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Kyle Dennis, a supposed stock trading “guru” for RagingBull.com who was charged by the 鶹ý Trade Commission with pitching bogus stock tips that cost consumers more than $40 million, will face a permanent injunction preventing him from making further false earnings claims or other false or misleading marketing claims as a result of the FTC’s case against him.
The FTC brought its complaint against Dennis, along with RagingBull.com and its owners, in December 2020. The complaint, amended in March 2022, charged that Dennis made numerous false claims in online videos and seminars, including the claim that consumers who receive his stock tips or use his trading strategy could make 100 percent trading profits in “just one to three days,” and a guarantee that consumers would make more than a thousand dollars on a single trade.
The FTC’s complaint charged that Dennis pocketed more than $13.6 million personally from the scheme. Due to the Supreme Court’s ruling in AMG Capital Management v. FTC, however, none of the money that Dennis earned from the scheme could be sought by the FTC to provide refunds to the consumers who lost money to his scheme.
“With this proposed order, the FTC continues its crackdown on bad actors preying on consumers with baseless earnings claims,” said Samuel Levine, Director of the FTC’s Bureau of Consumer Protection. “Unfortunately, this case is also a stark reminder of the harm caused by the Supreme Court’s decision in AMG and why it is imperative that Congress act to restore the FTC’s authority to obtain monetary relief under 13(b).”
As part of the settlement, the proposed order will permanently prohibit Dennis from making any representations about potential earnings without having written evidence that those claims are typical for consumers, as well as any false or misleading marketing claims in general. If he is found to have violated the order, Dennis would be subject to additional enforcement action by the FTC, which could include substantial civil penalties.
RagingBull.com and its owners agreed to settle the FTC’s charges against them in March 2022, agreeing to a court order that required them to pay $2.425 million, end the earnings deception, get affirmative approval from consumers for subscription sign ups, and provide them with a simple method to cancel recurring charges.
The Commission vote approving the stipulated final order against Dennis was 3-0. The FTC filed the proposed order in the U.S. District Court for the District of Maryland.
NOTE: Stipulated final orders or injunctions have the force of law when approved and signed by the District Court judge.
The FTC staff attorneys on this matter were Sung W. Kim and Laura Basford of the FTC’s Bureau of Consumer Protection.
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