Feds Say Trading ‘Academy’ Ran $1.2 Billion Fraud Targeting Young Minority Investors

The Federal Trade Commission and the Nevada Attorney General sued International Markets Live Inc. and its affiliated companies in federal court Thursday for allegedly orchestrating a deceptive multi-level marketing operation that generated over $1.2 billion in global sales by preying on young, often minority consumers with promises of financial freedom through trading and recruitment.

Alan Rosenberg, a partner at Markowitz Ringel Trusty + Hartog in Fort Lauderdale, Florida who specializes in digital assets and bankruptcy-related litigation, noted that social media is a powerful tool in modern society, as it enables users to reach a global audience with relative ease, often with little to no censorship or oversight.