The gala for a trade “academy” was stopped by the police

It’s a scourge that has spread like wildfire on the internet in recent years. Trade training scams are now rampant on the internet. People present themselves as successful traders, ready to share their knowledge with you for a “modest” reward. In reality, lured by the prospect of quick gains, individuals, often young people, participate in exercise programs that are as expensive as they are imaginative, as explained The BFM stock exchange. In fact, it is often a pyramid system where only those at the top of this pyramid, the leaders, therefore earn money.

Have any of these many academies tried to recruit young Luxembourgers into their system? Hard to say for sure. Still, following complaints from concerned parents, the Grand Ducal Police conducted a police raid last Sunday in the Kirchberg district. A presentation gala of the so-called “IM Mastery Academy” was held there. The official website of this supposed academy explains that it offers training to gain a mastery of the financial markets, to accelerate the growth of its business or to develop effective marketing strategies. Everything is far from free, count almost $250 in subscription every four weeks, as well as almost $275 in registration fees with this company based in New York, according to the official website.

Conferences around the world

To promote their training, “IM Mastery Academy” regularly organizes conferences around the world. On 29 May they were therefore in Luxembourg. Nevertheless, the presentation was cut short due to police intervention. We learn that the police were accompanied in particular by members of the judicial police, but also from the Eco/Fin department.

According to initial information, the entity in question would have tried to entice mainly young high school students to return to this academy. “With harmful consequences for young people, some of whom even drop out of school in the hope of making easy money”, clarifies the Grand Ducal Police in its report.

Seized documents

Thus we learn that the officials on the spot were arrested and interrogated, and an investigation into, among other things, the lack of a business license was triggered. The prosecution was informed and the seizure of documents was ordered. The investigation continues.

In addition, the Commission de Surveillance du Secteur Financier (CSSF) issued a warning to the company a few days before the start of the event. “The company International Markets Live Inc targets a young audience in Luxembourg and mainly advertises on social networks. The argument used always remains the same, making easy money in the financial markets by following their different formations,” she already explained, warning against the May 29 event.

A company unknown to CSSF

The latter also explained that the academy’s parent company, called “International Markets Live Inc”, was unknown to the CSSF and had “no authorization to provide financial services in or from Luxembourg”. A warning that probably ended up convincing the police to intervene on the day of the incident.