Complaints

This profile includes complaints for Newport Exchange Holdings Inc's headquarters and its corporate-owned locations. To view all corporate locations, see Find Local Branches.

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  Newport Exchange Holdings Inc

  17780 Fitch #200 Irvine, CA 92614

• 

  Newport Exchange Holdings Inc

  105 Decker Ct Ste 525 Irving, TX 75062-2340

• 

  Newport Exchange Holdings Inc

  21300 Victory Blvd #100 Woodland Hills, CA 91367

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  Newport Exchange Holdings Inc

  2600 Dallas Pkwy STE 101 Frisco, TX 75034-8984

The complaint text that is displayed might not represent all complaints filed with BBB. Some consumers may elect to not publish the details of their complaints, some complaints may not meet BBB's standards for publication, or BBB may display a portion of complaints when a high volume is received for a particular business.

• Initial Complaint

  Date:03/24/2025

  Type:Billing Issues
  Status:

  UnansweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  The complaint concerns UAS/Newport Holdings' actions and business practices regarding my financing agreement for trading courses at Online Trading Academy (OTA), failure to discharge debt, and violations of applicable laws. This includes failure to send proper 1099-B and 1099-OID forms for tax reporting purposes and failure to follow applicable federal consumer protection and financial laws. I was required to make an initial down payment of $1,000 to secure the credit line. I used the credit to purchase courses at ***, which had a total price of $17,995, and this was the balance of the finance charge as of December 30, 2023. Which it was never disclosed to me that since I chose to finance the charge there were to be no dollar amounts paid out of pocket/cash. This was the beginning of their deception and bad lending practices. On January 7, 2025, I informed UAS/Newport Holdings Exchange that I would be utilizing my securities interests to settle all debts owed. Despite this, my acceptance was dishonored, and I was repeatedly asked to send further documents to strengthen my position in power of attorney. On submitting these documents, another letter of acceptance was sent to give them an opportunity to cure the issue, which led to the discharge of the account. Despite the discharge, I was contacted by a debt collector who informed me that my private information had been shared or sold illegally without my consent, and this occurred during the ongoing account dispute. UAS/******************************************* failed to provide clear and accurate information about the terms of the loan and their relationship with Online Trading Academy (OTA). This lack of disclosure regarding who was responsible for the loan and the affiliation between the parties has significantly contributed to my financial distress. I was never fully informed about the identity of the true lending institution, nor was I given clear understanding regarding the nature of the financial agreement.

• Initial Complaint

  Date:02/07/2025

  Type:Service or Repair Issues
  Status:

  UnansweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  I enrolled in a class offered by Trading Academy, which included a free tablet as part of the sign-up incentive. Upon arriving at the class, I was informed by the host that they had run out of tablets and that, instead, I would receive a $50 Amazon gift card within a month of attending. Its been longer than a month has passed, and after not receiving the gift card, I contacted the office. The receptionist assured me that she would forward my message to the manager and that I should receive it soon. However, I have yet to receive any further communication from them, despite consistently receiving promotional emails. This experience has led me to question the company's integrity, as it appears they may be misleading customers.

• Initial Complaint

  Date:11/13/2024

  Type:Sales and Advertising Issues
  Status:

  UnansweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  False advertising: The company promises "Get a FREE Amazon Fire 7 Tablet After you attend an In-Person Class.*" but fails to deliver after customers attend the class. Email opt-out: The company's website doesn't work and doesn't allow customers to unsubscribe from emails.

• Initial Complaint

  Date:08/09/2024

  Type:Service or Repair Issues
  Status:

  UnansweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  I attended an introductory class and they offered a promotion for a $50 Amazon gift card after 30 days for those who attended. It has been after 30 days and they were very hard to get a hold of. When I did contact someone they gave me the runaround and said I had to wait a few more weeks. I told the representative I'm going to file a complaint to the Better Business Bureau. They told me "I'm more than welcome to" here it is.

