FTC, Nevada sue crypto trading course firm for $1.2 billion fraud targeting young investors

The Federal Trade Commission and the state of Nevada filed a complaint Thursday against a firm accused of swindling more than $1 billion from consumers through fraudulent investment training courses in cryptocurrency, foreign exchange trading, and ventures.The complaint targets an entity that operated under several names — IYOVIA, IM Mastery Academy, iMarketsLive, and IM Academy — collectively referred to as "IML." According to a release issued Thursday by the FTC, IML offered courses in cryptocurrency, binary options, forex, and stock trading while misrepresenting how much customers and salespeople could earn.IML allegedly claimed its salespeople could make up to $750,000 a month, while IML purportedly knew its salespeople either lost money or made “very little,” with just one in five earning more than $500. In 2022, those who reported earnings of less than $500 averaged just $77.51 for the year, the complaint said.Still, individuals absorbed into IML's multi-level marketing business structure would have to promote the firm's financial trading services. IML focused primarily on attracting young people and even advertised on college social media pages, states the FTC's release.Since 2018, IML defrauded consumers out of approximately $1.2 billion, the agency said."The breadth of this scam is remarkable, from brazen earnings claims to the fact that their so-called investment trainers are often nothing more than salespeople," said Christopher Mufarrige, Director of the FTC’s Bureau of Consumer Protection, in a statement. "The harm to consumers — especially young people seeking to earn a living — is immense, ongoing, and we are glad to work with our partners in Nevada to bring it to an end."Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.