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The Federal Trade Commission (FTC) and the Nevada Attorney General have filed a lawsuit against a company accused of defrauding consumers—primarily young investors—out of $1.2 billion through fake promises tied to cryptocurrency education.
Crypto Education Firm Known as “IML” Under Investigation
The company operated under multiple names, including IYOVIA, IM Mastery Academy, iMarketsLive, and IM Academy—collectively referred to as “IML.”
According to the FTC, IML offered educational programs in cryptocurrency, binary options, forex, and stock trading, but allegedly misrepresented the potential earnings from these ventures.
Why Are They Being Sued?
The complaint states that IML claimed its sales representatives could earn up to $750,000 per month. However, internal data reportedly showed that most salespeople either lost money or earned very little. In fact, those earning under $500 in 2022 made an average of just $77.51 for the year.
The company operated under a multi-level marketing (MLM) model, encouraging participants to promote IML’s financial training services to others. The FTC noted that IML particularly targeted young individuals interested in crypto, running ads on college social media platforms.
The agency says IML has defrauded consumers of around $1.2 billion since 2018.
Christopher Mufarrige, Director of the FTC’s Bureau of Consumer Protection, stated:
“The scale of this scam is astounding. From bogus income claims to so-called investment trainers who were really just salespeople, every part of this scheme caused serious harm to consumers—especially young people trying to make a living. We’re proud to partner with Nevada officials to put a stop to it.”
FBI Cracked Down on Crypto Fraud with Fake Token in 2024
In 2024, the FBI launched a sting operation using a fake token named NexFundAI (NexF) on the Ethereum blockchain to expose fraudulent crypto schemes. The operation led to the seizure of over $25 million in crypto assets from suspects.
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