IM Mastery Academy leaders arrested in Luxembourg
Four days after Luxembourg’s Commission de Surveillance du Secteur Financier issued a securities fraud warning, IM Mastery Academy held a marketing event in Kirchberg on May 29th.
Police raided the event, which targeted “young students”, after receiving complaints from parents.
The raids led to the arrest of several organizers of the event. IM Mastery Academy’s founder Chris Terry doesn’t appear to have been in attendance.
As reported by Today on June 7th, following the arrests Kirchberg Police confirmed;
An investigation has been launched for, among other things, failure to obtain an establishment permit.
The initiation of the investigation has been reported to the Public Prosecutor’s Office, which has subsequently issued an order for the seizure of relevant documents.
The arrested IM Mastery Academy leaders haven’t been publicly named.
A preliminary investigation into IM Mastery Academy has thus far revealed IM Mastery Academy is
targeting young secondary school students, enticing them with promises of stock market training in exchange for monthly payments.
The police have warned that involvement with such “academies” can have detrimental consequences for young people, leading some to abandon their education in pursuit of quick and effortless money-making opportunities.
IM Mastery Academy specifically targeting young people is believed to be the work of Alex Morton.
Morton developed the same marketing strategy in his previous company, Vemma. In Vemma Morton targeted students under “Young People’s Revolution” branding.
The FTC sued Vemma for being a pyramid scheme in August 2015. In doing so, the regulator specifically called out Morton’s marketing strategy;
Vemma Nutrition Company, that lures college students and other young adults with the prospect of getting rich without having a traditional 9-to-5 job.
The FTC seeks to stop the operation, which earned more than $200 million annually in 2013 and 2014 and has affected consumers throughout the United States and in more than 50 other countries, from continuing as an unlawful pyramid.
Swap out energy drinks for forex education and securities fraud, and this is pretty much what Morton has continued with IM Mastery Academy.
As to why IM Mastery Academy held a marketing event after CSSF issued a fraud warning, they were probably expecting a repeat of Spain.
Turns out Luxembourg wasn’t willing to turn the same blind eye to fraud Spanish authorities did.
IM Mastery Academy’s next major marketing event is scheduled for early September in Croatia.
In the US, IM Mastery Academy and Chris Terry are the subject of an ongoing FTC consumer protection investigation.