Is iMarketsLive a Scam?

The following link was submitted by fellow blogger caribbeansignal.com. The BU household felt compelled to share – in the public interest – with the BU family given the high interest shown by Barbadians in the iMarketslive product. The blogmaster aligns with the view that venturing into the complex forex world requires a level of expertise.

– David, blogmaster

WARNING: This is a lengthy article, but if you care about your money, you should read it. iMarketsLive recently held events in Barbados and Trinidad. From what I understand the Barbados event had a huge attendance (several hundred, possibly thousands from what I remember hearing).

This piqued my interest in iMarketsLive itself. Was this a potential scam in the making? In this post I will refrain from answering that with a simple ‘yes’ or ‘no.’ Rather, the objective of this post is to help you to arrive at your own definitive answer, or at the very least, to provide you with another opinion to help decide for/against the opinions that you already have.

Please refer to the References section at the end of this article for direct links to various sources cited. The referencing system used is the Harvard system (Author Surname, Year of publication). If you see “n.d.” it means that I could not find a publication date.

First things first, who/what is iMarketsLive? According to their website (iMarketsLive, n.d.-a):

Read the full text of the reportIs iMarketsLive a Scam?

42 comments

  • “He dabbled in network marketing, even working for Amway ”

    That is as far as I needed to get to confirm this is a just this guy’s refined version of another pyramid scheme…the US is infested with all these con games..

    ..they even warn you..”someone gotta lose, so someone can win.”

    So when you lose, don’t complain, as soon as they hit the Caribbean, they think they have modified their scheme sufficiently to reel in enough fools because they need numbers for a pyramid.

    Liked by 1 person

  • @blogmaster
    Please remove the “/should” in the link above. It seems as if an extra word (should) was caught in the name of the website.

    An interesting article. Information and sources are provided and the reader can research further if necessary.

    It is amazing how all products (good and bad) eventually reaches the Caribbean. Is it because after the US market has been ‘exhausted’ and these entrepreneurs must take their products elsewhere? Caribbean folks should tread cautiously, and it is incumbent upon the Caribbean governments to vet these products (in some way. A diligent government agent could be dedicated to.’let google be his friend’ and to interview some of these entrepreneurs.

    Of course, we can be sidetracked with a discussion of what qualifications these agents(police/otherwise) should h’e.

    Like

  • typo Mary
    *h’e=have
    *(in some way)

    Like

  • de pedantic Dribbler

    @David Mr Blogmaster, you noted that “… venturing into the complex forex world requires a level of expertise” but did you not omit the more important ‘and discretionary income to be placed at risk of loss’!

    I suspect one can steuuupse loudly and say ‘but of course any investment can be lost’ but then it should be just as obvious that any such ventures requires careful, expert style analysis!

    People are separated from their money daily and it’s only a problem when they are bambazooled by false claimsq…is this such!

    When we go into ventures eyes wide open to seek wealth on high risk opportunities the burden rests with the investor to do his/her due diligence .

    ..Its our money, we earned it so if we want to try a new ting then so be it!….Fools and scammers have a lot in common thus they make friends easily 🤣.

    I’ll add this: back in the day wealthy folks and those seeking it were constrained (all things being otherwise accepted) by who knew what in the money circles. Thus when ventures failed (or markets) suicides, bankruptcies or just severe financial distress was contained to those circles but not so now.

    Knowledge is spread far and wide by the internet so more of us have joined the ‘those who know’ circle and are eager to tap into the big financial ventures…I hope too we can deal with the crashes and failures that are sure to come along!

    Ventures like Bitcoin (just to use an example) will make folks happy in wealth but it surely will also send some folks some financial pain as well.

    C’est la vie…eyes WIDE open…who to blame but ‘me’!

    Liked by 1 person

  • @Dee Word

    Unless one is ‘rich’ risking by venturing into this world is not advisable.

    Liked by 1 person

  • Bernard Codrington

    Most of these schemes are based on human inclination to gain something for nothing.

