Brandon Boyd has settled Iyovia fraud allegations with the FTC for $6.3 million.

Boyd’s monetary judgment was part of a stipulated order settlement, filed on August 20th.

Based on June 4th financial statement provided to the FTC, Boyd (right) will only pay $500,000 of his $6.3 million judgment.

In addition to the monetary penalty, Boyd is permanently prohibited from:

  • “providing instruction or education related to Trading Training Services;
  • “assisting others in the provision of instruction or education related to Trading Training Services”;
  • “representing that he is a Trading Training Services instructor or educator”;
  • “assisting others in representing that he is a Trading Training Services instructor or educator”; and
  • owning a company that has anything to do with Trading Training Services

Boyd’s stipulated order defines “Trading Training Services” as;

any product or service, including any program or plan, that is represented, expressly or by implication, to train or teach a consumer how to trade in any financial market, including the foreign exchange, binary options, cryptocurrency, or stock markets.

Getting back to Boyd’s injunction restrictions, he’s also permanently prohibited from:

  • making misleading and/or unsubstantiated earnings claims;
  • misrepresenting goods or services;
  • misrepresenting “the level of experience for consumers to effectively use the good or service”;
  • misrepresenting “the time or effort required for consumers to effectively use the good or service”;
  • misrepresenting “the amount of capital required for consumers to effectively use the good or service”;
  • claiming that “any government entity is auditing or reviewing the good or service or
    representations regarding the good or service”;
  • misrepresenting a “Negative Option Feature”, if applicable’; and
  • benefitting from Iyovia customer information

A “Negative Option Feature” is where a consumer’s inaction is deemed acceptance of an offer (in other words, permission to continue charging the consumer).

Specific to telemarketing, Boyd is prohibited from:

  • “misrepresenting earnings potential or profitability”;
  • “misrepresenting any material aspect of the performance, efficacy, nature, or central characteristics of goods or services that are the subject of a sales offer”;
  • “making a false or misleading statement to induce any Person to pay for goods or services”; and
  • committing additional violations of the Telemarketing Sales Rule

Boyd is subject to compliance reporting for ten years and recordkeeping requirements for five years.

Boyd will also have to cooperate with the FTC with their Iyovia case if required.

The FTC sued Iyovia, owners Chris and Terry Isis and several promoters back in May. The FTC alleges Boyd and other Iyovia promoters swindled consumers out over $1.2 billion.

Boyd is a longtime Iyovia promoter, having been with the company across its iMarketsLive and IM Mastery Academy iterations.

In addition to Boyd, Iyovia promoters Jason Brown and Matt Rosa have settled with the FTC. A settlement with top Iyovia promoter Alex Morton remains pending subject to Commission approval.

As of three weeks ago Boyd was promoting Jifu on social media.

Coinciding with multiple Iyovia top promoters jumping ship prior to the FTC’s filed Complaint, Jifu introduced a trading education component to its MLM opportunity.

The end-result is Jifu has now emerged as a clone of Iyovia, with several Iyovia top promoters continuing to to defraud consumers using the same tactics detailed in the FTC’s Iyovia Complaint.

Of particular concern is Jifu and its promoters targeting young consumers:

The FTC’s Iyovia lawsuit has dampened Jifu promotion in the US.

Outside of the US however (the above marketing example is from Nigeria), Jifu is otherwise going down the same path Iyovia did.