FTC Cracks Down on IM Mastery Academy: Allegations of a $1.2 Billion Fraud Scheme
On May 1, 2025, the Federal Trade Commission (FTC) and the Nevada Attorney General took legal action against International Markets Live, Inc., which is also known by names like IM Mastery Academy, iMarketsLive, IM Academy, and now IYOVIA. They claim that the company has scammed consumers out of more than $1.2 billion since 2018 through misleading practices in its investment training programs. This lawsuit has really shaken up the forex trading and network marketing scenes, sparking renewed conversations about whether these kinds of businesses are legit.
As a former outside compliance advisor at IM Markets Live (IML), I left in January 2019, I share my insights and opinions about my experience in the video below. Attorney Kevin Grimes at Thompson Burton. I wasn’t surprised by the allegations because I had worries about how the company operated for a long time, and nothing was done to fix it while I was there. I reflect on my attempts to put compliance measures in place, including an income disclosure statement—the first and only one the company ever created up to the time I left.
Allegations of Deception and Fraud
The Federal Trade Commission (FTC) and the state of Nevada have teamed up to take action against IYOVIA, claiming the company is running a “business venture scam.” They allege that IYOVIA misled people with fake promises of easy money through education in forex and cryptocurrency trading. The company is said to have made unverified claims about potential earnings to draw in participants, especially targeting young adults attracted by the idea of quick financial success. The lawsuit argues that IYOVIA’s actions broke several consumer protection laws, including the Federal Trade Commission Act.
I point out a bunch of problems I noticed in the organization. I mentioned that educators were using “mirror accounts” for trading instead of risking their own cash, which he thought made their training less credible. I also bring up some shady stuff in the compensation plan, and said the software didn’t work as promised at times. “When I found out the software wasn’t doing what it was supposed to and that people weren’t making money from this education, I was done,” Dooly said. In his resignation video, he made it clear he couldn’t stick around with a company that ignored ethical and legal issues.
The lawsuit throws several people into the mix, including IM Mastery Academy Ltd. and Isis Terry, as defendants. It claims the company’s practices caused big financial losses for consumers, with some estimates saying the damages could hit around $1.8 billion. That’s a huge amount and reminds people of other well-known cases, like the Zeek Rewards scandal. I was involved there as an outside consultant and ended up facing some penalties from the SEC. I’m upfront about my past experience and highlight my commitment to being transparent and learning from my earlier mistakes.
A Troubled History and Mass Exodus
My account describes a company that initially showed great promise but eventually descended into chaos as it grew. I share that I worked closely with Chris Terry, the founder of IML, during the early days, where I observed Terry’s trading and training sessions. However, as the company expanded, I watched more and more people start getting their fingers into it, which led to a decline in integrity. Many top educators, corporate staff, and field executives left IML, some launching their own educational companies or joining competitors like My Daily Choice and JIFU.
The exit of some key team members happened around the same time that regulators and investigative reporters were taking a closer look at things. Over the last few years, I have shared information for a Bloomberg article and a documentary for Newsweek, both digging into bigger issues in the forex trading education scene. I also share some pretty concerning stories about young people in other countries getting jail time because of IML’s practices, and point out that the company supposedly didn’t step in to help.
A Cautionary Tale for the Industry
The FTC’s move against IYOVIA isn’t just a one-off thing. The SEC’s lawsuit against Online Trading Academy, which isn’t a network marketing company, faced similar accusations of making false claims. The scale of the IYOVIA case, along with Nevada’s involvement—a state that’s pretty tough on fraud—suggests this could hit the company hard. Regulators won’t stop until they’ve tracked down every bit of the assets. Nevada has a history of going after even the biggest casino owners, so for them to be involved shows their dedication to stopping this type of fraud as well.
The lawsuit is a disappointing but expected outcome. I feel that the industry hasn’t really learned from its past mistakes, pointing out that the lure of “easy money” drives these kinds of schemes. I admit some people got value from IML’s education and did well in forex trading on their own, I still must warn against trying to follow the company’s flawed approach. There are some great folks who were with IM Markets Live, but there are also a lot who didn’t put education first, including some of the educators.
What’s Next?
As the situation unfolds, I plan to release a video that examines the FTC complaint. I’ll also team up with reporters from Bloomberg and Newsweek to provide some extra context. The outcome of this lawsuit could really shake up the forex trading education scene and network marketing overall. For now, it’s a clear reminder of the risks associated with ventures that promise quick money but lack transparency and accountability.
The FTC and Nevada teaming up shows they’re serious about protecting consumers from shady practices. Sometimes it’s about right and wrong, sometimes it’s about legal and illegal, and sometimes those two overlap. For people affected by IYOVIA’s alleged fraud, there’s hope that justice will come through. Plus, this whole situation could teach the industry some valuable lessons to avoid similar problems in the future.
Live Well, Finish Strong
Troy Dooly – The Beachside CEO
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