FTC Shuts Down Company Accused of Social Media Investment Scheme
The Federal Trade Commission (FTC) has shut down International Markets Live, a company accused of operating a social media-based investment scheme, mandating the surrender of $90 million in assets.
False Earnings Claims Target Young People
The FTC reported that the company utilized false earning claims to recruit individuals into an extensive investment training program via social media ads. This marketing strategy primarily aimed at young audiences, including posts on college social media pages, promised guaranteed success and substantial incomes.
FTC Warns Against Guaranteed Returns
Consumers have been warned about similar scams, with the FTC stating, “No one can guarantee you’ll make lots of money with little to no risk. No one can guarantee to teach you how to trade successfully in the financial markets. Anyone who does is a scammer.”
Research Before Investing
To steer clear of such schemes, the FTC advises consumers to investigate companies, their officials, and promoters thoroughly. It recommends conducting online searches that combine the company’s name with terms like “review,” “scam,” or “fraud,” which can often yield enlightening results.
