iMarketsLive pyramid warning issued in Curaçao and Sint Maarten
Although iMarketsLive has made efforts to address a potential lack of retail sales, unregistered securities is still an ongoing compliance issue.
Last month Colombia issued an illegal investment warning against the company, with the Central Bank of Curaçao en Sint Maarten this month following suit.
On September 22nd the Centrale Bank van Curaçao en Sint Maarten issued an iMarketsLive consumer warning;
iMarketsLive and related entities … is not supervised by the CBCS.
Please note that trading in the FOREX market has many and large risks associated with it.
Furthermore, the proposed program that this entity is offering has similarities with a pyramid scheme.
Since iMarketsLive does not fall under the supervision of the CBCS or under any other regulator in Curaçao and/or Sint Maarten, consumers are not legally protected and may be at a higher risk of losing their money.
The warning appears to be connected to the promotion of iMarketsLive in Curaçao and Sint Maarten by Marvin Sambo.
An additional warning was issued against Sambo (right) earlier this month;
The Central Bank warns to not engage in any investment opportunities with Mr. Marvin Sambo and/or his associates, since aforementioned persons have been operating in violation of the National Ordinance on the Supervision of Investment Institutions and Administrators (N.G. 2002, no. 137) (“NOSIIA”), and do not have the required authorization from the Bank under the NOSIIA.
On his social media profiles, Sambo refers to himself as a “top leader” within iMarketsLive.
Named associates of Sambo in the Central Banks’ warning include Chariselle Sambo, Ramis Pietersz, Jenny Maria and Rudayma Helena.
Marvin Sambo is based out of Texas and promotes iMarketsLive through his “Breakaway Global” branding.
A search of the SEC’s Edgar database turns up nothing for “Marvin Sambo” or “Breakaway Global”. This means if Sambo is promoting iMarketsLive locally, he’s also offering unregistered securities in the US.
Prior to iMarketsLive Sambo had a brief stint at Wor(l)d International. He’s part of the Islam brothers’ downline, which he was also under in the OneCoin Ponzi scheme.
Lack of retail sales? Oz, did you contact the company to ask for their customer to “distributor” ratio?
Each monthly subscription, which is a suggested Forex trading strategy, along with 8 different ways to earn from the Forex market IS the retail sale. This is completely outside the MLM pay plan.
So, a customer can choose to participate in any or all the 8 various “tools” to make money WITHOUT ever recruiting a sole.
In regards to “selling a security”, IML doesn’t SELL any particular security. The advice that comes with the subscription is just that, advice.
There are numerous notifications about the “risk” of trading Forex and their service is no different from the subscription service of many bank run stock, forex or investing platforms that charge a monthly subscription fee for “tips” on how to grow your money.
One last point people should be made aware of. IML NEVER touches your actual trading account. Each individual owns and funds their own Forex trading account with any of the 350+ Forex brokers just like your bank account, you are in control of your money.
In full disclosure, I’m an IML customer and have benefited greatly from the Forex strategy advice I have followed.
Didn’t need to. The original compensation plan was hopeless for retail sales. iMarketsLive fixed it up by the time I wrote my second review.
Sure they do. Blahblahblah pseudo-compliance nobody is paying iMarketsLive for cuddles. It’s an investment opportunity no matter how they’ve rigged it up.
And the manual trading doesn’t negate the auto trading they’ve got set up. Paying money to iMarketsLive to set up an automated ROI is a securities offering.
Not disputing that, but it’s a securities offering nonetheless.
I think you need to do a little more research on the definition of an investment opportunity.
I believe you are incorrect and misleading in your statements.
I won’t retort after this, I refuse to debate with anyone who refuses to do their due diligence on a subject.
Nah I’m good.
That’s from the iMarketsLive website. A securities offering is a passive investment return, irrespective of how it’s set up.
Thank you, come again.
Sure, here you go:
— from USlegal.com
Looks like it applies to iMarketsLive just fine to me. There’s trading, and there’s representation of profit, and there’s an account.
Maybe it’s you, Bob, who need to go look in a mirror, before you accuse others of not doing research. Tsk, tsk. No doubt you’re off playing pigeon chess with your compatriots.
This is not a debate, after all. As you said, it’s pointless to debate anyone who can’t do his own due diligence. But I did mine. Guess that leaves you holding the bag.
Dear Oz; although I find your site quite informative, and often with valuable content, credibility has gone down considerably.
I really think you do not understand what iMarketsLive is offering; nor do you understand how the ForEx market works. I do not blame you, for most people don’t really understand much about the ForEx Market, Trading, or iML; but I do believe if you are going to write about it, you should be a bit better informed.
After being involved in the NM industry for a couple of decades I do believe iML could be setting a new trend of services in the industry. (When promoted right of course)
We’ve had a discussion on an iML article before, but I stopped engaging for the same reason that it seems you do not really understand what is being offered.
In the end when you are not clear on something you go back to saying its all “blah blah compliance-psuedo bullshit” and continue to say whatever you want after.
Funny how BehindMLM is “informative with valuable content”… until we review an opportunity you’re in.
As I no doubt told you the last time we discussed IML, here’s how the company itself markets it’s FX Signals service:
Passive investment = passive ROI = a security.
iMarketsLive is not registered with the SEC, making automated ROIs through FX Signals Live an unregistered securities offering.
There’s no way to “promote right” unregistered securities, they’re illegal in the US. And make no mistake, I’m crystal clear on that.
You seem to be upset that I’ve cut you off from dodging addressing the above with “pseudo-compliance bullshit” in the past. So here’s another opportunity to iMarketsLive’s unregistered securities issue.
But please, no pseudo-compliance bullshit this time.