The Federal Trade Commission (FTC) and the authorities of the state of Nevada have filed a lawsuit against the company IML. It is accused of fraud with alleged damages exceeding $1.2 billion.
According to the official release, the organization also operated under names such as IYOVIA, IM Mastery Academy, iMarketsLive, and IM Academy. It promotes educational courses in the field of crypto assets and venture investments costing about $400 per month.
According to the authorities, the organizers of this crypto academy significantly inflated the income to attract clients. They also did not inform them about potential risks and financial losses.
In promotional materials, the founders of the academy claimed that participants in the venture earn up to $750,000 a year from trading and investments. But in reality, as emphasized in the lawsuit, only one in five clients received more than $500.
In 2022, the average income of those who reported earnings of less than $500 was $77.51 per year. Despite this, the organizers of the academy continued to promote its services, pushing paid courses and focusing on the younger generation, the FTC noted.
IML was launched in 2018. According to the agency, the estimated damage from this scheme is about $1.2 billion.
