Poland Fines Two U.S. Trading Education Firms for Operating Pyramid Schemes

Poland’s competition regulator has fined two U.S.-based companies, iGenius and International Markets Live, a combined $5.7 million after determining that their operations amounted to pyramid schemes disguised as online trading education platforms.

The Office of Competition and Consumer Protection (UOKiK) said its investigation found that both firms structured their business models to reward recruitment of new members rather than the sale of educational services, a practice prohibited under Polish and EU consumer protection law.

According to UOKiK, iGenius charged users monthly fees ranging from $100 to $1,500 for access to investment training materials through its website. While marketed as education, regulators concluded that participants’ earnings depended largely on enrolling new members into the system, often through an affiliate program requiring ongoing subscription payments.

International Markets Live, which operated through im.academy and later rebranded as iyovia.com, followed a similar model. The company offered courses covering forex, cryptocurrency and e-commerce, while encouraging members to become “Independent Business Owners” whose commissions were primarily tied to building recruitment networks.

“Pyramid schemes rarely call themselves investment systems anymore,” said Tomasz Chróstny, president of UOKiK. “Their creators learned from past mistakes and act smarter. They promise fast paths to financial freedom through internet livestreams and training sessions.”

Regulators noted that promoters frequently used social media to showcase luxury lifestyles and claims of financial success, tactics UOKiK described as typical of modern pyramid schemes. Investigators added that the educational content itself was often of limited value, with the main financial incentives linked to maintaining and expanding recruitment structures.

UOKiK has also initiated proceedings against individual promoters, stating that under Polish law, promoting a pyramid scheme is illegal, not just operating one. The agency currently has multiple cases underway against advocates linked to both companies.

The decision against iGenius remains subject to appeal. The ruling concerning International Markets Live has become final after the company ceased the prohibited practices in May 2025, according to UOKiK.

The regulator said the cases form part of a broader effort to address deceptive practices in the trading education and fintech space, urging consumers to remain cautious when confronted with offers that emphasize recruitment and guaranteed financial success.