• Initial Complaint

  Date:05/03/2024

  Type:Product Issues
  Status:

  UnansweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  See my previous complaint a week or 2 ago. New info is as follows: When I told several students they should be careful giving bank info to them they kicked me out of the group saying I was a competitor.********************************************************************

• Initial Complaint

  Date:05/01/2024

  Type:Product Issues
  Status:

  UnansweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  In 2021, I attended a 3-day educational program for online trading. The company is called Online Trading Academy, (OTA). At the time I was very interested in the opportunity to make money this way, they made it sound very easy. I opted into their program and provided a down payment of $600.00. I sat down with one of the representatives who provided me information on the online program. Not once did he ever explain to me that I was financing these classes. He had me sign these contracts without fully going over what it entailed and did not give me time enough to read and go over them for myself so that I can get a better understanding of what I was about to get into. I was not aware of any cancellation, refund or anything. $181.00 monthly was to be automatically taken from my account. A couple of weeks went by, and I found it very difficult and overwhelming I tried reaching out to the person that was a representative, (mentor) they assign you to with problems that I was having but they were no longer reachable once I signed on. I did not attend any of their online classes. I did not use their product. a year later I see they transferred $6000.00 to a debt collector OMEGA RMS. I am not asking for a refund for the $600. I just need for them to remove this off of my credit report as I never took advantage of their product. I have been trying to reach Online Trading Academy by phone and it is very difficult.

• Initial Complaint

  Date:01/12/2024

  Type:Service or Repair Issues
  Status:

  UnansweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  I was tricked to sign up to a third party loan was told that I was going to be teach one on one but it wasnt like that there were 40 students and 1 teachers and very hard to hear, after the 1st day of attending I called ******************************* the next day shes the person who sign me up, I explain that the school was nothing like she said and I was told by the teacher that is not one on one so I asked for a refund and she said shake cannot do that that I have to deal with ********************************* and he was no help he actually said if I dont pay they will *** me and go after my property, and he also told me that he could take one class out and that will leave me with a balance of $6000 and in order for him to make those changes I have to send $200 good faith money otherwise I have to pay the entire $16,14500, I was so scare I had to do it I feel forced cuz I dont want for them to *** for my property, I dont want nothing to do with Online Trading Academy , I want them to leave me alone but I really dont think I should pay anything cuz Im not attending their school cuz is not what they told me for that reason I want my money back and I want to be out of that contract, Please HELP me.

• Initial Complaint

  Date:12/31/2023

  Type:Service or Repair Issues
  Status:

  UnansweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  Amidst a harrowing journey, I was introduced to Online Trading Academy (***) by a friend. Tragedy struck when my partner and the mother of my 3 children passed away on May 13, 2023, plunging me into emotional turmoil and financial hardship. I made it clear to the *** rep that I couldn't engage in the classes due to this devastating loss.Despite my grief, on 07/13/2023, the same *** rep extended an offer for a free class. With optimism, I enrolled in the Core Strategy along with the same friend that had introduced me to ***.On 07/21/2023, I succumbed to pressure, signing up for a $37,000 package with 10% down payment. Despite expressing concerns about affordability, I reluctantly placed $500 as a down payment and was persuaded to charge $3,200 to my credit card within days, all while being assured of swift returns.Financial challenges persisted as I attended the Futures class, and on July 28, 2023, I expressed my financial strain to the *** representative, acknowledging that the package and payments were too high.On 08/08/2023, I found myself coerced into accepting a reduced package priced at $18,000, inclusive of a $2,000 down payment and monthly installments. Regrettably, the courses did not yield the promised results, and I struggled to support my 3 children while making payments.In pursuit of an exit strategy, I contacted the *** rep on 12/29/2023, seeking course cancellation and a potential refund. To my dismay, I encountered resistance, coupled with threats of credit damage if I discontinued payments. A rep from the corporate headquarters advised me to get another job to pay monthly obligations. It became evident that I had been exploited, subjected to promises unfulfilled and coercive financial tactics.My situation is undeniably challenging, and I acknowledge the need for assistance in addressing these pressing concerns. I firmly believe that legitimate issues surround the contract, undue pressure, and the unmet commitments during the course enrollment.

