In 2025, the FTC and the state of Nevada filed a civil lawsuit against IM Mastery Academy and its principals in which they accused them of operating a deceptive investment training and multi-level marketing scheme that scammed consumers of more than $1.2 billion.   IM Mastery Academy lured its victims through misleading marketing on social media including Instagram, YouTube and TikTok that featured false and deceptive income claims and the depiction of luxury lifestyles.  At the heart of the scam were subscriptions to foreign currency trading tools and educational content, however, the real profits came from recruiting new members into the scam rather than successful foreign currency trading.  The overwhelming majority of participants lost money or earned little through their participation in the program.

In 2025 preliminary injunctions were ordered against the company and its senior officials freezing their assets.  This was followed by a civil settlement judgment of $795.8 million followed by a series of settlements and forfeitures of millions more against the principals and the company itself which concluded in July.

TIPS

Never rush into any investment or other opportunity being sold through a seminar or on social media until you have carefully investigated the people selling their investment or system as well as the investment or system itself.  Always be a bit skeptical as to testimonials which should also be carefully investigated before being relied upon.  Before investing with anyone, you should investigate the person offering to sell you the investment with the Securities and Exchange Commission’s Central Registration Depository.  This will tell you if the broker is licensed and if there have been disciplinary procedures against him or her.  You can also check with your own state’s securities regulation office for similar information.  Many investment advisers will not be required to register with the SEC, but are required to register with your individual state’s securities regulators.   You can find your state’s agency by going to the website of the North American Securities Administrators Association. https://www.nasaa.org/investor-education/how-to-check-your-broker-or-investment-adviser/ Many investment advisers will not be required to register with the SEC, but are required to register with your individual state securities regulators.  You should also check with the Financial Industry Regulatory Authority (FINRA) for information about the particular  investment adviser. https://www.finra.org/investors/protect-your-money/ask-and-check

It is also important to remember that you should never  invest in something that you do not completely understand.  This was a mistake that many of Bernie Madoff’s victims made.  You also may want to check out the SEC’s investor education website at www.investor.gov.  Scammers can be very convincing and it may sound like there is a great opportunity for someone to make some money, but you must be careful that the person making money is not the scam artist taking yours.

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