WealthPress Puts Customer Needs First
In October of 2021, WealthPress, along with 1,100 companies received a notice of penalty letter and shortly thereafter received a CID (Civil Investigative Demand) asking for more information on our business practices.
We are pleased to announce that WealthPress has reached a settlement agreement after delivering over 1,400 documents and files spanning from advertising materials, customer feedback, call recordings, and financial statements to the Federal Trade Commission over a 12-month period.
As a company who firmly believes in our products and for the past year has had an A rating at the BBB with only 2 complaints in the past 12 months out of 30,000+ customers, we were more than willing to comply.
Source: BetterBusinessBureau.com as of 1/12/23
FTC Given Unlimited Access to WealthPress Products
In the past 12 months, we were pleased to give the FTC full access to our suite of products, allowing their agents to “mystery shop” so they can receive the same experience as our customers have. Through this, they also had the opportunity to sit through live market training sessions, follow the same newsletters our readers receive, speak with our telesales and customer service representatives as well as pour through hundreds of recorded calls with customers. From the onset of receiving the first letter, we expressed continual interest in obtaining feedback from the FTC on programs or marketing they deemed problematic so that we could share with our internal compliance teams to make corrective changes.
In addition to sharing access to all of our products and educational materials, we hired a 3rd party firm that specializes in auditing financial newsletters to review some of the most popular programs and are pleased to announce the strong results delivered to our customers. We spent approximately $72,994 USD to have this firm review and validate track records of the programs the FTC expressed interest in evaluating.
The audit entailed checking each alert that was sent out to subscribers via email/text and inside the member’s area as well as verifying via time and sales data that the trades were able to be taken by customers. The auditor also verified that almost all of our trade recommendations centered around highly liquid large-cap stocks. We’ve included an audited report of each program below.
Settlement Focus: Customer Needs Most Important
Our focus has remained aligned with the FTC to the extent that we believe greater transparency, an acute focus on risk alongside reward and strict performance reviews/substantiation are all things that benefit the customer.
While our settlement specifically states that we do not admit to any wrongdoing, we made a business decision that after 12 months of legal fees that reached over $1.6 million, it was in the best interest of the business and our employees to settle so we can shift our full focus to continuing to help customers navigate difficult market conditions as opposed to continued legal discourse.
We appreciate the FTC’s dialogue, consideration, and challenges as we feel as though this process will ultimately help us put out a better product and overall experience for our consumers.
[See below for audited reports.]
Blitz Alerts Tracker Review by Conquest Investment Advisory Ag
Burn Notice Alerts Tracker Review by Conquest Investment Advisory Ag
StrikeZone Tracker Review by Conquest Investment Advisory Ag
Alpha Trades Tracker Review by Conquest Investment Advisory Ag
Precision Elite Tracker Review by Conquest Investment Advisory Ag
Primetime Stock Calendar Tracker Review by Conquest Investment Advisory Ag
First Strike Portfolio Tracker Review by Conquest Investment Advisory Ag
Weekly Trade Alliance Tracker Review by Conquest Investment Advisory Ag