On May 23, 2025, Iyovia, formerly IM Mastery Academy, iMarketsLive, and IM Academy, suspended all operations, disabling its websites and apps. This followed a May 15, 2025, announcement terminating its multi-level marketing (MLM) model, effective May 23, in favor of a direct-to-consumer approach. The rapid Iyovia’s collapse came hours after BehindMLM reported the MLM shutdown, amid a $1.2 billion fraud lawsuit filed by the FTC and Nevada Attorney General on May 1, 2025.
FTC Allegations
- Fraud Claims: The FTC alleges Iyovia defrauded consumers of over $1.2 billion since 2018 by using false earnings claims to sell financial trading courses and recruit MLM participants, targeting young adults, particularly Black and Latino consumers.
- Deceptive Practices: Trainers lacked formal credentials, with some allegedly falsifying trading results. Over 80% of IBOs earned less than $500 annually in 2022, with many losing money after fees.
- Defendants: Named individuals include founders Chris and Isis Terry, who allegedly profited $20 million, and top salespeople Jason Brown, Alex Morton, Matthew Rosa, and Brandon Boyd.
Iyovia’s Defense
- Response: On May 6, 2025, Iyovia claimed the FTC’s lawsuit focused on outdated practices by former associates and did not challenge its compensation plan. It defended its “reasonably priced” forex and crypto training, serving customers in 40+ countries.
- Rebranding History: Iyovia’s shift from iMarketsLive to IM Mastery Academy to Iyovia likely aimed to evade 21 international regulatory warnings, including fraud convictions in Belgium.
Collapse Details
- MLM Termination: Announced May 15, 2025, ending IBO agreements by May 23, 2025, with promised commission payments per company policies.
- Full Suspension: On May 22, 2025, Iyovia announced the suspension of all operations, redirecting digital platforms to a landing page by May 23, 2025, at 11:59 PM EST.
- Website Traffic: In October 2024, Iyovia’s site had ~301,000 monthly visits, primarily from the U.S., Japan, France, Brunei, and Italy.
What’s Next
- FTC Lawsuit: With Iyovia defunct, the FTC is likely to prevail in court, potentially securing consumer restitution and penalties.
- Industry Impact: The case aligns with the FTC’s proposed rules to curb deceptive MLM earnings claims, signaling stricter oversight.
- Investor Warning: Most MLM participants lose money, per FTC data. Investors should verify claims and avoid schemes promising easy wealth.
Takeaway
Iyovia’s collapse highlights the fragility of MLM schemes under regulatory scrutiny. As the FTC’s case progresses, consumers are urged to approach similar opportunities with skepticism and due diligence. Updates will follow as BehindMLM tracks the lawsuit.