In April 2022 the US Federal Trade Commission (FTC) sued Warrior Trading, a day-trading education company, and its founder Ross Cameron. A federal judge approved a settlement on 25 May 2022. The companies and Cameron had to pay $3 million, which the FTC used to refund customers. They did not admit anything, and the FTC did not accuse Cameron of faking his own trades.

So what was the case about? In short, the FTC said the ads used one trader's big wins to suggest that ordinary customers could do the same, and that the "results not typical" warnings did not fix that impression. If you have ever watched a free trading webinar, that argument is worth five minutes of your time.

Quick timeline

Date What happened Where it is recorded
Jan 2018 to Mar 2021 The period the FTC looked at: more than $12.8 million spent on ads and tens of millions of dollars in sales (allegation) FTC complaint
19 Apr 2022 FTC files a complaint and a proposed settlement in federal court in Massachusetts; announces it the same day Docket, ECF 1 and 2; FTC press release
25 May 2022 Judge Mark G. Mastroianni approves the settlement and enters the order Docket, ECF 5 and 6
26 May 2022 The case is closed Docket; FTC case page
10 Jan 2023 FTC announces it is sending more than $2.9 million to 20,402 people FTC press release
Nov 2024 Second round of payments: 17,121 payments totaling over $410,000 FTC refund page

What did the FTC say Warrior Trading did?

According to the complaint, Warrior Trading sold day-trading courses, tools and memberships mainly online. A 30-day starter plan cost $997 and then renewed at $197 a month. A 90-day Warrior Pro plan cost $4,297 and renewed automatically unless you cancelled.

The ads were built on Cameron's own results. The complaint lists lines such as an offer to show how he made $101,280.47 in "verified profits" in under 45 days, and how he grew a $583 account to over $1,000,000. Another ad promised that he would trade one or two stocks a day that move up 20 to 30 percent.

The FTC says these claims were false, misleading or unsupported. It points to data. Warrior Trading's own simulator showed that 74 percent of accounts lost money from November 2020 to March 2021, and only 10 percent earned more than $90. Trading records from brokers in the company's rebate program showed, the FTC says, that the vast majority of customers made no money or lost money.

The FTC also alleged that the company broke the Telemarketing Sales Rule by repeating the claims on sales calls. None of this was tested at trial, because the case settled.

Did the FTC say Ross Cameron faked his trades?

Not in the documents we read. We went through the complaint looking for that and could not find an allegation that his results were fabricated, and the press release does not make one either. The FTC's argument is about what the ads implied: that a strategy which worked for one successful trader would work for a beginner with $500.

Fake profits would be one kind of accusation. Real profits presented as a path anyone can follow is another kind. The complaint is only about the second.

What about the disclaimers?

The company used them. In a December 2020 webinar quoted in the complaint, Cameron said that most people lose money and that his results were not typical. The FTC argued that this did not cure the problem, for two reasons.

First, the written disclaimer sat at the bottom of the sign-up page, and a person could register without ever seeing it. Second, the FTC says some disclaimers helped the sales pitch. Telling people that most traders lose, while saying you are not typical, can still leave the impression that this course will make you one of the exceptions.

The complaint also notes that the disclaimer admits the company did not track its customers' typical results. It adds that the company itself said proving its customers' performance would be a practical impossibility. The FTC used both points against the earnings claims.

What does the order say?

The order is a stipulated final order, which means both sides agreed to the text.

  • Money. A $3,000,000 judgment against the two companies and Cameron together, to be paid within 30 days.
  • Earnings claims. They may only make an earnings claim if it is not misleading, they have a reasonable basis, and they hold written proof that they will show on request.
  • Specific promises. They may not say or imply that a customer can reach consistent profit regardless of background, without much capital, or without much time, or that a trading simulator alone will get you there.
  • Telemarketing. No misleading statements on sales calls about risk or earnings.
  • No admission. The defendants neither admit nor deny the allegations. The order does say the complaint's facts would be treated as true in later FTC actions to enforce it, including in a bankruptcy case.
  • No appeal. Both sides gave up the right to appeal.

The FTC voted 4 to 0 to approve the order. The agency also thanked staff at the US Securities and Exchange Commission for analyzing the trading data.

Where did the money go?

The order lets the FTC use the payment for consumer refunds. On 10 January 2023 the FTC announced that it was sending more than $2.9 million to 20,402 people who paid for Warrior Trading's programs, by check and PayPal.

The FTC's refund page gives a slightly different number for the first round, more than $2.4 million in refunds. It does not explain the gap between the two figures. In November 2024 the FTC said it was making a second round of 17,121 payments totaling over $410,000 to customers who had accepted the first payment, because money was left in the fund. The page does not say the program is closed.

What the other side says

Warrior Trading posted a statement on its website around the time of the settlement. A local newspaper, The Berkshire Edge, reported on 22 April 2022 what it said: the company had always used clear disclaimers about risk, and Cameron's profits are not typical results. As part of the settlement the company agreed to new ways of communicating risk and to expand its disclaimers. Cameron referred questions to his lawyer, who declined to comment.

The company's page was blocked when we tried to open it, so we rely on the newspaper's account of it. The order itself says the defendants neither admit nor deny the allegations.

What traders can take from it

  • A big win is one data point. A single account or a "$583 to $1 million" story is one sample. Ask what the average paying customer made, after the course fee, and be wary if nobody knows.
  • A "not typical" line is a warning, not a promise. If a seller says the star's results are not typical, believe that sentence over the rest of the page.
  • Check the renewal terms. The complaint describes memberships that renew by themselves. Note the price, the renewal date and how to cancel before you pay, and keep a copy.
  • Compare simulator and live results. The complaint used the company's own simulator numbers. Your demo results will tell you something, but real fills, fees and nerves change them, so track both.
  • Measure yourself, not the guru. Your own win rate, average win and loss, and expectancy after costs will say more than any webinar. A trading journal fed by your own broker data, such as SetupBook, gives you that record without relying on anyone's screenshots.

Frequently asked questions

Did the FTC say Ross Cameron faked his trading profits?

We could not find that allegation in the complaint or in the press release. The FTC said the ads were misleading because they suggested customers could get similar results, when its data showed most customers lost money or made nothing.

What does the Warrior Trading settlement require?

A $3 million payment, a ban on earnings claims that are misleading or unsupported by written proof, a ban on certain promises about easy success, and rules for telemarketing. The money went into a fund for customer refunds.

Did Warrior Trading admit wrongdoing?

No. The order says the defendants neither admit nor deny the allegations. The company's public statement says it had always used disclaimers and agreed to improve them.

Can I still get a refund from the Warrior Trading case?

Two rounds of payments have been announced, in January 2023 and November 2024. The FTC's refund page is the place to check the current status. Do not pay anyone who offers to get a refund for you.

Is the Warrior Trading case still open?

The federal case was closed on 26 May 2022, with no appeal because both sides waived it. The only later activity we found is the refund program.

Sources

This post is based on public sources as of October 30, 2026. Found a mistake? Write to info@setupbook.io.