US FTC and Nevada sue cryptocurrency training company IML over alleged $1.2 billion fraud
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US FTC and Nevada sue cryptocurrency training company IML over alleged $1.2 billion fraud
According to The Block, the U.S. Federal Trade Commission (FTC) and the state of Nevada have filed a lawsuit against a company called "IML," accusing it of a $1.2 billion fraud. The company offered investment training services in cryptocurrency, binary options, foreign exchange, and stock markets to young investors. The complaint alleges that IML misrepresented investment returns when attracting customers. In reality, the company knew its salespeople either lost money or earned very little, with only one in five making more than $500.
Navigating Web3 tides with focused insightsTechFlow news, on May 3, according to The Block, the U.S. Federal Trade Commission (FTC) and the state of Nevada have filed a lawsuit against a company named "IML," accusing it of a $1.2 billion fraud scheme. The company provided young investors with investment training services in cryptocurrency, binary options, foreign exchange, and stock markets.
According to the complaint, IML made false claims about investment returns when attracting customers. In reality, the company knew that its salespeople either lost money or earned very little, with only one in five making more than $500.
