According to the Federal Trade Commission, social media is flooded with people flashing fancy cars and exotic trips, claiming you can have the same lifestyle just by “learning to trade.” But they rarely mention the truth: trading is risky, there are no guaranteed returns, and you can lose a lot of money fast.
That’s what happened to the young people targeted on social media by International Markets Live (IML), also known as IM Mastery Academy and IYOVIA, according to a lawsuit brought by the Federal Trade Commission. The agency says IML advertised ”educators” who often had no legitimate credentials, and the FTC says, the company used false earning claims to recruit people into a large investment training scheme. Thanks to the agency’s action, the company is no longer in business, its leaders must turn over assets valued at over $90 million, and they’re banned from selling trading training services and investment opportunities in the future.
If you’re considering a business opportunity or learning how to trade online here’s what to know and do:
- No one can guarantee you’ll make lots of money with little to no risk. Anyone who does is a scammer.
- No one can guarantee to teach you how to trade successfully in the financial markets. Anyone who does is a scammer.
- Research the company, its officials, and its promoters. Search online with their name plus words like “review,” “scam,” or “fraud.” Go through several pages of search results, since the first search results you see might be paid ads. Also, check with your state attorney general for complaints.
- Take your time and talk to someone you trust. Ask questions and get a second opinion about the coaching program from someone who has your best interests in mind.
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