The Office of Competition and Consumer Protection (UOKiK) in Poland has issued a securities fraud warning against iGenius, a company owned by Investview.
According to UOKiK’s investigation, iGenius operates a pyramid scheme that may threaten the financial interests of consumers.
How iGenius Works
iGenius offers educational packages to consumers, but the Office of Competition and Consumer Protection (UOKiK) believes the primary purpose of these packages is to build a distribution structure for the company’s affiliate program.
This program rewards users for recruiting new members, rather than selling or consuming products.
Big Red Flags
The UOKiK investigation has identified several red flags, including:
– Lack of transparency: The educational value of iGenius’ packages is not apparent, and the company’s primary focus is on building and maintaining a user structure.
– Unfair market practice: The affiliate program is a prohibited unfair market practice, as it relies solely on introducing new users to the system, rather than selling or consuming products.
– Financial risk: The collapse of the pyramid scheme may result in significant financial losses for consumers, especially those at lower levels.
A History of Fraudulent Schemes
iGenius is owned by Investview, a company with a history of running fraudulent investment schemes.
Investview has launched several schemes, including Wealth Generators, Kuvera Global, and Apex, all of which have been shut down or faced regulatory action.
– Wealth Generators: Launched in 2013, this scheme was shut down by the CFTC in 2018, resulting in a $150,000 fine for commodities fraud.
– Kuvera Global: This scheme collapsed after facing regulatory scrutiny, and was later rebooted as iGenius in 2021.
– Apex: Launched in 2019, this scheme faced SEC charges in 2024, resulting in a $375,000 settlement.
How to protect Yourself
If you’re considering investing in iGenius or any other scheme, it’s essential to do your research and be cautious. Here are some tips to protect yourself:
– Research the company: Look into the company’s history, leadership, and regulatory record.
– Understand the business model: Be wary of schemes that rely on recruiting new members, rather than selling products or services.
– Be cautious of unrealistic returns: If the returns seem too good to be true, they probably are.
Conclusion
The iGenius pyramid scheme warning from Poland’s UOKiK is a serious red flag that investors should not ignore.
With its history of fraudulent schemes and lack of transparency, iGenius is a company that demands caution.
By doing your research and understanding the business model, you can protect yourself from financial loss and make informed investment decisions.
If you’ve invested in iGenius or any other pyramid scheme, it’s essential to protect yourself. Here are some steps you can take:
– Report the scheme: File a report with the relevant authorities, such as the UOKiK or SEC.
– Seek legal advice: Consult with a lawyer who specializes in securities law to explore your options for recovering your investment.
– Warn others: Share your experience with others to prevent them from falling victim to the same scheme.
