In a significant move to protect consumers from fraudulent business practices, the Federal Trade Commission (FTC) and the State of Nevada have initiated legal proceedings against an investment training operation known for running a deceptive scheme that has extracted more than $1.2 billion from individuals since 2018. This operation, currently operating as IYOVIA, has previously used various brand names, including IM Mastery Academy, iMarketsLive, and IM Academy, collectively referred to as "IML."
The complaint accuses IML of employing misleading and unfounded earnings claims to lure consumers into purchasing their financial training programs. These programs are part of a larger multi-level-marketing (MLM) plan, encouraging customers to further market and sell IML’s training services to others. A crucial aspect of the complaint is the operation’s strategic and deliberate targeting of young people, particularly through aggressive marketing on social media platforms frequented by college students. This demographic, often vulnerable to get-rich-quick schemes, found themselves the target of flashy promotions promising substantial returns.
Christopher Mufarrige, Director of the FTC’s Bureau of Consumer Protection, described the scale of the scam as "remarkable," criticizing the audacious earnings claims that were not supported by real data. "The harm to consumers—especially young people seeking to earn a living—is immense, and it is ongoing," Mufarrige stated, expressing relief that combined efforts with Nevada authorities are underway to terminate these harmful practices.
The modus operandi frequently used by IML involved social media posts purportedly showing successful trades achieved using their training. Interested consumers were often led to sales events or engaged through phone calls from IML representatives, who marketed expensive programs, some costing up to $400 a month. These promotions often included claims about the possibility of early retirement, luxurious lifestyles, and making money effortlessly.
Contrary to the enticing claims made by IML, the complaint reveals that their "trainers" are often mere salespeople lacking any formal trading expertise or credentials. Furthermore, IML fails to maintain records charting the success or failure of their consumers, with internal data indicating that 60% of customers cease their subscription within a month, and up to 90% drop out within six months. The underlying harsh truth is that few participants in IML’s MLM structure achieve substantial income, with many experiencing financial losses.
The defendants named in the complaint include company founders Chris and Isis Terry along with prominent figures such as Jason Brown, Alex Morton, Matthew Rosa, and Brandon Boyd, who hold roles as IML officers or top salespeople. The complaint charges that these individuals and the company violated several regulations, including the FTC Act, the Telemarketing Sales Rule, the Restore Online Shoppers’ Confidence Act, and pertinent Nevada state laws.
This action by the FTC, endorsed by a unanimous 3-0 Commission vote, marks a pivotal step as the complaint was filed in the U.S. District Court for the District of Nevada. The court will hold the ultimate decision-making power concerning the allegations laid out by the commission. FTC staff attorneys leading this legal offensive comprise Tom Biesty, Laura Basford, Ron Brooke, and Josh Doan, all from the FTC's Bureau of Consumer Protection.
Reaffirming its commitment to consumer rights, the FTC remains dedicated to promoting fair competition and educating the public. It firmly stands against fraudulent businesses and urges individuals to report scams and questionable business practices via their official portals.
