It was just a matter of time before Alex Morton made headlines once again – despite his attempts to lay low. It took less than 3 years after Alex and his team were blamed for getting Vemma shut down for TINA (Truth in Advertising) to publish the results of an initial investigation revealing Alex Morton’s new company is up to the same tricks. While you won’t find Alex anywhere on the iMarkets Live website, according to TINA, he’s the Vice President of the company. If this proves accurate, iMarkets Live knew he would be a lightning rod for government regulators, so they kept it quiet.
Alex Morton’s M.O. has been to target the under 30 crowd with promises of getting rich quick. Alex figured out that this group was open to the message of making easy money online. This message coupled with the messaging on the iMarketsLive.com website has attracted a lot of college-aged kids looking for a quick buck. A recent Facebook post from Mathew Rosa (one of the IML leaders) shows him standing in an auditorium full of students somewhere in Arizona. In fact, posts from several other top leaders show them speaking to similar audiences.
A cursory look at the evidence collected by TINA reveals claims of making huge amounts of money in your sleep, no trading knowledge or expertise, etc. Christopher Terry has tried to evade SEC laws governing FOREX trading by demanding each distributor find their own FOREX broker. While this may have side-stepped the SEC, they’re still bound by the anti-pyramid scheme laws enforced by the FTC.
One piece of evidence cited by TINA was an interview in which Troy Dooly interviewed CEO Christopher Terry. The YouTube video is marked with “Includes Paid Promotion” – meaning Troy was paid to promote iMarkets Live. In an email sent to us, Troy states his involvement with iMarkets Live was limited to a consultant. Of the consultants in the industry, Troy is one of the most experienced when it comes to regulatory compliance. The SEC has been abundantly clear when it comes to the sales of unregistered securities and the FTC has vigorously pursued companies that make income claims without proper disclosure statements.
If you followed industry news, you already know that TINA has successfully shut down a number of alleged pyramid schemes through filing complaints with the FTC . In August of 2015, Vemma had all of their assets frozen and was shut down while the Federal Trade Commission investigated the company after numerous complaints (including one from TINA) that stemmed from Alex’s marketing tactics. If the FTC decides that the iMarkets Live IBO’s income is derived primarily from recruiting instead of customers, this company won’t be around for much longer.
The network marketing industry needs to rid itself of the actual pyramid schemes so that it doesn’t taint the reputation of legitimate network marketing businesses. When these fly-by-night deals crash and burn, it tarnishes the reputation of everyone in the industry. I implore anyone that considers themselves a network marketing leader to speak out and speak LOUDLY against any deal that is running afoul of the law.
As far as consulting goes – it’s difficult to understand why any consultant would want to publicly affiliate themselves with a company that is attempting to skirt the law or operates on the fringe. While there’s nothing illegal about consulting with a company that isn’t exercising good judgement in their marketing, it is my opinion that making (paid) public appearances can lend credibility to a company that people should avoid.