    What is usually underplayed are the downsides. Always ask what are the risks and the probability of losing one’s investment. Investors must take responsibility for their losses.
    The tax payers cannot afford to bail out losers who are looking for quick and high returns from organized and institutionalized gambling.

    Like

  • Is there a role for the regulator?

    Like

  • Piece Uh De ROck Yeah Right

    I must admit that I have to be stupid about these matters.

    For those of you who know anything about the US and its Securities and Exchange COmmission and the NASD National Association of Securities Dealers this is not rocket scients

    “…“The Brochure Rule” or Rule 204-3 under the Advisers Act, which generally requires:

    “…every SEC-registered investment adviser to deliver to each client or prospective client a Form ADV Part 2A (brochure) and Part 2B (brochure supplement) describing the adviser’s business practices, conflicts of interest and background of the investment adviser and its advisory personnel. An adviser must deliver the brochure to a client before or at the time the adviser enters into an investment advisory contract with a client…”

    Now since the industry has been impacted by an expansion of that Act to DEMAND THAT all Investment advisors and their principals MUST LISTS ALL OF THEIR MARKETING INITIATIVES, inside and outside of the United States, it would stand to reason, that if they have to mention who they are dealing with you have a clear pathway should such NOT HAVE OCCURED.

    AND FOR ANY INTELLIGENT INVESTOR, who these scam artists approach, it follows that said party MUST MAKE SUCH DISCLOSURES TO YOU, prior to your investment that would easily be verified with people who know bout them.

    @ The Honourable BLogmaster

    You must be playing gallows bait with this question right?

    What regulator what? You think that our local “regulators” either have the knowledge OR THE CAHUNNAS heheheheheh to even bat in this ball park?

    Whu looka de fear trading commission and you can see OUT OF THEIR DEPTHEDNESS

    Steupseee

    Liked by 1 person

  • Piece Uh De Rock Yeah Right

    @ the Honourable Blogmaster, your assistance please…with an item

    Like

  • Warning: Who are these people? Are they regulated? Would your investment be insured? Who are the key individuals?

    Like

  • pieceuhderockyeahright

    @ the Honourable Blogmaster your assistance with an item here

    Like

  • google “imarketslive scam”

    Like

  • Do you have an opinion Hants.

    Like

  • It is such a pity that so many Caribbean people are gullible enough to fall for these ripoff artists. It takes only 30 seconds and Google to unmask this swindle: https://www.google.com/search?q=imarketslive+review

    Like

  • Not only Barbadians, from reports thousands have been flocking to the sessions around the region. Again, this is a call for some regulatory body concerned with consumer affairs or advocacy to step up!

    Like

  • @ David,

    There are those who invest after careful research.

    Others treat the stock market like a slot machine.

    Like

  • @Hants

    We have scenarios where some are on the lookout for get rich schemes fueled by greed, others it is about supplementing dwindling income out of a case of need, then there is raw ignorance.

    Like

  • @ David,

    A ” regulatory body ” will cost taxpayers to protect greedy Bajans who have more money than sense.

    Liked by 1 person

  • @Hants

    Greed is a universal condition is it not?

    Like

  • @ David let us hope that the government can return Barbados to a level of stability so that people would not have to risk

    their already dwindling income on get rich schemes.

    Like

  • @ David,

    Bajans have had examples of what happens with ” risky business “. Clico Executive Premiums and Almond resorts .

    Liked by 1 person

  • de pedantic Dribbler

    David Mr Blogmaster do you really perceive that there is a need for more government regulation to protect stupidity and greed, as you call it?

    There is the FTC, there is the Financial Services Act or rather the FIA I believed its called and of course there are civil legal remedies when fraud or misrepresentation occurs right here in BIM…and if this is a US Corp. operating on the net there are yet a slew of regulatory bodies SEC, Financial Regulatory agency, Futures Trading agency and the now denuded Consumer Finance Protection agency…in short LOTS of general and specific ‘protection.

