The Federal Trade Commission has filed a complaint against IYOVIA, formerly IM Academy, alleging it ran a multi-level marketing scheme that defrauded consumers, particularly young individuals, out of over 1.2 billion dollars since 2018. The company claimed to offer financial training for trading in various markets but failed to deliver on its promises, resulting in significant losses for the majority of participants. Many were drawn in by social media promotions of riches and lavish lifestyles, which did not materialize, leaving subscribers with hefty costs and little to no returns on their investments.
The breadth of this scam is remarkable, said a federal official.
IYOVIA, previously known as IM Academy, operated a multi-level marketing scheme that scammed consumers out of more than $1.2 billion since 2018.
While promoting financial freedom through trading, many customers reported substantial financial losses, on top of the costs associated with IYOVIA's training programs.
IYOVIA billed itself as a gateway to wealth through currency and stock trading, but many participants saw only significant losses.
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