Table of Contents
Introduction
IM Mastery Academy is a multi-level marketing organization that offers online training courses and tools for trading and investing in the foreign exchange (forex) market. They may be accessed from any computer with an internet connection. In spite of the fact that several of its top executives in the area have been arrested, the corporation recently made the announcement that it would be expanding its operations in Barcelona, which is located in Spain.
Because of this choice, there are now concerns over the moral standards of the corporation and whether or not it is acting within the bounds of the law. In the following paragraphs, we will go through the history of IM Mastery School, the recent arrests, and the statement that the firm has given on the current issue.
History of the Internet Marketing Mastery Academy
IM Mastery Academy is a firm that specializes in network marketing and was established in 2013. They provide instruction as well as tools for FX trading. In order to assist its members in making educated judgments on their trading activities, the firm offers a variety of educational tools, trading signals, and software. The organization has seen remarkable expansion over the years and can now be found in more than one hundred countries throughout the globe. The business strategy of IM Mastery Academy is centered on the recruitment of new members and the earning of commissions on the sales of the company’s items that those members make.
In the past, the IM Mastery Academy has been criticized for both the ways in which it does business and the promises that it makes about the efficiency of the items that it sells. The Italian Antitrust Commission handed down a monetary penalty to the corporation in 2019 for engaging in deceptive advertising. The regulatory body came to the conclusion that the firm had made misleading statements on the profitability of its products and had not provided sufficient information regarding the dangers that are associated with FX trading.
Recent Arrests
In the month of February 2021, authorities in Barcelona, Spain, detained a number of key executives of IM Mastery Academy. The people were charged with operating a pyramid scheme in violation of the law and deceiving investors. The local offices of the corporation were also searched by the Spanish authorities, who took papers and other evidence from the premises.
The arrests were made after Spanish officials looked at the company’s operations in the country for an entire year as part of their probe into the matter. According to the findings of the inquiry, the business in question was functioning as a pyramid scheme, in which the primary focus was on acquiring new members rather than on the actual sale of goods or services. The investigators also discovered that the corporation was making misleading statements about the profitability of its goods and services, and was not giving enough information about the dangers inherent in forex trading.
IM Mastery Academy’s Reaction to the Question
In reaction to the arrests, IM Mastery Academy published a statement denying any wrongdoing and claimed that it was fully working with the authorities. Moreover, the firm said that it was dedicated to complying with all rules and regulations that are in effect within the jurisdictions in which it does business.
In spite of the arrests, IM Mastery Academy said that it will continue to expand its activities in Barcelona. The business claimed that it had a sizable following of devoted clients and associates in the area and that it was self-assured about the legitimacy and efficiency of its various goods and services.
In addition to this news, the firm said that it will be introducing a brand-new product line designed just for the Spanish market. The product line would consist of educational courses and tools that were adapted to meet the specific requirements of Spanish businesspeople and investors.
Implications for Ethical Behavior
The decision made by IM Mastery Academy to expand its activities in Barcelona has prompted some to speculate about the moral standards maintained by the firm as well as the legal parameters within which it does its business. Pyramid schemes are considered to be unlawful in a number of countries, including Spain, and may lead to considerable financial losses for those that participate in them.
Some individuals believe that the business model used by IM Mastery Academy is fundamentally problematic due to the fact that the company’s primary source of revenue comes from the recruitment of new members rather than the sale of goods or services. In addition to this, they say that the representations made by the corporation about the profitability of its goods and services are deceptive and do not adequately reflect the risks that are associated with forex trading.
On the other side, supporters of IM Mastery Academy contend that the organization offers beneficial instructional materials and tools for forex traders and investors. They further say that the business model used by the organization is legal and that the allegations that it is running a pyramid scheme are baseless.
Conclusion
The arrests of key officials at IM Mastery Academy in Barcelona have led to doubts being raised over the firm.
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