Cryptocurrencies and Forex: Attention to the pyramid scheme already in Portugal

Deepak Gupta August 14, 2022
Updated 2022/08/14 at 10:12 AM

Financial pyramid schemes are fraudulent investment operations, based on the promise of payments of abnormally high profits to investors, with recourse, exclusively or mainly, to the capital contributed by subsequent investors and not to funds generated by the activities.

A dormant “Pyramidal Scheme” is back in force in Europe. In Portugal there are already complaints, it is necessary to pay attention.

IM Master Academy: The company investigated for pyramid scheme with Cryptocurrencies and Forex

After having been dormant during the pandemic, the IM Master Academy, a company investigated for fraud and allegations of being a pyramid scheme, has returned to the European market in force, with a tour that began in July. In Portugal, as the Público newspaper reveals this Sunday, there are already complaints against the group that in Spain acquired the name of “crypto cult” for its association with the teaching of cryptocurrency markets.

According to what has been revealed, the first event in Portugal took place on July 30, at Salão Preto e Prata at Casino do Estoril, although officially there is no official registration. According to a casino source, not even the workers were aware that the IM Master Academy was in Estoril. They were only informed of an e-mail announcing the organization of a “motivational conference”, which would have 900 participants.

Cryptocurrencies and Forex: Attention to the pyramid scheme already in Portugal

The IM Mastery Academy evolved from IMarketsLive and has already been subject to several sanctions, blocks and fines around the world - it was even ordered to cease activity by the US financial markets regulator four years ago - but it continues to operate.

In Spain, in April, eight members of the IM Mastery Academy were arrested, accused of promoting a financial pyramid scheme. According to the newspaper El País, the police made arrests on March 22 in six cities. 400 members of this group reported being victims of the fraud.

The registration fee to receive the training was 200 euros and then the members had to pay 150 euros per month, but if they recruited two more people they would no longer pay that fee and from the third client they would start to be able to charge those who were below yes.

The company promotes two financial training courses, which are allegedly given by specialists in “Forex”, an abbreviation given to the foreign currency market that has gained relevance in recent years also because of the constant flood of this type of courses on social networks. Later, and with the adoption of cryptocurrencies gaining dimension, this company also began to invest in courses of this type and in software that allowed customers to follow the investments made by experts and copy them.

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