A sprawling $1.2 billion fraud case has ensnared a cryptocurrency trading firm that allegedly operated a classic bait-and-switch operation masquerading as financial education.
Federal regulators filed suit against the company—which has operated under multiple aliases including IM Mastery Academy, iMarketsLive, and most recently Iyovia—for perpetrating what amounts to an elaborate multi-level marketing scheme from 2018 through 2024.
The firm’s modus operandi targeted financially inexperienced youth through college social media channels and Instagram, dangling promises of “financial freedom” and monthly earnings up to $750,000.
Reality proved substantially less lucrative; the average participant earned a paltry $77.51 annually in 2022, with only one in five members exceeding $500 in yearly earnings.
Despite promises of wealth, participants saw dismal returns—most earning under $78 annually while company executives profited from recruitment fees.
Meanwhile, company executives allegedly amassed fortunes not through successful trading strategies but through an ever-expanding pyramid of recruitment fees.
Perhaps most egregious was the firm’s deployment of unqualified “instructors”—self-taught enthusiasts whose expertise often extended no further than YouTube tutorials—to deliver training across forex, cryptocurrency, binary options, and equity markets.
These courses, structured as recurring subscriptions or substantial upfront payments, emphasized recruitment over genuine trading proficiency (a telltale sign of MLM structures that regulators have long viewed with suspicion).
The joint FTC-Nevada lawsuit, filed in U.S. District Court on May 2, 2025, takes particular aim at the company’s November 2024 rebranding to “Iyovia,” characterizing it as a transparent attempt to evade mounting legal scrutiny.
The company specifically exploited Black and Latino individuals with misleading promises of achieving financial independence through their deceptive programs.
Regulatory implications extend beyond this single case.
The crypto education landscape—already fertile ground for hyperbolic claims and dubious expertise—faces intensified oversight, particularly when targeting younger demographics.
Unlike legitimate day trading approaches that rely on technical analysis and disciplined risk management, the company promoted get-rich-quick schemes with minimal educational substance.
The company’s operations have been suspended pending litigation, though their defense faces substantial headwinds: documented consumer losses, misleading earnings claims, and an extensive social media trail linking aggressive recruitment tactics to fraudulent outcomes.
With $1.2 billion in estimated damages, the case may establish significant precedent for future restitution claims.
