Catenaa, Friday, May 09, 2025-The Federal Trade Commission (FTC) and the state of Nevada filed suit Thursday against IM Mastery Academy, also known as IML, alleging the firm defrauded consumers of $1.2 billion through deceptive investment training programs focused on cryptocurrency, forex, and stock markets.
The complaint accuses IML — operating under various names including iMarketsLive and IYOVIA — of luring primarily young consumers into a multi-level marketing scheme built on exaggerated earnings promises. According to the FTC, IML advertised that participants could earn up to $750,000 monthly, though internal records showed that only 20% of salespeople earned more than $500 annually.
“This scam preyed on young people seeking financial independence,” said Christopher Mufarrige, director of the FTC’s Bureau of Consumer Protection. “The harm is widespread and ongoing.”
From 2018 to 2022, the firm allegedly targeted college students and young adults on social media, promising financial success through investment education and recruitment. Instead, most consumers lost money while being encouraged to promote IML’s services and recruit others into the scheme.
The FTC stated that those earning under $500 annually averaged just $77.51. The lawsuit seeks restitution and an injunction to halt IML’s operations.
Nevada Attorney General Aaron Ford joined the case, emphasizing the impact on vulnerable individuals in the state and nationwide.
IML did not immediately respond to requests for comment.
