Published on June 10th, 20200
IM Mastery Academy Can’t Outrun Foreign Financial Actions
IM Mastery Academy may want to move on from the foreign financial actions listed below (sorted by earliest known activity by regulator) but prospective distributors should examine them closely. After all, outside of a new name and a new website, not much appears to have changed as a result of last year’s rebranding. For example, IM Mastery Academy has the same CEO and CFO as it did in 2018, when TINA.org alerted readers to issues with iMarketsLive.
The United Kingdom
In May 2018, the U.K.’s Financial Conduct Authority (FCA) cautioned investors against iMarketsLive on the grounds that the company was providing unauthorized financial services in the U.K. and “targeting” people there.
In January 2018, Spanish market regulator the Comisión Nacional del Mercado de Valores (CNMV) issued a warning advising the public that iMarketsLive is not authorized to offer certain investment services, including investment advice, in the country. After iMarketsLive changed its name, the CNMV issued another warning to the public, in March 2020, saying IM Mastery Academy is not authorized to provide investment advice in Spain.
In December 2017, the Autorité des Marchés Financiers (AMF), which regulates the stock market in France, advised French investors to ignore solicitations from iMarketsLive, noting that the company is not authorized to operate any activities regulated by the AMF in that country. (Starting to see a trend?) The AMF also raised concerns over the targeting of “very young people, including high school students” as reported by parents.
In October 2017, the Superintendencia Financiera de Colombia (SFC) warned investors that iMarketsLive did not have authorization to offer financial products and services in Colombia. The Colombian financial regulator named names, too, including top distributors Alex Morton and Iván Tapia, who now make up two-thirds of the “field leadership” team at IM Mastery Academy. (Morton has been on TINA.org’s radar for years, ever since his Vemma days. You can find some of the deceptive income claims he has made as a top distributor at iMarketsLive here. He’s not the only one.)
A French publication also reports that Belgian authorities have looked into iMarketsLive/IM Mastery Academy as well, similarly determining that the company is not authorized to operate in that country either. TINA.org has reached out to Belgium’s financial authority — the Autorité des Services et Marchés Financiers — for more information. Check back for updates.
The same French publication identifies Venezuelan actor and singer Daniel Elbittar as promoting the unauthorized financial education services via Instagram in at least five countries in Europe and Latin America. In one May 2020 post, above, the caption translates roughly to “the toy when you are a Chairman” and shows Elbittar sitting on the hood of a Ferrari. Venezuelan actors Juan Carlos Garcia and Willy Martin also promote the company.
In short, there are several countries across the globe where iMarketsLive is not welcome. And absent any meaningful modifications to its business and marketing practices, a name change is not going to alter that fact.
Find more of our coverage on the MLM formerly known as iMarketsLive here.