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.
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.