N.H. BUREAU OF SECURITIES REGULATION ALLEGES FRAUD AGAINST RAGINGBULL.COM AN INTERNET STOCK PICKING SERVICE

CONCORD, NH (December 8, 2020) -   The New Hampshire Bureau of Securities Regulation has filed a civil fraud action against RagingBull.com, LLC (“RagingBull”), whose principal office address is Lee, New Hampshire, alleging the company made false claims, failed to disclose material information to its subscribers, and published false images. The Bureau also named principals and owners of RagingBull: Jason Bond, Sherwood Ventures, LLC, Jeffrey Bishop, and MFA Holdings Corp. RagingBull sells subscriptions for their online education services that the company claims teach individuals how to trade stocks and options. However, the Bureau alleges that RagingBull operates as an unlicensed investment adviser. They do this by alerting stock and options picks, via daily emails and text messages, live streaming their trading accounts, and hosting training sessions. RagingBull encourages its subscribers to mirror trade the stocks and options alerts of the company’s traders. Jeffrey Bishop’s “Bullseye Trades” service entices subscribers to mirror his trades by providing “1 single idea, it’s delivered once a week at 8:30 and I’m looking to make 100% on it. I give you the exact option contract on the exact stock and it’s hitting your email box before the market opens on Monday. So it just doesn’t get any easier than that.” What the subscribers do not know is that RagingBull traders are entering trades before they send out stock and options alerts to their subscribers, allowing RagingBull traders to receive a better price, whether for a purchase or sale.  

The Bureau also alleges that RagingBull engages in misleading and deceptive practices by creating the illusion that their traders earn millions in trading profits annually, are self-made millionaires, and own luxuries such as a private jet plane. Based on the Bureau’s investigation, with respect to at least Jason Bond, is not a millionaire trader earning millions in trading profits annually. Additionally, RagingBull does not own a jet plane.  

“RagingBull’s overarching theme is: I make millions trading, follow me and you can too!” said Attorney Spill, deputy director at the Bureau. According to Attorney Abrahams, a staff attorney investigating the matter, “although RagingBull bills itself as only an educational service, it’s all a façade in an attempt to circumvent state licensing requirements of an investment advisor.” He added that “their marketing claims, which lure the general public to subscribe, just do not add up and deceive the public.”  

The Bureau is seeking an immediate cease and desist, administrative fines as well as restitution in amounts to be determined by a hearing officer, the Bureau’s costs, and a bar from securities licensure.  

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