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Forex Trading And Ponzi Schemes: How Las Vegas Attorneys Can Help – Critics and regulators have sometimes equated multi-level marketing companies with pyramid investment schemes. Does iMarketsLive deserve that label?
The first thing Christopher Terry wants you to know is that he’s a working-class guy from the Bronx.
Forex Trading And Ponzi Schemes: How Las Vegas Attorneys Can Help
Baby-faced Terry, with his slicked-back hair and light beard, wants you to know that he’s a top trader in “everything under the sun,” from equities to options to foreign exchange.
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“If you’re a forex trader, act like one,” he says, extending his hand in a classic New York City borough gesture.
That said, it was Terry’s previous effort at Amway, the world’s largest multi-level marketing (MLM) company, that gave him the idea for his current venture: iMarketsLive, an MLM – or what they call “network marketing” – company that wants to learn how participants trade forex, a market so risky that even the world’s greatest money managers often fail in it.
“I did not earn money in Amway. I zeroed in. But it created a sense of wealth,” says Terry, 53, who says his girlfriend got him into Amway in the 1990s.
After neither Amway nor a girlfriend worked out, he says, he switched to day trading in the mid-’90s. Terry also says he was one of the original founders of SOES — a group of individual investors who used Nasdaq’s Small Order Execution System for day trading, which helped launch electronic exchange networks (ECNs) — before he moved on. forex after the stock market crash. terrorist attacks of September 11, 2001.
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“I thought, ‘How can I mix and match something?’ Why not create a network marketing model and marry the two?” Terry explains all of this in a 2015 hour-long YouTube interview with Troy Dooly, advisor to iMarketsLive’s board of directors and executives.
“It’s fresh, it’s something new,” Dooly tells Terry as the two chat in the latter’s Las Vegas condo. Several computer screens flashed before them, including one from iMarketsLive that screamed “Design Your Life” and another with thin lines that appeared to be a trading chart.
IMarketsLive is definitely different. The MLM world is full of people peddling everything from anti-aging pills and scented candles to diet shakes and leg shakes in a business structure that is often claimed to be a pyramid scheme. Because, according to critics, the only way to make money in most of these businesses is not to sell their expensive products to the public but to convince others to join and do the same – in other words , by assignment.
The company has been banned from offering financial services and products in Belgium and has been the subject of warnings by France and Spain, according to a statement from the Financial Services and Markets Authority, Belgium’s financial regulator, which says, “The system proposed by the International .Markets Live shows the characteristics of a pyramid scheme.
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In the United States, MLM forex trading companies have also filed complaints with the Federal Trade Commission, according to consumer advocacy group Truth in Advertising, which recently posted several of them on its website. “[I] wanted to learn business but all the guys wanted in the first place was marketing. [I] realized it was a pyramid scheme. . . a lot of people contacted me on instagram and said the same thing,” a complaint reads Another adds: “I decided to unsubscribe and block them from my bank which apparently had the company on the fraud list.”
Terry claims the company is far from a pyramid scheme. “I don’t have a pyramid structure. It’s like a matrix. We all work together in harmony,” he says in a YouTube video – a popular promotional tool for the MLM movement.
In 2017, 18.6 million people in the United States participated in direct selling with MLM companies, according to the industry lobby group, the Direct Selling Association, which says retail sales in the United States that year were $34.9 billion. Both numbers have decreased since 2016.
However, since then, a much smaller group of MLM companies have proliferated. iMarketsLive, which Terry calls a “virtual company,” is one of them. Although it lists New York City as its headquarters, iMarketsLive is actually running out of Terry’s Las Vegas footprint, with tech support from people in Russia, China and Pakistan, he says.
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Perhaps it was only a matter of time before the worlds of high finance and MLM became so intertwined. After all, for years hedge funds, private equity firms, and moguls like Carl Icahn and Warren Buffett have been taking stakes in major MLM companies, like Herbalife and Pampered Chef, a Berkshire Hathaway company, whose products have potential.
So why don’t they turn around and let MLM participants try their hand at investing or trading? And if you are the type of dreamer who is attracted to MLM companies, why not dream big? The $5 trillion forex market is definitely worth dreaming about.
There seem to be only two other MLM companies focusing on this market. One of them, Wealth Generators, sued iMarketsLive in a Utah federal court in 2017, alleging that it stole confidential information and intellectual property. Wealth Generators also alleged that its competitor bribed its executives to participate in iMarketsLive.
Another potential competitor – Copy Profit Success Global, which plans to offer its own trading tools – was sued by iMarketsLive in June in a Nevada federal court.
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IMarketsLive news reports that Terry made $85 million, according to consumer complaints filed with the FTC. His point in the YouTube interview is that any other working-class man can make it too – maybe in the lunch hour, from his iPhone.
“They tell prospects it’s a ground breaking opportunity because for the first time, you can make money from the product and not from recruiting,” according to the FTC complaint, which continues,
“It is not true at all. . . . they sell people the false dream that big money comes from trade, not from the military.” The FTC declined to comment for this article.
However, iMarketsLive is not a broker, so people who join don’t have to hire their own forex broker to actually trade, which Terry says means neither they nor the company have to register with the Association. Get National Futures regular license. “I wanted our company to be clean,” Terry says. “Clean, clean, clean.”
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In a 2016 warning to users that Institutional Investor received, iMarketsLive said that FXCM, a broker it recommended, was closing customers’ accounts because they were using an unregulated professional advisor — which, in this case, was an iMarketsLive product called FX Signals was. The life.
That product allowed people to passively mirror Terry’s crafts. “Your money can work for you 24 hours a day” whether you’re “sleeping, partying, working, or all three,” Terry says in the video. “Let’s just say [you don’t want] to learn. Just put your money to work. That’s it.”
After FXCM locked the accounts, iMarketsLive advised people to transfer them offshore to an unregulated broker. “If you want to switch to another broker to reduce the risk of your account being blocked by FXCM or a regular US broker, then we can recommend the following brokers that accept US clients,” she added, before list them.
IMarketsLive says it has since discontinued FX Signals Live. However, he still has other ways to trick prospects, like the IML Harmonic Scanner, which he says “automatically draws and labels different harmonic patterns in the forex market” and appears to be a type of technical analysis on the chart. is
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Terry says he will continue to “drop the market” with a “high-quality product”, and laughs at the financial experts. “I’m not saying I’m calling BS on the business industry, but I am,” he said in the Dooly interview.
But Truth in Advertising asks, “How are the trading tools offered by iMarketsLive better than the services a broker provides? If the company’s products are inferior by comparison, you may have a difficult time selling the products. And if the side of ‘ If the business opportunity’ is less about selling products than collecting, well, that’s one of the signs of a pyramid scheme.”
However, forex trading is often very dynamic and, somewhat as a result, risky. It also has a low cost of entry, which is why Terry says he chose that market for his venture. “Forex gives people who don’t have a lot of money a low barrier to entry,” says Terry. “You can start a forex account for $50, which in these other markets is a thousand, two thousand, five thousand. But forex allows people to come in at a very, very low price.
But Bonnie Patten, Managing Director of Truth in Advertising, points out, “The original product is a very risky endeavor in which many unsophisticated consumers are at high risk of losing more money due to damage.”
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IMarketsLive, a private company, does not disclose its revenues or the number of participants, but Patten says TIA believes there was a big increase in recent years when it brought on Alex Morton, a man with a checkered past.
With a shock of black hair, a hip beard and toothpaste-ad
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