Check out our VIDEO overview:
Here is an overview video I created walking through the details of the FTC lawsuit against Raging Bull, Jason Bond, Jeff Bishop, and Kyle Dennis.
Overivew of the FTC lawsuit against Raging Bull.
Latest COMMUNICATIONS :
Dear RagingBull Subscriber,
As you may be aware, this is an unprecedented time for all of us atRagingBull.
We have recently been served with a lawsuit by the FTC, withoutwarning or an opportunity for any prior discussion with the FTC, that paintsour business in a very bad light.
We have not been able to get our full defense in front of the judge toargue our side of things. In our view, the FTC has taken a very aggressive approachto handling this. The United States DistrictCourt for the District of Maryland, though, issued a temporary restrainingorder (which can be accessed here) on December 8.This order, among other things, appointed a temporary receiver and placed afreeze on the company’s assets. In addition, theNew Hampshire Bureau of Securities Regulation has initiated a regulatoryaction against the company. We believe that we will prevail in both matters, butwith the extraordinary actions taken to this point our business has beenvirtually crippled overnight.
This week was one of the saddest weeks of our lives. Due to theseactions and the freezing of our assets by the FTC, we had to furlough many ofour employees right before Christmas. Many of them are in towns you live in andcould even be your neighbors. Some of these people have been on our team fornearly a decade.
We want to thank everyone who has shown us their support! Everyonewho sticks with us through this time is truly an important part of theRagingBull family — and we appreciate and love our family.
All of us here have poured our heart and soul into this company tobuild what it is today, and you are a critical part of that. If you loveRagingBull as much as we do, then I have a special request today.
Now more than ever, we are asking you to voice your support forRagingBull.
We want people who are willing to share their experiences and how muchRagingBull means to them.
Simply email Kayla in the next few days ([email protected] Attn: Kayla) andlet us know.
We have heard from literally hundreds of people already, but we really need tohear from you as well. Please take a moment to support our family.
And as we move forward, we will continue to keep you informed of our status and of any major developments in the suit.
Dear RagingBull Subscriber,
As a follow-up to our recent email, we are writing to let you know that we have made the decision to pause business operations for 30 days. This is a difficult decision but one we believe is necessary to allow us to focus our energy on defending the Federal Trade Commission’s lawsuit and the New Hampshire Bureau of Securities Regulation’s administrative action.
As you are now aware, the FTC’s lawsuit includes a temporary restraining order (linked here). While that process is underway, it is presenting dramatic changes in our ability to provide services.
To properly defend the company in response to this lawsuit and focus our effort on returning to providing services, we are choosing to pause all services effective immediately for the next 30 days.
During this time, we will not be in a position to provide any customer service. All customer service responses will be by recorded voicemail and by FAQs posted on the website. Also, for at least the next 30 days, will not be in a position to provide refunds to those who request one.
When this is over, we hope you’ll be a part of something even greater than what RagingBull is today.
I speak for all of us when I say that I cannot wait to get back to work soon!
Jeff Bishop & Jason Bond
Dear Subscriber of RagingBull.com:
My name is Peter Keith, and I write to you as the Temporary Receiver of RagingBull.com. This email is intended to provide you basic information regarding the current status of RagingBull.com, as well as some matters that may affect you. For more information, you may visit the receivership web site at any time: https://receiver-ragingbull.com
Here are some FAQs, with responses to questions I have been asked:
What is a receivership, and how long will it last?
On December 7, 2020, the Federal Trade Commission filed a civil lawsuit in the United States District Court against RagingBull.com, several affiliated entities, and its owners. The suit is captioned Federal Trade Commission v. RagingBull.com, et al., Case No. 20:cv-3538. Raging Bull is contesting allegations made by the FTC in that lawsuit.
On December 8, 2020, United States District Judge George L. Russell, III issued a temporary restraining order against RagingBull.com LLC, Sherwood Ventures, Jason Bond LLC, MFA Holdings, Winston Corp., Winston Research, Jeff Bishop, Jason Bond and Kyle Dennis. Under that order, Judge Russell appointed me to serve as Temporary Receiver.
