Attorney General Ford Joins Federal Trade Commission in Taking Action Against IM Mastery Academy for Deceiving Consumers

Complaint alleges that the investment training operation, currently known as IYOVIA, has taken more than $1.2 billion from consumers since 2018

Carson City, NV – Today, Nevada Attorney General Aaron D. Ford announces the State of Nevada and The Federal Trade Commission (FTC) are taking action to stop a wide-ranging investment training and business venture scam that has bilked consumers out of more than $1.2 billion. According to the complaint filed by the FTC and the Nevada Attorney General, the scam currently operates as IYOVIA and has also used the brand names IM Mastery Academy, iMarketsLive, and IM Academy (collectively, “IML”).

The complaint alleges the company and its operators use false or baseless earning claims to entice consumers to purchase training on financial topics. They have used similar claims to persuade consumers to buy into IML’s multi-level-marketing business venture, which involves marketing IML’s training services to others. It also alleges that that IML deliberately focused on marketing to young people, including through posts to college social media pages.

“What IYOVIA did wasn’t just dishonest — it was predatory. They targeted vulnerable college students with empty promises, drained their savings, and walked away with over a billion dollars. That’s why my office joined forces with the FTC to shut this scheme down”, said AG Ford. “Let me clear: I will always fight for Nevadans — period. And I won’t let scammers and fraudsters take advantage of anyone trying to build a better future, which is something every single person in the Nevada family deserves.”

Consumers typically first hear about IML from social media posts – often featuring supposed successful trades made using the company’s training – shared by IML salespeople. 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.”

 
According to the complaint, in contrast to these brash claims, IML’s “trainers” or “educators” are often merely salespeople with no formal training, credentials, or trading records to back up their purported success and defendants’ earnings claims are deceptive or unfounded because:

• The defendants have kept no records of the success or failure of consumers who purchase their products and services. 
• IML’s own data shows that 60% of their customers stop paying for the trading training services within one month, and 90% drop the services within six months. 
• IML’s records show that very few consumers make substantial money as MLM participants, with many, if not most, losing money.

The complaint names as defendants the company, its owners Chris and Isis Terry, and IML officers or top salespeople Jason Brown, Alex Morton, Matthew Rosa, and Brandon Boyd; it alleges that the company and its operators violated the FTC Act, the Telemarketing Sales Rule, the Restore Online Shoppers’ Confidence Act (as to the Terrys and IML), and Nevada state laws.

The Commission vote authorizing the staff to file the complaint was 3-0. The complaint was filed in the U.S. District Court for the District of Nevada.

NOTE: The Commission files a complaint when it has “reason to believe” that the named defendants are violating or are about to violate the law and it appears to the Commission that a proceeding is in the public interest. The case will be decided by the court.

The Federal Trade Commission works to promote competition, stop deceptive and unfair business practices and scams, and educate consumers. Report fraud, scams, or bad business practices at ReportFraud.ftc.gov. Get consumer advice at consumer.ftc.gov. Also, follow the FTC on social media, subscribe to press releases, and read the FTC’s blogs.

CONTACT FOR CONSUMERS:Consumer Response Center 877-382-4357

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