iMarketsLive investment warning issued in Colombia
According to Alexa, Colombia is currently the fourth largest source of traffic to the iMarketsLive domain.
The recruitment efforts of Alex Morton and his posse haven’t gone unnoticed by the Superintendencia Financiera de Colombia, who earlier today issued an investment warning against iMarketsLive.
The Superintendencia Financiera de Colombia is Colombia’s SEC equivalent and is the top financial regulator in the country.
In an October 10th press-release the regulator warns of “illegal financial activity” related to the promotion of iMarketsLive in Colombia.
iMARKETSLIVE is not supervised by the Superfinanciera and is not authorized to offer products or services from the financial sector or from the foreign stock market in Colombia.
Additionally, Mr. Alex Morton, Camilo Fonseca and Iván Tapia, who promote (iMarketsLive) products in Colombia, DO NOT have authorization from this Superintendency to manage the business locally.
Superintendencia Financiera de Colombia warns the public that the company domiciled abroad and which is identified as iMARKETSLIVE is not subject to supervision by the Superintendency, (and) is not authorized to provide products or services in the financial sector or the foreign stock market in Colombia.
Mr. Alex Morton, Camilo Fonseca and Iván Tapia do not have authorization from the Superintendency to provide and / or promote products or services of the financial sector or market foreign entities in the country to residents, nor to utilize financial, stock market or any other activities involving the management, use and investment of public resources in Colombia.
The company promotes products iMARKETSLIVE FOREX market, including through websites imarketslive.com and / or imarketslivecolombia.com.co, which are not allowed to promote or advertise products and services of the financial sector or the stock market abroad in the country.
iMarketsLive operate out of the US but have incorporated themselves as a shell company in the UK.
The drawcard for the company is its FX Signals Live passive investment offering.
As described by iMarketsLive on its own website;
Whether you’re sleeping, partying, working, or all three, your trading account will automatically mirror the trades our experts make.
You can turn it on and off whenever your like, but most importantly- it’s hands free!
Despite offering a passive investment opportunity to US residents, iMarketsLive are not registered with the SEC. To date the SEC has not taken any action against the company.
As for Alex Morton (right), he’s best known as a key component in the Vemma pyramid scheme.
On the eve of the FTC shutting Vemma down, Morton abandoned ship. He maintains he had no idea the FTC was investigating the company.
Within days Morton was promoting Jeunesse. However after a year of failing to reproduce his “success” at Vemma, Morton bailed.
A few months later he was appointed iMarketsLive’s Vice-President of Sales. CEO Christopher Terry credits Morton with saving the company from imminent collapse.
Over the past year Morton has been travelling the world and promoting iMarketsLive. The company recently revamped its compensation plan to create focus on retail sales, however the passive investment opportunity remains unaddressed.
Regardless, whilst Colombians are able to sign up as iMarketsLive affiliates and retail customers, they’d best keep in mind that promotion of the opportunity in Colombia is currently illegal.
Given iMarketsLive aren’t registered with the SEC, it’s doubtful they’ll bother with Superintendencia Financiera de Colombia registration either.
There is no “passive Investment opportunity”. IML has no Access to Clients Money ever, they dont collect funds to give “passive Returns”.
Sure there is. I sign up as an affiliate, I dump money into their FX Signals Live platform and then, in iMarketsLive’s own words:
Automated “hands free” ROI? Yeah, totally a passive investment opportunity.
You CAN NOT “DUMP” Money into “their fx signals live platform”. FX Signals Live is a pure Signal Provider. You connect your external Broker (where your Money is, not with IML) to their copy Trader.
Sure you can. The only way to access the FX Signals Live passive investment opportunity is through iMarketsLife.
Ergo I sign up as an iMarketsLive affiliates, I deposit funds into it, blablahblah pseudo-compliance bullshit that doesn’t mean anything, and I collect a passive ROI, through iMarketsLive.
