Raging Bull has defrauded customers out of more than $137 million over the past three years. Moreover, the founders of the company have billed themselves as expert stock traders who teach customers how they, too can become millionaires. In the marketing emails, they said they found a “hidden bull market” in the COVID-19 pandemic.
It seems the Corona Virus fueled economic crisis hasn’t tempered their “reckless” efforts to dupe unguarded vulnerable investors, government lawyers reportedly wrote in a court filing Monday.
RagingBull.com LLC and the company’s co-founders, Jeffrey Bishop and Jason Bond, are being sued in Maryland by the Federal Trade Commission. In fact, the attorneys for the FTC are reportedly asking for federal court orders to freeze company assets. They also want to stop the alleged fraud scheme and to award relief to consumers. This includes refunds and restitution.
On the company website, there is a purported disclaimer. It acknowledges that there is nothing to verify its claims that consumers are likely to make the “market-beating returns.” This is what Raging Bull does advertise. Monday’s lawsuit states this.
“To sustain this illegal operation, defendants have poured millions of dollars each year into their deceptive marketing campaigns, filled with false earnings claims and targeting scores of new consumer victims,” FTC attorneys wrote.
Former baseball star Jose Canseco and former stockbroker Jordan Belfort promotes the services of Raging Bull, according to the FTC. The inspiration for Martin Scorsese’s 2013 movie “The Wolf of Wall Street” was Belfort. However, the FTC lawsuit doesn’t accuse Canseco or Belfort of any wrongdoing.
In 2014, Bishop and Bond formed Raging Bull. Moreover, the online services are related to stock and options trading and there are claims to have thousands of subscribers, according to the lawsuit. Bilking consumers, many of whom are retirees or immigrants, out of millions of dollars each month, FTC says the bank records show this. In fact, the FTC says several consumers have had their refund requests denied. They have also had trouble canceling their online services.