    None of that stops fraud, con men or folks like Madoff, Ponzi or for that matter a LIBOR fix from happening because we are all looking for that big score….

    There is absolutely no need for regional govt action unless this comp. is breaking the law.

    Liked by 1 person

  • NorthernObserver

    ‘A fool and his money are easily parted’
    This has an odour, which alone should beg people to focus elsewhere.
    Oddly, they have picked areas which in the mainstream are tough to manipulate (and short).

    Liked by 1 person

  • de pedantic Dribbler

    Oouch….talking about the US…the SCOTUS swing vote Jus Kennedy retires…that is massive. But even moreso considering that Justice Bader Ginsberg certainly will likely also leave her robes behind .

    The average Bajan will steuuupse but those more aware will stop and take note. This means that US legal decisions will take a decidedly conservative swing for an entire generation now and surely the impact will be felt in these parts in various ways.

    One example is the labor union ruling issued also today I believe, where unions can no longer get contributions from non union members at a corp…originally not a standard thing across ILO jurisdictions I suspect but that ruling certainly puts some serious income difficulties on unions in US and wiill have an impact beyond that too.

    Liked by 2 people

  • Pieceuhderockyeahright

    I generally don’t do un-tagged reviews requests via google because they are paid to return advertisements under their SEO practices

    If i use google i would filter it with dunn bradstreet or some other credible reporting firm.

    The search engine that i would recomment is duckduckgo.com

    https://www.ripoffreport.com/reports/imarketslive/new-york-new-york-10111/imarketslive-iml-chris-terry-pyramid-scheme-iml-sinking-ship-terminated-me-and-took-al-1301332

    The reason that one would use Rip Off .com is because it operates like that Huffington post reporter.

    They put up your posts AND THEY REACH OUT TO THE PARTY BEING COMPLAINED ABOUT simultaneously.

    Then they use a process of substantiating either parties complaints to validate one or the other’s story.

    They are not a Dunn Bradstreet but they RIPOFF dont keep, non contested, unverified material up on their site, UNLESS THERE IS THERE IS A STORY.

    So look at the submission date and the updated date and the length and see how long the article was posted and whether there is a response from IMarkets and you have yourself enough information to make an “informed” decision without the Dunn and Bradstreet fee

    Speaking of which the public may be surprised to learn that the Consumer Department that represents the government does not have a website but to their eternal credit their workers DO THE ABSOLUTE BEST with the limited resources that they have had all these years.

    Liked by 1 person

  • pieceuhderockyeahright

    @ the Honourable Blogmaster your assistance please with 1 item

    Like

  • pieceuhderockyeahright

    Your assistance please Honourable Blogmaster

    Like

  • NorthernObserver

    @DIW
    I “think” it only applies to public sector unions?
    On that note, how much have NUPW members paid in dues, versus gains in past decade? (Guess we have to calculate value of ‘keeping jobs’)

    Like

  • “Others treat the stock market like a slot machine.”

    The very first business by the stock market on Wall Street was to sell African Slaves, if you know Wall Street…you know the exact spot I am speaking about, it is still there..

    …..everything that has come out of that stock market since then has been a scam …caused countless ruination, many 100 year prison terms and always fraught with greed and viciousness….so enough said.

    Like

  • Piece, how come you are always having problems with your posts? Does anyone else experience this, or are you flagged?

    Like

  • @de pedantic Dribbler June 27, 20188:07 AM “When we go into ventures eyes wide open to seek wealth on high risk opportunities the burden rests with the investor to do his/her due diligence. ..Its our money, we earned it so if we want to try a new ting then so be it…Knowledge is spread far and wide by the internet.

    A few questions from this simpleton.

    You sure that it is knowledge that is spread far and wide by the internet. What if it is not knowledge, but is instead information, or even worse misinformation?

