IM Academy, which encourages people to sign up to expensive foreign exchange (Forex) trading courses, has been fined in the United States. Photo / 123RF
By Nicholas Pointon for RNZ
A Hamilton woman living in the US admits she targets single mothers, Māori and Pasifika to join a finance course that international regulators have likened to a pyramid scam.
IM Academy encourages people to sign up to expensive foreign exchange (Forex) trading courses where they can offset their fees, and even make money, by recruiting others to join.
It has been fined by US regulators for illegally offering financial products and had received warnings from different European authorities, with one saying it had the characteristics of a pyramid scheme.
Many people who have joined and left the scheme have also spoken out, saying they felt scammed and manipulated into recruiting other people to join.
A British 19-year-old told RNZ she lost $2000 after joining IM at the beginning of…