IM Academy or IM Live or variations of the name have been in the news for years. A name change to Iyovia didn’t keep it away from the Federal Trade Commission FTC or the Nevada Attorneys. The players involved include Christopher Terry, Alex Morton, Matthew Rosa, Jason Brown, Brandon Boyd.
Here’s a summary from Grok:
The IYOVIA Scam: How a Multi-Level Marketing Scheme Bilked Consumers Out of $1.2 Billion The Federal Trade Commission (FTC) and the Nevada Attorney General’s office have sounded the alarm on a massive financial fraud, accusing IYOVIA—formerly known as IM Mastery Academy, iMarketsLive, and IM Academy—of operating a multi-level marketing (MLM) scheme that has defrauded consumers, particularly young people, out of more than $1.2 billion since 2018. The federal complaint, filed on Thursday, paints a damning picture of a company that lured vulnerable individuals with promises of wealth and financial freedom, only to leave most of them poorer while its operators reaped the rewards. This case underscores the dangers of predatory MLMs and the devastating impact they can have on unsuspecting consumers. A Mirage of Wealth and Success IYOVIA marketed itself as a revolutionary platform that could teach anyone how to achieve financial independence through trading in foreign exchange, cryptocurrency, futures, and stock markets. The company’s branding was flashy and seductive, with social media posts showcasing luxurious lifestyles—private jets, exotic vacations, and designer goods—alongside claims of six-figure incomes and the ability to retire in one’s 20s. “Trading can be your ticket to wealth and success,” one salesperson allegedly posted on Instagram in October 2023, encapsulating the company’s core pitch. These promises were particularly appealing to young people, who were explicitly targeted through posts on college social media pages and high-pressure sales tactics. The company’s marketing leaned heavily on emotional appeals, portraying trading as a shortcut to financial freedom that required little effort. Claims of making money “in minutes” or “in your sleep” were commonplace, creating a sense of urgency and opportunity that was hard to resist for those eager to escape financial insecurity. However, the reality was far bleaker. The FTC’s complaint alleges that IYOVIA’s business model was built on deception, with most consumers losing substantial sums of money—not just on the costly training programs, which ranged from $100 to $400 per month, but also on the trades they attempted based on the company’s guidance. The complaint notes that IYOVIA kept no records of consumer success or failure, a glaring omission for a company claiming to empower its customers to achieve wealth. Internal data revealed a grim truth: 60% of customers abandoned the training services within one month, and 90% dropped out within six months. For those who persisted, the financial losses often piled up, with many losing thousands of dollars on top of the fees they paid to IYOVIA. A House of Cards Built on Deception At the heart of IYOVIA’s operation was a multi-level marketing structure that incentivized recruitment over education. Consumers were not only sold training courses but also encouraged to become salespeople themselves, marketing IYOVIA’s services to others for a cut of the profits. This MLM model relied on a constant influx of new recruits to sustain itself, with earnings claims that the FTC describes as “false or baseless.” The complaint reveals that very few participants made substantial money through the MLM venture, and many lost money trying to climb the ranks. The instructors, or “educators,” who delivered IYOVIA’s training were a key part of the deception. Far from being seasoned financial experts, most lacked formal financial training or accreditation. The FTC alleges that many instructors relied on YouTube videos or IYOVIA’s own materials for their knowledge, essentially posing as investment professionals to lend credibility to the company’s claims. One instructor was even accused of doctoring trading results to exaggerate his success, a scandal that IYOVIA allegedly swept under the rug to avoid a “public reputation nightmare,” according to a message from the company’s director of education, product development, and regulatory compliance cited in the complaint. This lack of transparency and accountability extended to the company’s leadership. The complaint names IYOVIA’s founder, Christopher Terry, his wife Isis Terry, and top salespeople Jason Brown, Alex Morton, Matthew Rosa, and Brandon Boyd as defendants, accusing them of violating the FTC Act, the Telemarketing Sales Rule, the Restore Online Shoppers’ Confidence Act, and Nevada state laws. Christopher Terry, who described IYOVIA as a “cutting-edge online educational platform” on an archived version of his website, has yet to publicly respond to the allegations. The Human Cost of the Scam The scale of IYOVIA’s alleged fraud is staggering, with losses exceeding $1.2 billion since 2018. But beyond the financial toll, the human cost is what makes this case particularly heartbreaking. Young people, often in their late teens or early 20s, were drawn in by the promise of a better future, only to find themselves deeper in debt and disillusioned. The FTC’s Director of the Bureau of Consumer