of money.” But those could be paid actors or made-up reviews. Read more about How To Evaluate Online Reviews.
For more, read Real Estate and Investment Scams.
The purpose of this blog and its comments section is to inform readers about Federal Trade Commission activity, and share information to help them avoid, report, and recover from fraud, scams, and bad business practices. Your thoughts, ideas, and concerns are welcome, and we encourage comments. But keep in mind, this is a moderated blog. We review all comments before they are posted, and we won’t post comments that don’t comply with our commenting policy. We expect commenters to treat each other and the blog writers with respect.
- We won’t post off-topic comments, repeated identical comments, or comments that include sales pitches or promotions.
- We won’t post comments that include vulgar messages, personal attacks by name, or offensive terms that target specific people or groups.
- We won’t post threats, defamatory statements, or suggestions or encouragement of illegal activity.
- We won’t post comments that include personal information, like Social Security numbers, account numbers, home addresses, and email addresses. To file a detailed report about a scam, go to ReportFraud.ftc.gov.
We don't edit comments to remove objectionable content, so please ensure that your comment contains none of the above. The comments posted on this blog become part of the public domain. To protect your privacy and the privacy of other people, please do not include personal information. Opinions in comments that appear in this blog belong to the individuals who expressed them. They do not belong to or represent views of the Federal Trade Commission.
Often when you click to "unsubscribe" they simply come back again with a new name.
Other times your email comes back undeliverable.
No, I did not pay Wealthpress. Thanks for the warnings.
Hello, I invested in a cryptocurrency company but after the trading period I didn't get a single penny back, I'm still being asked to pay to be able to recover my investment, I ended up paying almost $10,000 and I still haven't I received nothing, in fact I am asked to continue paying in order to recover my money. what could I do in this situation?
In reply to Hello, I invested in a… by Andreea Dumitrascu
If you suspect an investment scam, report it to the FTC at www.ReportFraud.ftc.gov.
For tips on investing wisely and avoiding fraud, visit the SEC’s website: www.Investor.gov.
If your personal information has been misused in an investment scam, go to www.IdentityTheft.gov for steps you can take to deal with problems caused by identity theft.
Add new comment