You’re talking about the manual signals, I’m talking about the passive “hands free” automated ROI advertised on the iMarketsLive website.
awww, alex morton mentioned by name! trouble is really following this guy around since his vemma YPR movement days which brought vemma into the gun sight of the FTC.
and now he’s brought IML in the sights of the colombian regulators. with his special troubleseeking magnetism he may attract the SEC/CFTC next. hopefully.
if colombia thinks imarketslive is selling financial products/services without registration, what are the chances the SEC will not come to the same conclusion? the US is IML’s biggest market according to alexa [23.6% traffic].
in an interview with troy dooly, chris terry said that they had hired the services of steve richards of the MLM law firm ‘reese poyfair richards’ and were ‘exempt from registration’ because they were not taking any investments directly or any brokerage on trading.
i guess chris terry will send steve richards to colombia to explain to the Superintendencia Financiera de Colombia how wrong they are!
we know alex morton wont be going to colombia to do any splainin’!
also, IML is a client of troy dooly who has been plugging it via videos since last year. his last video promoting IML seems to be on may 30th, 2017.
someone left this comment under his video:
^^^joke, bluff, truth – who knows?
youtube.com/watch?v=4f_X0_kd0Dc
It is unfortunate that due to lack of understanding, iML has gone under scrutiny…
I am a customer of the company, not a distributor, and it is amazing how little is understood about how retail traders operate in the ForEx market.
In order to trade, a retail trader must use a broker. FXSignalsLive, for example, never has access to a client’s funds. It is only a signal provider, and the broker (which is usually a certified financial institution) copies the signals into the account.
WIth all due respect, Oz, it seems you don’t even understand the service and are posting about it… Fusion works the same way.
All other services provided by iML are either education based (iML Academy, iML TV, Daily Swing Trades, and so forth) or tools for technical analysis, like the Harmonic Scanner… I can speak from personal experience, that I have learned to trade effectively (customer for abut 7 months now) thanks to the services provided by the company.
I did my due diligence before using the services because I am very catious, specially when I am going to risk my capital; and if you actually understand what the services are, and understand the financial markets, then you can see that there is nothing irregular about what the company provides.
As an example of miss information, (I am fluent in both english and spanish), Superintendencia Financiera mentions that “iMarkets Live grants access to the stock market” (mercado de valores).
iML has no services towards stocks, nor can it “grant access” to any market. (Access to markets is only through a broker).
I was introduced to the services by a friend who is a rep, and I have been plugged in to their affiliate side. In my opinion, being an active distributor in another company, I don not believe their focus is on recruitment.
I have witnessed a strong culture based on learning how to trade in the ForEx market. Is there an affiliate program as well? Of course.
Is it a business? Of course, and for those who wish to also make money through the affiliate program, that is also addressed, but I don not believe it is their prime focus.
Like in ANY company, I am sure there are people who might misrepresent the opportunity, and that there may be individuas who should brand their business differently, in order not to generate these types of doubts or inquiries.
I also agree that that should be adressed, and as far as I’ve sen, leaders are adressing it.
In the end, this message is simply posted because I have been able to generate a very decent stream of income for myself through trading, and that is because of the services iML provides; and don’t believe the company or the reps deserve this type of scrutiny; especially if it is derived from misinformation.
All the best!
Max
Whatever pseudo-compliance BS they’ve set up doesn’t matter.
FX Signals Live is part of iMarketsLive and accessed through their MLM business opportunity. It is not some third-party service that has nothing to do with iMarketsLive.
This constitutes a securities offering and requires iMarketsLive to register with the SEC. They only reason they wouldn’t is if something dodgy is going on.
who is the broker tied up with IML?
Dear Oz, it is not a “pseudo-compliance BS”, that is how any signal provider in the ForEx market works, not just iML…
Anyone can access the service through iML, without being a distributor.
There is no broker tied up with iML…. You can chose any broker you wish to use.
There are literally tons out there… (OANDA is US based, JAFX, LMFX, FXChoice, PepperStone, etc). My friend who is a rep recommended me one because of his experience with the service.
That is just plain wrong. All platforms that provide Forex Signal would need to sign with the SEC then.
Tell this (non-MLM examples removed) or whatever signal service there is. A Forex Signal is no security.
@Max
iMarketsLive isn’t “any signal provider”. It’s an MLM company offering a passive investment opportunity.
That passive investment opportunity is a security and requires SEC registration.
Whether the investment opportunity is available to non-distributors (retail customers) is neither here nor there. You can’t access it without paying iMarketsLive.
It’s the company’s investment opportunity and therefore the company’s (currently unregistered) securities offering.
@Beoder
iMarketsLive isn’t “all platforms”, it’s an MLM company selling a passive investment opportunity.
A passive investment opportunity is a security, no matter how it’s rigged up.
what I was reading, from IML I notice that IML has a pyramid scheme, that financial activity is ilegal not only in Colombia or USA .. is ilegal in many other countries.
Please do something to stop Alex Morton and Ivan Tapia, they´re stealing and many people are going to lose a lot of money.