    The people who “invested” in CLICO had that same “it is our money” attitude, than when the thing crashed and burned they came crying to the Bajan taxpayer, and our late un-lamented government took up $90 million of our tax dollars and used it to wipe the CLICO people’s tears.

    My share of that tax money is about $500.

    You may not mind giving up $500. It may mean nothing to you. But for me $500 can be used to plant up 1 acre of ground, and I can quadruple my money in one rainy season, and eat good too, and keep my BP below 120/80

    Stupssseee!!!

    I simple, but I ain’t foolish.

    Liked by 1 person

  • @bajans June 27, 2018 5:46 PM “Piece, how come you are always having problems with your posts? Does anyone else experience this, or are you flagged?”

    Piece uses nuff firewalls and ting. Less the “powers” see what he is up to. The rest ‘o we in de departure lounge, and we know that the “powers” don’t hold the keys to the kingdom of heaven.

    So we don’t care.

    Liked by 1 person

  • @de pedantic Dribbler June 27, 2018 3:23 PM “we are all looking for that big score.”

    Not really you know.

    Some of us still understand that by the sweat of OUR brow [not other people’s] we shal eat bread.

    Some of us still understand that a little bit with content is great gain.

    Some of us still understand that a sheep head once a day is better than a pig head once a year.

    Some of us still understand that the prayer is “give us THIS DAY our DAILY BREAD.

    Some of us did not lose any money in CLICO, because we smelled a rat.

    Liked by 1 person

  • Bernard Codrington

    Simple Simon at 6:05 PM

    The taxpayers usually pay for the rich and greedy’s excessive excursions into get rich schemes…legal and illegal.

    No amount of regulation can curb greed and corruption. The regulatory institutions are as costly as they are ineffective. The perpetrators are usually two steps ahead. But it is psychologically pleasing to appear to be doing something.

    Like

  • Lol…Simple, tell them..

    The Stock Exchange will always be the Stock Exchange…one way or another.

    Like

  • de pedantic Dribbler

    @Simple you are playing simply semantics….re “You sure that it is knowledge that is spread far and wide by the internet. What if it is not knowledge, but is instead information, or even worse misinformation?”.

    Don’t we get knowledge from information?

    Is it not our perogative and importance to get ALL the relevant info to be properly knowledgable?

    What word game are u playing and to what waste of a post! 😂

    Like

  • de pedantic Dribbler

    Correct @Northern the ruling is for public sector unions but yet it may be a problem otherwise.

    A cursory reading of the ruling does not meet logic and the reason the majority offered …

    Like

  • RE Simple Simon @ June 27, 2018 6:05 PM

    Simple Simon you are 100% CORRECT ITS NOT SEMANTICS AT ALL

    In business, everyone keeps confusing information with knowledge. They’re different. Even the dictionary says so:
    Information: Facts provided or learned about something or someone.
    Knowledge: Information and skills acquired through experience or education; the theoretical or practical understanding of a subject.
    Information is ones and zeros. It’s raw data, or a list of facts. It’s instructions on filling out a business license, or the instructions Google provides when you sign up for Adwords. The obvious stuff. You can often acquire information for free: Go to the Associated Press for raw, un-analyzed news. Or read a ‘how to’ on building your own car.

    Knowledge is something else entirely. It’s what you get when you combine information with analysisand experience. Knowledge is information distilled down to actions. It can and should cost you money, or time, or something else. If you want real analysis of the news you just grabbed from the Associated Press, for example, you might go to the New York Times and pay (at least after 10 views). To learn AdWords tricks that can actually help you profit, you’ll buy a book, pay for a seminar or hire a consultant.

    You must pay for knowledge in money or effort. If you don’t understand this, you’re going to fail.

    Information refers to data that has been given some meaning by way of relational connection. In computing terms it is data that has been processed. The ‘meaning’ applied to the data may not necessarily be useful. For instance, data stored in a database can be processed by a procedure or a program to give information about something, for example a banking application can determine how a particular account balance increased by returning the record of the credit that occurred to that account using data stored in a database somewhere, so ‘information’ would have been retrieved about that transaction. It is important to know that without information, you will not have knowledge.

