The Federal Trade Commission (FTC) and the State of Nevada are taking legal action against IYOVIA, also known by its previous names IM Mastery Academy, iMarketsLive, and IM Academy. The complaint filed by the FTC and the Nevada Attorney General alleges that the company has deceived consumers out of over $1.2 billion through training and business ventures.
The complaint asserts that the company and its operators used baseless earning claims to attract consumers to purchase financial training. It also accuses the company of urging consumers to sell IML's training services using multi-level-marketing tactics, highlighting that marketing efforts were aimed mainly at young people, including through college social media platforms.
"The breadth of this scam is remarkable, from brazen earnings claims to the fact that their so-called investment trainers are often nothing more than salespeople," stated Christopher Mufarrige, Director of the FTC’s Bureau of Consumer Protection. He described the impact of these claims on consumers, particularly young individuals striving to secure an income, as vast and ongoing. Mufarrige expressed satisfaction with the cooperation with Nevada to halt the practices.
Consumers are often introduced to IML through social media posts featuring alleged successful trades. These posts, shared by IML salespeople, often lead to invitations to sales events or phone calls promoting high-cost training programs. These were advertised through claims of early retirement, luxury lifestyles, and quick wealth.
The complaint critiques IML's "trainers" or "educators" as lacking formal training, credentials, or verified trading success. Defendants’ earning claims were labeled deceptive, as IML kept no records of consumer success or failures. Evidence presented shows that 60% of customers abandon the services within a month, and 90% do so within six months. Few customers succeed as MLM participants, with many losing money.
The named defendants include company owners Chris and Isis Terry, and top salespeople Jason Brown, Alex Morton, Matthew Rosa, and Brandon Boyd. The complaint accuses them of violating multiple legal statutes, including the FTC Act and Nevada state laws.
The complaint was authorized by a 3-0 vote of the Commission and filed in the U.S. District Court for the District of Nevada. The FTC warns that the filing of a complaint indicates a belief that the law is being violated and that legal proceedings would be beneficial to the public interest. The case awaits resolution in court.
FTC attorneys Tom Biesty, Laura Basford, Ron Brooke, and Josh Doan are handling the case, as part of the Bureau of Consumer Protection's ongoing efforts to safeguard consumers.
The FTC continues its mission to encourage consumer competition and protection, providing resources to learn more about consumer topics or report unfair business practices through their official channels.
