Federal regulators and Nevada officials have filed a $1.2 billion lawsuit against an alleged investment scheme that lured thousands with false promises of financial freedom while operating as little more than a deceptive multi-level marketing operation.

At a Glance

• The FTC and Nevada are suing IM Mastery Academy (now IYOVIA) for allegedly defrauding consumers of $1.2 billion since 2018
• The company allegedly used false earnings claims to sell financial trading courses and recruit people into a multi-level marketing scheme
• Marketing targeted young people through social media with promises of quick wealth and luxury lifestyles
• Company data shows 60% of customers quit within a month and 90% within six months
• Company owners Chris and Isis Terry, along with top salespeople, are named as defendants in the lawsuit

$1.2 Billion Alleged Investment Scam Targeted

The Federal Trade Commission and the State of Nevada have launched legal action against IM Mastery Academy, now operating under the name IYOVIA, for allegedly deceiving consumers through false investment promises. According to the complaint filed in the U.S. District Court for the District of Nevada, the company has accumulated over $1.2 billion from consumers since 2018 through deceptive marketing practices. The operation has functioned under various names including IM Mastery Academy, iMarketsLive, and IM Academy while allegedly promoting get-rich-quick schemes.

The lawsuit claims the company sold financial trading courses with promises of substantial profits while simultaneously recruiting members into a multi-level marketing business. Regulators allege the organization specifically targeted young people through social media and college campus pages with flashy images of luxury cars, expensive watches, and exotic vacations – all supposedly attainable through their training programs and business opportunity.

Deceptive Marketing and Unqualified “Experts”

The complaint alleges that IM Mastery Academy enticed consumers with claims of quick wealth and early retirement through forex trading and cryptocurrency investments. However, regulators charge that the company’s so-called trading experts had little to no legitimate qualifications. Instead of providing genuine financial education, the FTC claims these individuals were primarily salespeople focused on recruitment rather than legitimate investment training.

Internal company data revealed in the complaint tells a troubling story about retention rates. According to the FTC, approximately 60% of customers abandoned the program within just one month, and 90% left within six months. These statistics contradict the company’s marketing claims about sustainable income opportunities and suggest most participants quickly discovered the reality behind the glossy promises.

Named Defendants and Legal Violations

The legal complaint names several key figures in the operation, including company owners Christopher and Isis Terry, along with top salespeople Jason Brown, Alex Morton, Matthew Rosa, and Brandon Boyd. Regulators accuse these individuals of masterminding and promoting the alleged scheme that has impacted thousands of consumers. The lawsuit cites multiple violations including the FTC Act, Telemarketing Sales Rule, Restore Online Shoppers’ Confidence Act, and Nevada state consumer protection laws.

Few participants allegedly made substantial money from the program, with many reportedly losing their investments entirely. The complaint states the company operated as a classic pyramid scheme, where early participants and those at the top of the recruitment chain received the majority of profits while most members saw little to no return on their investment. The regulatory action seeks to permanently shut down the operation and recover funds for affected consumers.

Consumer Protection Focus

This case highlights the ongoing efforts by federal and state regulators to crack down on fraudulent investment schemes that target vulnerable consumers. The FTC emphasizes its commitment to protecting consumers and promoting fair competition in the marketplace through enforcement actions against deceptive business practices. Nevada’s involvement demonstrates how states are increasingly partnering with federal agencies to combat large-scale financial fraud operations that cross state lines.

For consumers, the case serves as a reminder to exercise caution with investment opportunities promising extraordinary returns with minimal effort or expertise. Legitimate investment education typically comes from licensed financial professionals, not recruitment-focused salespeople promising overnight wealth through mysterious trading “systems.” The FTC continues to urge consumers to research financial opportunities thoroughly before committing any funds.