Paid 'coaching program' promises to teach you crypto, forex, or ecommerce — then turns into pyramid recruitment
Ads promise a training program will teach you to profit from crypto, forex, or ecommerce. After paying $200–$400/month, you are pushed to recruit others in an MLM structure. Most participants earn nothing; median income is zero.
Also known as: business coaching scam, investment training MLM, trading education pyramid scheme, crypto coaching scam, forex training program scam, IM Academy scam, IYOVIA scam
Already happened to you? Do this in the next few minutes
- 1 Call your bank or card's fraud line right now. Use the number on the back of your card — not any number from the message or caller. Ask them to stop or reverse the payment and freeze the account.
- 2 If you paid by gift card, wire, or an app (Zelle, Venmo, Cash App): contact that company immediately and report it as fraud. Acting fast sometimes recovers the money.
- 3 Report to the FBI at ic3.gov and the FTC at reportfraud.ftc.gov. The sooner, the better.
What to do right now
- 1 Ask the recruiter for the company's official income disclosure statement — by law they must provide one. If median earnings are under $1,000 per year, walk away
- 2 Verify the investment firm or trading platform they mention with FINRA BrokerCheck (brokercheck.finra.org) or the SEC before paying anything
- 3 Legitimate trading education is available for free or very low cost through universities, FINRA, and reputable brokerages — no $400/month subscription required
- 4 If you already paid and want a refund, file a complaint with the FTC and your state attorney general — many participants in the IM Mastery case received restitution
- 5 Report to the FTC at https://reportfraud.ftc.gov and the FBI's IC3 at https://www.ic3.gov.
Red flags
- ⚠ Promoters show off luxury cars, travel, and expensive lifestyles on Instagram or TikTok as 'proof' the system works
- ⚠ The training is sold on a monthly subscription ($200–$400/month) with escalating tiers for 'elite' coaching
- ⚠ You are pushed to recruit friends and family into the program to earn commissions — not from your actual trading
- ⚠ Most of the income math only works if you recruit; very few participants profit from trading itself
- ⚠ They promise you can retire in your 20s, travel the world, and 'make money while you sleep'
- ⚠ Free introductory webinars use high-energy sales tactics and countdown timers to pressure immediate sign-up
- ⚠ The company cannot show you verified income disclosure statements, or the numbers show median earnings of zero
Sources
- FTC — How to spot and avoid business coaching scams (Apr 2026)
- FTC — When a Business Offer or Coaching Program Is a Scam
- FTC/Nevada — Lead Defendants in IM Mastery Academy MLM Scheme Settle: Tens of Millions in Assets (May 2026)
- The Block — FTC and Nevada sue IM Mastery / IYOVIA for $1.2 billion fraud targeting young investors