Poland Cracks Down on US “Trading Schools” in Pyramid Case

Polish Office of Competition and Consumer Protection (UOKiK) recently issued a fine of more than $5.7 million on two companies – iGenius and International Markets Live. According to local reports, the fines were imposed by the UOKiK head, Tomasz Chrostny, who issued a PLN 14,600,000 fine on iGenius and a nearly PLN 9,500,000 fine on International Markets Live.

Both are American companies that marketed themselves as online trading schools in Poland. However, the regulator found that the firms were not really selling education; instead, they were paying people to recruit new members, which is textbook pyramid scheme territory.

The UOKiK’s investigation found that both iGenius and International Markets Live structured their business models around recruitment instead of actual education sales, which crosses the line from legitimate multi-level marketing into a pyramid scheme, which is banned in both Poland and the broader EU.

Both companies claimed to be online trading schools, but investigation found the real money came from signing up new members, while the compensation structures rewarded building recruitment networks, rather than teaching people how to trade. Commenting on the matter, Chrostny said that Pyramid schemes rarely call themselves investment systems anymore. He added that their creators learned from past mistakes and now act smarter, by promising fast paths to financial freedom through internet livestreams and training sessions.

Experts have also noted that training education typically involves conflicts of interest that require better regulatory oversight, especially when compensation structures reward recruitment over education quality.

How Did The Scheme Work?

iGenius operated through igeniusglobal.com, and it charged between $100 and $1,500 per month for access to its investment training materials. The firm pushed users toward its affiliate program, which required an ongoing subscription to earn commissions. 

The firm was also marked as dangerous by the Financial Markets Authority (FMA) in July 2025, which said in a warning: “We recommend caution when dealing with iGenius. We are aware that iGenius is actively being promoted in New Zealand by a group named GameChangers. iGenius is subject to warnings from overseas regulators.”

Those associated with the firm could earn income depending on how many people they convinced to sign up, causing promoters to flood social media with luxury lifestyle posts and promises of millionaire status.

International Markets Live ran a similar operation through im.academy, although it recently rebranded as iyovia.com. The firm sold courses on FX, crypto, and e-commerce, with members paying upfront fees plus monthly subscriptions to become “Independent Business Owners” who earned commission by building recruitment networks.