• Initial Complaint

  Date:07/21/2023

  Type:Service or Repair Issues
  Status:

  UnansweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  I was lured to buy the courses after a Zoom presentation. I was told someone would call me to help me with my schedule. some time passed before I could schedule the classes. Only after I did schedule my classes someone called me. he said that I needed to set up my profile, but I could not find the email they sent me with my login. he said he would send another one and call later. he never called until today. he informed me he would help me with my orientation. he said the orientation was something like six hours, and then I could enroll for classes. that's not what they say in the Zoom meeting. I said I'm already enrolled in classes. no, he said. that's the orientation. after that, you attend classes if you enroll.how much would that be, I asked you know what; this is not working he said and hang up.they never mentioned I was paying for any orientation. they were clear the fees were for class, and that after you attend the classes, you can start trading. they mention software is free and that they only sell education. they mention that you would practice simulated trading till have made some money that is not real, and then you're ready to do it on your own.the man who called me made clear to me that this is not the case,bottom line. they lie.now I'm forced to take these fake classes for what I paid, based on what others have said here. I'm not going to pay for any more classes since they lied to me that I was already paying for the.I understand it they scammed me. at this point, I don't think I'm going to get my money back.

• Initial Complaint

  Date:04/26/2023

  Type:Service or Repair Issues
  Status:

  UnresolvedMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  Signed contact through On-Line Trading Academy to fund financial education to learn about stock trading. Did not read the fine-lines regarding account would be handled by a 3rd party; Universal Account Servicing. Contact was signed on June 19, 2022. Requested in February of 2023, through On-Line Trading Academy to have account put on hold for 3-months because I am going through Chemotherapy treatments, which affect my ability to concentrate. On-Line Trading Academy said they could not help me at all. Contacted Universal Account Servicing on March 27th via phone. I tried on-line to request a hold. On-line their system said "fill out this form'" however, no form came up. I called and spoke to ******** about 20-minutes, she told me the "form" would be mailed. Called on April 6, 2023, spoke to ***** who said the form was sent out and to wait. I asked to speak to a supervisor. *********** came on the phone and said the form has been mailed. Put me on hold and said the modification forms are never mailed. I would have to give him sensitive information and he would fill out the form. I asked if the other 2 people I spoke to were wrong? Allejandro said yes. I told him I would record our conversation, since Universal was also recording the conversation. Allejandro put me on hold again and then came back to the conversation and said "I can't speak to you since you are recording this conversation." He hung up. Universal's online information is a lie, they are delaying the modification request to get as much money as possible. This is a scam. Modification is requested, or the account put on hold until my treatments are over. I do have written proof I am going through Chemotherapy. My fault I did not read all the paperwork from On-Line; however I have tried to get this request done and Universal has not been honest at all. I don't want to wait another billing cycle to get this resolved.

  Business Response

  Date: 05/30/2023

  Hello, 

  Thank you for forwarding the request. We are looking into this complaint. 

  Sincerely, 

  Online Trading Academy

  Customer Answer

  Date: 06/01/2023

  Universal Account Servicing, LLC has not contacted me to resolve this issue. Several people have called, saying they represent the company. I have not received loan modification paperwork, which was supposed to have been mailed to my correct address March 23, 2023. On-line Trading Academy sent a text message, asking me to call the company.  I did and I was told paperwork was mailed. Still waiting.  Universal Account Servicing LLC and On-line Trading Academy say they did not have any business relationship with each other. On-line Trading can't help with Universal and Universal states the same. I file with Better Business Bureau and now On-line Trading is sending me text messages to "work with Universal."  Looking for a specific contact person. Looking for paperwork for modification. Also want On-line Trading academy to clearly state and define their business relationship with Universal Account Servicing, LLC.  I was blindsided by On-line Trading Academy.