Forex Trading And Privacy Laws: Las Vegas Attorney Guidance

Forex Trading And Privacy Laws: Las Vegas Attorney Guidance – Critics and regulators have sometimes likened multi-level marketing companies to pyramid schemes. Does iMarketsLive deserve this label?

The first thing Christopher Terry wants you to know is that he’s a working-class guy from the Bronx.

Forex Trading And Privacy Laws: Las Vegas Attorney Guidance

Baby-faced Terry, with flowing hair and a bit of a sideburn, wants you to know that he’s a top-notch trader of everything under the sun, from stocks to options to foreign exchange.

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“If you’re a forex trader, act like this,” he says, extending his hand in a classic New York City gesture.

But Terry’s previous efforts at Amway, the world’s largest multilevel marketing (MLM) company, gave him the idea for his current business: iMarketsLive, an MLM—or what he calls “network marketing”—company that purports to teach. Participants how to trade Forex is such a risky market that even the world’s greatest money managers often fail at nothing.

“I didn’t make any money at Amway. I did zero. But it created a wealth mindset,” says Terry, 53, who says his girlfriend got him into Amway in the 1990s.

After neither Amway nor his girlfriend worked, he says he started day trading in the mid-90s. Terry also says he was one of the original bandits of SOES, a group of individual investors who exploited Nasdaq’s small-order execution system for day trading, which helped create electronic communications networks (ECNs), before switching to forex after the stock market crash. . in 2001 September 11 terrorist attacks.

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“I thought, ‘How can I mix and match something?'” Why not create a network marketing model and marry that? Terry explains it all in 2015. hour-long YouTube interview with Troy Dooly, iMarketsLive Board of Directors and Executive Advisor.

“It’s fresh, it’s something new,” says Dooly Terry as the two chat in the latter’s Las Vegas apartment. Several computer screens flash before them, including one from iMarketsLive that screams “Create Your Lifestyle” and another with squiggly lines that look like a trading chart.

IMarketsLive is truly different. The world of MLM is full of people who buy everything from anti-aging drinks and scented candles to diet shakes and leggings in a business structure that is often considered a pyramid scheme. That’s because, critics say, the only way to make money in most of these companies is not by selling expensive products to the public, but by convincing others to join and do the same—in other words, by recruiting.

The company was banned from offering financial services and products in Belgium and warned by France and Spain, according to a statement from Belgium’s financial regulator the Financial Services and Markets Authority, which said: “The system offered by International. Markets Live exhibits the characteristics of a pyramid scheme.

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The US forex MLM company has also received complaints from the Federal Trade Commission, according to consumer advocacy nonprofit Truth in Advertising, which recently posted several of them on its website. “[I] wanted to learn sales, but all the top men wanted marketing. [I] realized it was a pyramid scheme. . . many people contacted me on instagram and said the same thing,” one complaint read. Adds another: “I’ve decided to unsubscribe and block them from my bank, whose company is apparently on the fraud list.

Terry insists that the company is far from a pyramid scheme. “I don’t have a pyramid structure. It’s like a matrix. We all work together synergistically,” he says in a YouTube video, a popular promotional tool for the MLM movement.

In 2017 18.6 million people in the U.S. engaged in direct selling with MLM companies, according to the industry lobby group, the Direct Selling Association, and retail sales in the U.S. totaled $34.9 billion that year. Both numbers are down from 2016.

However, many smaller MLM companies have grown since then. iMarketsLive, which Terry calls a “virtual company,” is one of them. Although iMarketsLive is listed as headquartered in New York, iMarketsLive actually ended up being Terry’s Las Vegas assistant, with people from Russia, China and Pakistan providing technical support, he says.

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Perhaps it was only a matter of time before the worlds of high finance and MLM merged like this. After all, for years hedge funds, private equity firms and tycoons like Carl Icahn and Warren Buffett have owned stakes in larger MLM companies like Herbalife and Pampered Chef, a Berkshire Hathaway company whose products include pots and pans.

So why not turn it around and let MLM participants try their hand at investing or trading? And if you’re the kind of dreamer that MLM companies are attracted to, why not dream big? The $5 trillion Forex market is certainly worth dreaming about.

Only two other MLM companies seem to focus on this market. One of them, Wealth Generators, in 2017 sued iMarketsLive in Utah federal court, alleging that it had stolen confidential information and intellectual property. Wealth Generators also alleged that its competitor bribed its leaders to join iMarketsLive.

Another potential rival, Copy Profit Success Global, which plans to offer its own trading tools, was sued by iMarketsLive in Nevada federal court in June.

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Newbies at iMarketsLive are told that Terry earned $85 million. USD, according to consumer complaints filed with the FTC. In an interview on YouTube, he claims that any other working-class guy can do it too – probably over lunch from his iPhone.

“They tell potential customers that this is a first-floor opportunity because you can make money from the product for the first time, not through recruiting,” according to the FTC’s complaint, which continues.

“that’s not true at all. . . . they’re selling people a false dream that big money comes from trading, not recruiting. The FTC declined to comment for this article.

However, iMarketsLive is not a broker, so people who join have to hire their own forex broker to actually trade, which Terry says means neither he nor the company has to get a license from the National Futures Association. “I wanted our company to be clean,” says Terry. “Clean, clean, clean.

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In 2016 In a notice to users obtained by Institutional Investor, iMarketsLive said its recommended broker FXCM locked out customer accounts because they were using an unregulated expert advisor — in this case, an iMarketsLive product called FX Signals. Directly.

This product allowed people to passively mirror Terry’s transactions. “Your money can support you 24 hours a day,” whether you’re “sleeping, partying, working, or all three,” Terry says in the video. “Let’s say [you don’t want] to study. Just put your money to work. Everything.”

After FXCM locked their accounts, iMarketsLive suggested people move them to an unregulated broker. “If you want to switch to another broker to reduce the risk of your account being blocked by FXCM or any US regulated broker, we can recommend the following brokers that accept US clients,” he added before listing them.

IMarketsLive says it has since discontinued FX Signals Live. However, it still has other tools to attract potential customers, such as the IML Harmonic Scanner, which it claims “automatically draws and marks different harmonic patterns in the Forex market” and appears to be some form of chart-based technical analysis.

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Terry says he will continue to “flood the market” with a “high quality product” and mocks financial professionals. “I’m not saying I’m calling BS on the trade industry, but I am,” he said in an interview with Dooly.

However, Truth in Advertising asks, “How much better are the trading tools offered by iMarketsLive than the services provided by a broker?” If the company’s products are inferior, it may be difficult for you to sell the products. And if the “opportunity” side of the business is not just selling products, but recruiting, that’s one of the hallmarks of a pyramid scheme.

Also, forex trading is often highly leveraged and partly because of that, risky. It also has a low cost of entry, which is why Terry says he chose this market for his company. “Forex provides a low barrier to entry for people who don’t have a lot of money,” says Terry. “You could open a forex account for $50, where in these other markets it’s a thousand, two thousand, five thousand. But Forex allows people to get in at a very, very low cost.

But Bonnie Patten, executive director of Truth in Advertising, points out, “Primary is an incredibly risky business that puts most unsophisticated consumers at greater risk of losing larger amounts of money through leverage.

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Privately held iMarketsLive doesn’t disclose its revenue or participant numbers, but Patten says TIA has grown in recent years after bringing in Alex Morton, a man with a checkered past.

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