    So what is knowledge?
    Knowledge is the concise and appropriate collection of information in a way that makes it useful.

    Knowledge refers to a deterministic process where patterns within a given set of information are ascertained. We can also positively say that when a person memorizes some information about something, then they have knowledge about it. That knowledge will have some useful and even applicable use to them but even if that’s the case, that knowledge doesn’t in itself provide for integration such as would infer further knowledge. Take the example of elementary school kids who memorize knowledge of the multiplication table (times table), for instance like the result of 3 times 3 is 9(33=9), because they have amassed knowledge of the table. However, the kids will not be able to respond positively when asked the result of 2300150 as that entry isn’t in the table. It takes true analytical ability and the ability to reduce it to empirical factual knowledge, not just some memorized set of knowledge.

    Summary:
    1. Information is processed data whereas knowledge is information that is modeled to be useful.
    2. You need information to be able to get knowledge.
    3. Information deals with the way data is related while knowledge examines patterns within a given set of information.
    4. To get knowledge you need some cognitive and analytical ability while for information you do not need cognitive ability.

    Liked by 2 people

  • Piece Uh De ROck Yeah Right

    @ Bajans

    Simple Simon is correct IN PART, bless her soul.

    Let me explain.

    I do use all of those tools etc and am in the departure lounge as we all are, but some of us , the flight is boarding ergo The Last Bugle reference of the Honourable Blogmaster.

    The thing about Departure Lounges is that you can wait till your number is called OR YOU CAN JUMP and Choose the moment as your spirit guides you OR you can use another form of “suicide”

    I like the allegory thing best because Lorenzo is not the brightest tool in the shed AND THEY HAVE BEEN APPOINTED TO TROLL DE OLE MAN heheheheh

    Suppose you are a carpenter that should mean, that if you were a good carpenter, you would have tools.

    So what if, notwithstanding that you the carpenter GOING DEAD, like me the man who tink dat “dem too bright for their own good” was to leave dem special tools all about de place.

    Say for example I was to be stalking Simple SImon, pun a ZR like Lorenzo stalking me here pun BU.

    And during that stalking while i trying to talk to her bout her cooking skills, I was to lef my tools in the ZR van would that be a smart move considering all de bajans wid light hands lurking around?? especially de politicians? or Dougie Trottie? or de host of peeple dem dat de ole man mout does direct gratuitous insults at?

    And because I happen to know something that the various peepers ent know like *** this is why I use the VPNs but the downside is that it changes the IP constantly and BU has a filtering mechanism that keeps out de ole man sometimes heheheheh

    Another thing is that I doan like people who have access to your inner information peeping at my data, it just ent fair.

    It would be like Simple Simon going to work at the QEH and leaving her delicates and Victoria Secrets on the line drying and a feller like WeJonesing going and trying them on, WHILE LYING DOWN IN HER BED.

    Even she, cognisant as she is about our ultimate departure IS NOT GOING TO BE AS CHARITABLE IN HER COMMENTS ABOUT WEJonesing is she?

    @ Simple Simon

    Forgive me making reference to unspeakable unmentionables to explain my point.

    You will note that amongst my lotta long talk that i have even been sharing the same things that they accessed by sleight of hand.

    That sharing is partially because I dont care and because I know that they are not going to be able to deliver the final product in the way that it should be done.

    And moreso because I have been instructed to give it away.

    The problem with them teifing the information is that NOT ONE OF THEM CAN PUBLICLY display any of it that has not been released by de ole man unless they ***

    As Dr. GP opined “… It takes true analytical ability and the ability to reduce it to empirical factual knowledge, not just some memorized set of knowledge…” and very few of these sojourners in the HoA of whom we speak lovingly each day, have that analytical ability”

    Whuloss murdah in de Rum Shop…

    Liked by 1 person

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    Like

  • leelavathi oksa

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    Like

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