As Temporary Receiver, I serve the United States District Court, and I report directly to Judge Russell. I do not represent the Federal Trade Commission. I also am not a lawyer for Raging Bull or any of the defendants.
The receivership presently is likely to extend at least until Judge Russell rules on the Federal Trade Commission’s motion for a preliminary injunction. Judge Russell has scheduled a hearing on that motion for February 5, 2021. At that time, Judge Russell may determine to extend the receivership or to terminate it. He may rule at the end of the February 5, 2021 hearing, or he may take the matter under advisement and rule later.
What entities and individuals are covered by the temporary restraining order?
The Temporary Restraining Order expressly binds the following entities and individuals:
RagingBull.com, LLC f/k/a Lighthouse Media, LLC
Jeffrey M. Bishop
Jason Bond f/k/a Jason P. Kowalik
Jason Bond, LLC
Kyle W. Dennis
MFA Holdings, Corp. (exempted from Sections V and VI of the Temporary Restraining Order pursuant to 12/15/2020 Order)
Sherwood Ventures, LLC
Winston Research Inc.
Other entities and people may be bound by the terms of the order, as well. Please review the temporary restraining order (available here ) to understand its full scope and effect.
How can I follow the status of the receivership?
My receivership team has created a web site to provide more information about the receivership and the legal status of the case: https://receiver-ragingbull.com/ You may visit this site to learn current information about the receivership, the status of RagingBull.com, the FTC’s complaint and motion for preliminary injunction, and Raging Bull’s responses to the FTC claims.
Does Raging Bull have any current operations?
As Raging Bull’s assets are under control of the Receiver, funds will be used only as directed by the Court. Pending the outcome of the preliminary injunction hearing, presently scheduled for February 5, 2021, on December 20, 2020, Raging Bull determined to cease operations. This means that no new sales or customer support of any kind are possible during this period of time. For existing customers/subscribers, no services of any kind will be provided.
May I receive a refund for Raging Bull programs to which I am subscribed?
At this time, refunds will not be made to any subscribers. The United States District Court for the District of Maryland may, at some time in the future, determine that some amount of refunds may be paid. Alternatively, depending on the outcome of the hearing on February 5, refunds could become available from Raging Bull, if Raging Bull is permitted to restart operations.
How do I submit any comments?
The Temporary Receiver welcomes any comments, positive or negative, that subscribers and Raging Bull employees may have.
Any present or past subscriber or employee wishing to make a comment or statement may contact the Temporary Receiver, Raging Bull, or the FTC, as follows:
· Contact the Temporary Receiver at [email protected]
· Contact Raging Bull at [email protected]
· Contact the Federal Trade Commission by sending an email to [email protected] or by visiting www.ftc.gov and following the instructions provided, to file a complaint or to provide other relevant input.
What are the next steps?
The parties will submit briefs to the Court regarding the Federal Trade Commission’s motion for preliminary injunction. United States District Court Judge George L. Russell, III has scheduled a hearing for February 5, 2021 and, at some point after the close of the hearing, will issue a ruling on the Federal Trade Commission’s motion for preliminary injunction. Following Judge Russell’s ruling, the Temporary Receiver and the parties will have a clearer understanding of how Raging Bull and the receivership will move forward.
I appreciate your time spent reviewing this email and your patience with this process.
Very truly yours,
Peter E. Keith
Dear RagingBull Member,
I wanted to take a moment to update you on the progress of the court case we have with the FTC right now. As you probably know, our hearing was scheduled for Friday, Feb 5th last week.
The Judge, after reviewing the submissions from both sides, decided to postpone the hearing from the 5th. He has permitted Raging Bull “to submit a brief describing its proposed business plan.” A copy of the full Order can be found here.
While it is too soon to say what the ultimate outcome of the litigation will be, we look forward to providing the Court with a detailed plan of how we propose to conduct business moving forward.
Once again, I want to thank everyone for your extended patience during this unprecedented time.
Jeff Bishop & Jason Bond