The FTC says RagingBull and its instructors have repeatedly advertised claims that they could make consistent profits from the stock market during the COVID-19 pandemic. The Associated Press did not reach Dennis for comment. Kyle Dennis, of Kingsport, Tennessee, also is named as a defendant in the FTC's suit, which describes him as a trading instructor for RagingBull.

RagingBull is based in Lee, New Hampshire, and has an office in Hunt Valley, Maryland, according to the suit.Īlso on Monday, the New Hampshire state Bureau of Securities Regulation filed a separate cease-and-desist order against LLC and its co-founders, claiming the company's subscription service is fraudulent. The lawsuit says both men live in New Hampshire. Neither Bishop nor Bond immediately responded to an email or a phone message left with the company. They go out of their way to falsely create larger-than-life personas as highly sought after trading geniuses who are living the high life off their trading prowess,' FTC lawyers wrote. 'Raging Bull's image is built around the supposed trading success of its founders, Bishop and Bond. Instead, the agency says Bond paid a third-party promoter to stage the event at the Harvard Faculty Club using a fake Harvard insignia. But the FTC says the school never invited him.

In 2017, RagingBull emailed subscribers that Bond was invited to speak at Harvard Business School and posted video of the speech. The suit says they have incurred 'substantial and persistent losses' from their own stock and options trading activities. The company's marketing materials don't tell consumers that Bishop and Bond primarily derive their incomes from RagingBull customers' subscription fees, not from stock and options trades. Many consumers have had their refund requests denied and had trouble canceling their online services, the FTC says.Īds for Bishop's services call him a 'genius trader who has made millions in the stock market.' The company's website says Bond is a former gym teacher who taught himself to trade stocks and rid himself of $250,000 in debt. The FTC says bank records show the company is bilking consumers, many of whom are retirees or immigrants, out of millions of dollars each month.

The company sells online services related to stock and options trading and claims to have thousands of subscribers, according to the lawsuit.

Bishop and Bond formed RagingBull in 2014.

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