A company offering investment training under multiple brand names has been accused of defrauding consumers out of more than $1 billion through exaggerated earnings claims and deceptive business practices, according to a complaint filed Thursday by the Federal Trade Commission and the state of Nevada.
The entity, collectively referred to as “IML,” operated as IYOVIA, IM Mastery Academy, iMarketsLive, and IM Academy. It promoted training in cryptocurrencies, binary options, forex, and stock trading. The FTC says IML misled consumers — many of them young adults — with bold promises of financial success, while internal data suggested most participants earned little to nothing.
The complaint outlines how IML’s marketing pitched the possibility of earning up to $750,000 a month. In reality, only about 20% of its salespeople made more than $500, and the average annual income for those under that threshold was just $77.51 in 2022.
“From brazen earnings claims to using unqualified salespeople as so-called trainers, the scale of this scheme is staggering,” said Christopher Mufarrige, Director of the FTC’s Bureau of Consumer Protection. He highlighted the particular harm to young consumers, many of whom were targeted through college-focused social media ads.
The FTC revealed that many of the company’s “educators” lacked legitimate financial expertise. Some reportedly relied on content from YouTube or company materials rather than any formal training. Nearly 90% of customers who signed up for the trading services stopped using them within six months — an indicator, regulators say, of widespread dissatisfaction and financial harm.
The business reportedly operated as a multi-level marketing scheme, requiring members to recruit others while selling access to the firm’s financial training content. The FTC alleges that since 2018, this structure helped IML siphon around $1.2 billion from participants under false pretenses.
The lawsuit names IML founders Christopher Terry and Isis Terry, along with top promoters Jason Brown, Alex Morton, Matthew Rosa, and Brandon Boyd. The defendants are charged with violating multiple consumer protection laws, including the FTC Act, the Telemarketing Sales Rule, and the Restore Online Shoppers’ Confidence Act.
“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,” said Christopher Mufarrige, Director of the FTC’s Bureau of Consumer Protection. “The harm to consumers — especially young people seeking to earn a living — is immense and ongoing.”
