iGenius Loses $1.87M in Credit Card Processor Lawsuit
On March 28, 2025, Investview, parent of iGenius, disclosed in its 2024 10-K SEC filing a lawsuit against an undisclosed credit card processor and its clearing bank, seeking $1.87 million in withheld credit card transaction funds from iGenius operations. Despite a granted prejudgment writ of attachment, recovery remains uncertain due to the processor’s claims of ongoing chargeback evaluations. Failure to collect could result in a $1.87 million bad debt expense, per the filing.
Context and Regulatory Challenges
iGenius, rebranded from Kuvera Global, has faced scrutiny since a 2018 CFTC fine for commodities fraud and an ongoing SEC investigation since November 2021 for potential securities fraud tied to unregistered offerings like NDau and CryptoElite. The SEC settled with Apex. fraud charges for $375,000 in January 2025, but iGenius’ issues persist, including 2024 settlements with Ontario and Quebec regulators over unregistered securities. Declining revenue ($52.3 million in 2024, down $15.5 million) and a Q1 2025 net loss of $687,000 reflect operational struggles, worsened by negative publicity impacting banking relationships.
Market Sentiment and Risks
X posts highlight iGenius’ regulatory woes and MLM-driven revenue (90% of Investview’s income), with bitcoin mining contributing less than 10%. The undisclosed processor’s high-risk status, tied to Investview’s fraud history, raises doubts about fund recovery. Investors face risks from iGenius’ unregistered products and potential further losses if the lawsuit fails.
Investors Urged to Stay Alert
The lawsuit’s outcome and iGenius’ financial instability signal ongoing risks. Investors should monitor SEC filings and legal developments, as failure to recover funds could deepen losses in an already troubled MLM operation.