iGenius, owned by SEC-registered Investview, has filed suit against an undisclosed credit card processor.

As disclosed in Investview’s 2024 10-K Annual Report, filed with the SEC on March 28th, 2025;

The Company’s financial statements as of December 31, 2024, reflect a receivables balance of $2.53 million.

Of that balance, $2.19 million represents receivables that arise out of credit card transactions generated by the Company’s iGenius subsidiary.

The credit card transactions that arise out of the ordinary course operations of the Company’s iGenius subsidiary are processed by the Company’s credit card processors, in conjunction with their clearing banks.

Over time, the balance of credit card collections being held by one of our credit card processors and its clearing bank, which are legally supposed to be held for the benefit of the Company, subject to coverage for chargebacks and other normal course collection issues, has increased to approximately $1.87 million, an amount that has been generally confirmed by the credit card processor.

As they had been unresponsive to our repeated demands for payment, claiming that they were in the process of concluding their internal accounting of the amounts due and status of our accounts, in March 2024, the Company instituted a lawsuit against this credit card processor and its clearing bank seeking, among other things, an accounting for and repayment of the withheld funds.

Notwithstanding, to date, we have been unable, through negotiations and through our lawsuit, to recover any amount of the receivable balances owed to us as the credit card processor asserts, among others, that it continues to evaluate possible exposure to chargebacks and other normal course collection issues.

Recently, however, the Company’s application for a pre-judgment writ of attachment against both the credit card processor and the clearing bank, has been granted.

Although the Company’s collection efforts will likely be enhanced by application of the pre-judgment writ of attachment, there can still be no assurances that the Company will be able to collect some or all of the funds owed to it.

Should the Company be unable to collect some or all of the funds owed, it will be caused to incur a corollary bad debt expense of up to the uncollected amount which is currently approximately $1.87 million.

Furthermore, the Company may be caused under generally accepted accounting principles to incur a bad debt expense if it is determined that the amounts owed to the Company are unlikely to be collected, although the Company has not yet reached that conclusion.

Investview doesn’t disclose the credit card processor or the clearing bank, let alone the operating jurisdiction. This is likely because all three are high-risk.

Why?

As explained by Investview in their 10-K filing;

We have experienced unfavorable publicity for several years that, to some extent, we attribute to the SEC inquiry that had been ongoing since November 2021.

The unfavorable publicity had a negative impact on our commercial banking and credit card processing relationships, employees, business, products, and reputation, and negatively impacted our ability to attract, motivate, and retain banking relationships, members and distributors, and our ability to generate revenue.

Earlier this year Investview settled fraud charges brought by the SEC in relation to their Apex investment scheme.

Due to Investview hiding details of its purported credit card processor litigation, BehindMLM is unable to track the case.

Other tidbits of interest from Investview’s 10-K filing are;

Investview blames its declining revenue on “macroeconomic influences following the winding down of Covid-19 as a global pandemic”.

Investview’s iGenius losses appear to have ramped up in 2025. A 10-Q filed for the first quarter of 2025 reveals a net loss of $687,000, down from $1.6 million in net income for the same quarter last year.