Protection, Christopher Mufarrige, described the harm as “immense” and “ongoing,” emphasizing the need to hold IYOVIA accountable and prevent further damage. The company’s predatory tactics exploited the aspirations of its victims, many of whom were navigating an uncertain economy and seeking a path to financial stability. By presenting trading as a simple, low-risk way to achieve wealth, IYOVIA preyed on their trust and inexperience. The reality—that trading is complex, high-risk, and requires significant expertise—was buried beneath a barrage of misleading claims and carefully curated success stories. A Call for Accountability The FTC and Nevada’s legal action marks a significant step toward dismantling IYOVIA’s operation and seeking justice for its victims. The complaint, filed in the U.S. District Court for the District of Nevada, reflects a broader effort by regulators to crack down on deceptive MLMs and protect consumers from financial scams. The unanimous 3-0 vote by the FTC to authorize the complaint underscores the agency’s commitment to addressing what Mufarrige called a “remarkable” scam in its scope and audacity. For consumers, this case serves as a stark reminder to approach financial opportunities with skepticism, especially those promoted through social media or high-pressure sales tactics. The FTC advises consumers to research companies thoroughly, verify the credentials of instructors, and be wary of promises that seem too good to be true. Resources like consumer.ftc.gov and ReportFraud.ftc.gov offer guidance on spotting scams and reporting fraudulent practices. As the legal battle against IYOVIA unfolds, the hope is that it will not only bring relief to those who were harmed but also send a clear message to other companies engaging in similar practices. The FTC’s partnership with Nevada demonstrates the power of coordinated action in tackling large-scale fraud, and it may pave the way for stronger protections against MLMs in the future. Conclusion The IYOVIA scandal is a cautionary tale about the dangers of predatory marketing and the devastating consequences of unchecked greed. Behind the glittering facade of wealth and success, the company allegedly built a $1.2 billion empire on the broken dreams of its customers, many of whom were young and vulnerable. As the FTC and Nevada fight to hold IYOVIA and its operators accountable, this case highlights the urgent need for greater oversight of MLMs and better education for consumers about financial scams. For now, the message is clear: if an opportunity sounds too good to be true, it probably is.
Summary written by Grok FTC Announcement: www.ftc.gov/news-events/news/press-releases/2025/05/ftc-state-nevada-take-action-against-im-mastery-academy-deceiving-consumers
Here’s a summary from Grok:
The IYOVIA Scam: How a Multi-Level Marketing Scheme Bilked Consumers Out of $1.2 Billion The Federal Trade Commission (FTC) and the Nevada Attorney General’s office have sounded the alarm on a massive financial fraud, accusing IYOVIA—formerly known as IM Mastery Academy, iMarketsLive, and IM Academy—of operating a multi-level marketing (MLM) scheme that has defrauded consumers, particularly young people, out of more than $1.2 billion since 2018. The federal complaint, filed on Thursday, paints a damning picture of a company that lured vulnerable individuals with promises of wealth and financial freedom, only to leave most of them poorer while its operators reaped the rewards. This case underscores the dangers of predatory MLMs and the devastating impact they can have on unsuspecting consumers. A Mirage of Wealth and Success IYOVIA marketed itself as a revolutionary platform that could teach anyone how to achieve financial independence through trading in foreign exchange, cryptocurrency, futures, and stock markets. The company’s branding was flashy and seductive, with social media posts showcasing luxurious lifestyles—private jets, exotic vacations, and designer goods—alongside claims of six-figure incomes and the ability to retire in one’s 20s. “Trading can be your ticket to wealth and success,” one salesperson allegedly posted on Instagram in October 2023, encapsulating the company’s core pitch. These promises were particularly appealing to young people, who were explicitly targeted through posts on college social media pages and high-pressure sales tactics. The company’s marketing leaned heavily on emotional appeals, portraying trading as a shortcut to financial freedom that required little effort. Claims of making money “in minutes” or “in your sleep” were commonplace, creating a sense of urgency and opportunity that was hard to resist for those eager to escape financial insecurity. However, the reality was far bleaker. The FTC’s complaint alleges that IYOVIA’s business model was built on deception, with most consumers losing substantial sums of money—not just on the costly training programs, which ranged from $100 to $400 per month, but also on the trades they attempted based on the company’s guidance. The complaint notes that IYOVIA kept no records of consumer success or failure, a glaring omission for a company claiming to empower its customers to achieve wealth. Internal data revealed a grim truth: 60% of customers abandoned the training services within one month, and 90% dropped out within six