Antitrust Law Daily Wrap Up, CONSUMER PROTECTION NEWS: FTC, Nevada file suit against business venture scam, (May 2, 2025)

By Jody Coultas, J.D.

The investment training company allegedly tricked consumers out of more than $1.2 billion.

The FTC and the Nevada Attorney General’s Office have filed suit against an investment training and business venture that allegedly bilked consumers out of more than $1.2 billion. IYOVIA, which also used the brand names IM Mastery Academy, iMarketsLive, and IM Academy, allegedly used false or baseless earning claims to entice consumers to purchase training on financial topics and to enter IML’s multi-level-marketing business venture (FTC v. International Markets Live, Inc., No. 2:25-cv-00760 (D. Nev. May. 1, 2025)).

Since 2019, the allegedly scheme has operated under the name “IM Mastery Academy,” and is also known as “IML,” and “IM Academy.” In November 2024, the Defendants rebranded under the name “IYOVIA”. Consumers typically first hear about IML from social media posts featuring supposed successful trades made using the company’s training. Much of the marketing was directed to young people, many of whom are Black and Latino. When consumers respond, they’re invited to sales events or receive phone calls from IML salespeople touting programs costing as much as $400 per month. Marketing included claims about retiring in their 20s; salespeople flaunting luxury travel and products; and claims about making money “in minutes” or “in your sleep.”

IML advertised that its instructors would teach consumers how to make significant income trading in the foreign exchange, binary options, cryptocurrency, and stock markets. Defendants also represent that consumers can make significant income by joining IML as salespeople and receiving commissions for selling IML’s Trading Training Services, and by recruiting other consumers to join IML as salespeople. The FTC alleged that IML has generated more than $1.242 billion in worldwide sales since 2018.

IML refers to its trading instructors as “educators.” However, IML’s “trainers” or “educators” are often merely salespeople with no formal training, credentials, or trading records to back up their purported success. The complaint alleged that IML failed to keep records of the success or failure of consumers who purchase their products and services. However, its own data showed that 60% of their customers stop paying for the trading training services within one month, and 90% drop the services within six months. Also, the records showed that very few consumers make substantial money as MLM participants, with many, if not most, losing money.

The FTC also alleged that, rather than discipline or terminate high-earning salespeople when confronted with evidence of their deceptive earnings claims, IML and IML CEO Christopher “Chris” Terry often reward them with lucrative payouts. Defendants IML, Alex Morton, Jason Brown, and Matthew “Matt” Rosa allegedly instructed IML’s salespeople on how to make those claims while escaping the detection of IML’s compliance program and law enforcement.

The FTC and State of Nevada are seeking preliminary and permanent injunctive relief to prevent future violations of the FTC Act, Telemarketing Sales Rule, Restore Online Shoppers’ Confidence Act (as to the Terrys and IML), and Nevada state laws.

At least 21 international government agencies have issued warnings about the scheme, and Canadian law enforcement has taken legal action against IML.

The Case is No. 2:25-cv-00760.

Judge: Silva, C.

Companies: International Markets Live, Inc. d/b/a IYOVIA, iMarketsLive, IM Mastery Academy, and IM Academy, IM Mastery Academy LTD

News: ConsumerProtection FederalTradeCommissionNews NevadaNews