Polish Regulator Penalises Two US “Trading Education” Firms Over Pyramid Schemes

Poland’s competition watchdog has fined two US-based “trading education” companies, iGenius and International Markets Live (IML), for operating prohibited pyramid-type incentive schemes, concluding that their business models relied primarily on recruitment rather than genuine product sales.

The Office of Competition and Consumer Protection (UOKiK) found that although both companies presented themselves as providers of online financial education, participants’ ability to earn money depended mainly on

bringing new members into the system. This structure meets the legal definition of a pyramid-type incentive scheme, which is banned under Polish and EU law due to the high risk of consumer losses.

According to UOKiK, iGenius offered access to online investment training through its platform in exchange for one-time fees ranging from under USD 100 to around USD 1,500, alongside ongoing subscription payments. Users were strongly encouraged to join an affiliate programme, where commissions were tied largely to recruiting additional participants rather than selling educational content. Promotional materials frequently promised rapid financial success and showcased luxury lifestyles, a tactic regulators identified as typical of pyramid schemes. The authority imposed a fine of PLN 14.67 million on iGenius and ordered it to cease the unlawful practices. The decision is not final and may be appealed.

International Markets Live operated a similar model through its platform im.academy, recently rebranded as iyovia.com. The company sold monthly access to educational packages covering forex, cryptocurrencies, and e-commerce. Participants who joined its affiliate programme, known as Independent Business Owners, paid upfront and recurring fees and earned commissions primarily through building recruitment networks. UOKiK determined that the compensation structure depended mainly on enrolling new members, not on product sales, and fined the company PLN 9.48 million. The authority noted that IML ceased the prohibited practices in May 2025, making the decision final.

UOKiK stressed that modern pyramid schemes often disguise themselves as educational or technology-driven platforms, offering trading tools, algorithms, or training programmes to create an appearance of legitimacy. The regulator is continuing investigations into other suspected schemes and has initiated proceedings not only against companies but also against individual promoters, emphasising that promoting pyramid schemes is illegal under Polish law.