months. For those who persisted, the financial losses often piled up, with many losing thousands of dollars on top of the fees they paid to IYOVIA. A House of Cards Built on Deception At the heart of IYOVIA’s operation was a multi-level marketing structure that incentivized recruitment over education. Consumers were not only sold training courses but also encouraged to become salespeople themselves, marketing IYOVIA’s services to others for a cut of the profits. This MLM model relied on a constant influx of new recruits to sustain itself, with earnings claims that the FTC describes as “false or baseless.” The complaint reveals that very few participants made substantial money through the MLM venture, and many lost money trying to climb the ranks. The instructors, or “educators,” who delivered IYOVIA’s training were a key part of the deception. Far from being seasoned financial experts, most lacked formal financial training or accreditation. The FTC alleges that many instructors relied on YouTube videos or IYOVIA’s own materials for their knowledge, essentially posing as investment professionals to lend credibility to the company’s claims. One instructor was even accused of doctoring trading results to exaggerate his success, a scandal that IYOVIA allegedly swept under the rug to avoid a “public reputation nightmare,” according to a message from the company’s director of education, product development, and regulatory compliance cited in the complaint. This lack of transparency and accountability extended to the company’s leadership. The complaint names IYOVIA’s founder, Christopher Terry, his wife Isis Terry, and top salespeople Jason Brown, Alex Morton, Matthew Rosa, and Brandon Boyd as defendants, accusing them of violating the FTC Act, the Telemarketing Sales Rule, the Restore Online Shoppers’ Confidence Act, and Nevada state laws. Christopher Terry, who described IYOVIA as a “cutting-edge online educational platform” on an archived version of his website, has yet to publicly respond to the allegations. The Human Cost of the Scam The scale of IYOVIA’s alleged fraud is staggering, with losses exceeding $1.2 billion since 2018. But beyond the financial toll, the human cost is what makes this case particularly heartbreaking. Young people, often in their late teens or early 20s, were drawn in by the promise of a better future, only to find themselves deeper in debt and disillusioned. The FTC’s Director of the Bureau of Consumer Protection, Christopher Mufarrige, described the harm as “immense” and “ongoing,” emphasizing the need to hold IYOVIA accountable and prevent further damage. The company’s predatory tactics exploited the aspirations of its victims, many of whom were navigating an uncertain economy and seeking a path to financial stability. By presenting trading as a simple, low-risk way to achieve wealth, IYOVIA preyed on their trust and inexperience. The reality—that trading is complex, high-risk, and requires significant expertise—was buried beneath a barrage of misleading claims and carefully curated success stories. A Call for Accountability The FTC and Nevada’s legal action marks a significant step toward dismantling IYOVIA’s operation and seeking justice for its victims. The complaint, filed in the U.S. District Court for the District of Nevada, reflects a broader effort by regulators to crack down on deceptive MLMs and protect consumers from financial scams. The unanimous 3-0 vote by the FTC to authorize the complaint underscores the agency’s commitment to addressing what Mufarrige called a “remarkable” scam in its scope and audacity. For consumers, this case serves as a stark reminder to approach financial opportunities with skepticism, especially those promoted through social media or high-pressure sales tactics. The FTC advises consumers to research companies thoroughly, verify the credentials of instructors, and be wary of promises that seem too good to be true. Resources like consumer.ftc.gov and ReportFraud.ftc.gov offer guidance on spotting scams and reporting fraudulent practices. As the legal battle against IYOVIA unfolds, the hope is that it will not only bring relief to those who were harmed but also send a clear message to other companies engaging in similar practices. The FTC’s partnership with Nevada demonstrates the power of coordinated action in tackling large-scale fraud, and it may pave the way for stronger protections against MLMs in the future. Conclusion The IYOVIA scandal is a cautionary tale about the dangers of predatory marketing and the devastating consequences of unchecked greed. Behind the glittering facade of wealth and success, the company allegedly built a $1.2 billion empire on the broken dreams of its customers, many of whom were young and vulnerable. As the FTC and Nevada fight to hold IYOVIA and its operators accountable, this case highlights the urgent need for greater oversight of MLMs and better education for consumers about financial scams. For now, the message is clear: if an opportunity sounds too good to be true, it probably is.
Summary written by Grok FTC Announcement: www.ftc.gov/news-events/news/press-releases/2025/05/ftc-state-nevada-take-action-against-im-mastery-academy-deceiving-consumers
Be the first to comment on "FTC Shuts down MLM Company Iyovia known before as IM Academy and IM Live"