iGenius has received a caution from New Zealand’s Financial Markets Authority (FMA).

As per the FMA’s July 4th iGenius caution;

We recommend caution when dealing with iGenius. We are aware that iGenius is actively being promoted in New Zealand by a group named GameChangers.

GameChangers operates from the website domain “gamechangersww.com”, privately registered in September 2020.

At time of publication GameChangers’ website is nothing more than a signup/login form:

GameChangers’ official YouTube channel suggests it is fronted by Rakan Khalifa, Vlad Bulban and Armin Tabrizi:

On social media Rakan Khalifa cites himself as the founder of GameChangers.

Khalifa, who appears to be based out of Ontario in Canada, has been with iGenius dating back to the Kuvera Global days.

In June 2025, iGenius celebrated Vlad Bulban’s promotion to Platinum Ambassador:

Bulban also appears to be based out Ontario.

Armin Tabrizi is currently promoting AkashX, another unregistered MLM trading scheme similar to iGenius. The FMA issued an AkashX securities fraud warning in May 2025.

Tabrizi also appears to be based out of, you guessed it, Ontario.

GameChangers’ being based out of Ontario likely explains the Ontario Securities Commission (OSC) sending iGenius a “letter of enqury” pertaining to securities fraud last year.

In its 2024 annual 10-K report filed with the SEC, iGenius revealed it had settled with the OSC by agreeing to block Ontario residents from accessing its website.

In in July 2025 caution, the FMA cites additional iGenius fraud warnings from Poland and Quebec.

In 2023 Polish authorities announced they were investigating iGenius. This appears to coincide with GameChangers being active in Poland around the same time.