HomeCryptoCurrencyIM Mastery Academy is denounced in Spain for alleged scam

IM Mastery Academy is denounced in Spain for alleged scam

A collective complaint against IM Mastery Academy was filed in Spain for promoting an alleged international pyramid scam. This was announced by the lawyer Carlos Bardavío who assured, through his Twitter account, that more than 450 people filed complaints about the distance education platform for currency trading and cryptocurrencies.

Bardavío did not detail before which instances the complaints were filed, nor what are the alleged crimes committed. However, during a television broadcast broadcast on March 11, the lawyer confirmed the execution of the process and some of the alleged offenses committed are listed.

Among them are: misleading advertising, damages against workers’ rights, public finances and social security. In his intervention, the lawyer indicated that they are still receiving complaints, but that there are many people who still do not dare to formalize their complaints.

«There are many young people who come to say that they are afraid to report in case their name comes up, they feel some shame of having been scammed. In the end, what happens is that there is a certain fear of reporting because they do not know the possibilities that these subjects end up in prison, “said the managing partner of the firm Bardavío Abogados in the Espejo Público program on Antena 3.

On February 27 of this year, Bardavío himself announced that he was preparing a collective complaint against IM Mastery Academy. At that time the lawyer explained that it was a case that pointed to a “presumed pyramidal structure at the international level.”

IM Mastery Academy in the sights of regulators

Various financial authorities in everyone has alerted on the operations of IM Mastery Academy. In Spain, the National Securities Market Commission (CNMV) has warned about the organization which it classifies as a “financial chiringuito”. Its most recent complaint occurred in March of last year.

In Latin America, countries such as Peru or Chile have also issued statements on the illegality of IM Mastery Academy in their territories, as reported CriptoNoticias.

In its expansion throughout the region, the academy incorporated artists from Latin American television. The intention was promote distance education to learn about trading of currencies, cryptocurrencies such as bitcoin, binary options or the sale of shares. In June of last year this newspaper published a report in which three professional traders and a student from the academy offered their views on the organization.

The main questioning of the traders was the “ express ” type training not titled and its pyramid system in which students have the option of recruiting new participants. Subscribers who get at least two referrals get the education for free , while if they manage to register three participants they start to earn monthly income.

It must be remembered that IM Mastery Academy was created in 2013 as iMarketsLive. Since then it operates in multiple countries under the premise of never losing the opportunity to make a profit, as highlighted on its website.

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Sandra Loyd
Sandra Loyd
Sandra is the Reporter working for World Weekly News. She loves to learn about the latest news from all around the world and share it with our readers.

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