124.  Computrade LLC, File No. 002-3085 (May 2000)

125.  Ellery Coleman, File No. 002 3053 (May 2000)

126.  Michael G. Chrisman and Michelle R. Chrisman, File No. 002 3113 (May 2000)

Respondents: Computrade LLC and Bernard Lewis; Ellery Coleman d/b/a Granite Investments; Michael G. Chrisman and Michelle R. Chrisman D/b/a Daytrading International

Type:  Day Trading & False Claims

As part of a sweep conducted with the SEC and CFTC, the FTC targeted deceptive Internet "day trading" operations that sold combinations of 'real time' training, software programs, trading manuals, e-mail newsletters, and mentoring services for prices ranging from $79 to $4995. The FTC alleged that defendants promoted their systems using phony testimonials and claims such as " . . . Make money regardless of the market going up or down," ". . . return on account of 2041%," ". . . this service has returned an average of 167% annually." The FTC charged the operators with making unsubstantiated or false earnings claims or testimonial and deceptive claims about the risks of trading.

The FTC obtained consent orders that bar false claims, including claims that day trading involves little or no financial risk. All of the settlements require respondents to have substantiation for any earnings claims about income or profit or about any financial benefit from the purchase or use of any trading program. The settlements also require that future advertisements contain the disclosure, "DAY TRADING involves high risks and YOU can LOSE a lot of money."  "CURRENCY TRADING" and "FUTURES TRADING" would be substituted where appropriate.