Black Compliance: The SEC-Registered Investview, its MLM-Scheme iGenius!

tamir
Thu, 02 May 2024 08:03:38 +0000
Black Compliance, MLM Schemes, Reviews & Ratings, ticker, Austin Smith, Cade Miller, Chad Garner, Christian Crabtree, David B Rothrock, iGenius, iGenius Global, Investview, Investview Group, James Bell, Jamie Brown, Jayme L McWidener, Julie Marie Gerard, Kuvara Global, Kuvera, Myles Gill, Riker Healy, Rocco Richi, Stefan Kassing, Victor M Oviedo, Wealth Generators

Investview, registered in Nevada, is a OTCQB-listed and SEC-registered FinTech and crypto company that distributes its various online trading and crypto products via its MLM structure with changing names and legal entities. Currently, iGenius is the MLM scheme responsible for distribution. On social media, iGenius is called a pyramid or Ponzi scheme. Financial regulators have warned against it. Following our review, we have placed the Investview Group on our black compliance list.

Short Investview Narrative

The documents filed with the SEC show that the Investview products are distributed via its MLM system, currently iGenius, through which a direct-selling network of independent distributors is managed. These “independently operating distributors” bear the legal and regulatory risk.

I agree that as a Distributor for the Company, I am an Independent Contractor, and NOT an employee, partner, legal representative, or franchisee of the Company. I agree that I will be solely responsible for paying all expenses incurred by myself…
iGenius Distribution Agreement (link)

Investview and iGenius rely on Instagram and TikTok to acquire new members and offer their products.

The Investview group is also heavily involved in the crypto scene via iGenius and sells digital assets. In 2020, the group launched the Ndau token, which apparently does not work properly. The group is also connected to the algorithmic trader EndoTech via CRYPTOelite.

Investview evidently performs excellent business with MLM distribution of its financial products (including cryptocurrencies) and financial education tools. In 2023, Investview reported net income from operations of $4,604,930 and net income of $2,831,920 to the SEC. As of December 31, 2023, the company had unrestricted cash of $20,912,276 and working capital of $12,414,023. The unrestricted cryptocurrency balance was reported at $585,632.

The Troubled Legacy

The Investview entity responsible for sales and distribution has undergone significant brand transformations under the leadership of Chad Garner, who has been a consistent figure.

Wealth Generators. this Investview subsidiary faced legal issues for unlawfully offering forex and binary options to retail investors in the U.S. In 2018, the U.S. Commodity Futures Trading Commission (CFTC) took action against Wealth Generators, resulting in a settlement of $150,000 to address these charges.

Kuvera: Shortly after the CFTC settlement, Investview rebranded Wealth Generators to Kuvera Global, shifting its focus ostensibly away from forex to crypto-related offerings, still within a multi-level marketing (MLM) framework. Kuvera Global launched various crypto-related MLM opportunities between 2018 and late 2020. Despite its array of offerings, Kuvera Global’s operations were not transparently disclosed to the Securities and Exchange Commission (SEC), particularly in terms of the actual workings of their MLM schemes.

In January 2021, Kuvera was rebranded as iGenius. This rebranding did not signify a change in the business model but rather a continuation under a new name, with the same goal of offering financial education and tools through an MLM structure.

iGenius markets itself as providing a path to financial stability through services and products distributed via an MLM network. These offerings include research, education, and investment tools aimed at helping self-directed investors navigate various financial markets, such as stocks, options, FOREX, ETFs, binary options, and cryptocurrencies.

Compliance Check

Several financial regulators in Europe and Canada have issued warnings against these MLM schemes, indicating ongoing concerns about the legality and ethicality of their operations.

In addition to the regulatory warnings, there have also recently been massive warnings against iGenius on TikTok. The German TikToker @levihallo, who exposed iGenius as a pyramid scheme, stood out. As a result, he was massively attacked by members of the MLM scheme. However, former members also agreed with him and described iGenius as a scam.

Read more about the iGenius Case on TikTok here.

We have added Investview and its brands to our Black Compliance List in light of the warnings from financial regulators, the apparent lack of regulatory approval to offer financial products, and the reports of members being ripped off.

Key Data Investview

Trading name | Investview

Related MLM schemes &
brands

Wealth Generators
Kuvera, Kuvera Global
iGenius, iGenius Global
ndau, CRYPTOElite
EndoTech

Related Domains

https://investview.com
https://igeniusglobal.com
https://igenius.biz
247-igeniustrade.online
https://www.cryptoelite.com
https://ndau.io

Related legal entities

Investview, Inc.
Wealth Generators LLC
Kuvera LLC
iGenius LLC
iGenius Global Limited

Jurisdictions | U.S., U.K, Dubai

Related individuals

David B. Rothrock
Victor M. Oviedo
James Bell
Ralph R. Valvano
Jayme L. McWidener
Myles Gill
Chad Garner
Christian Crabtree
Jamie Brown
Austin Smith
Stefan Kassing
Riker Healy
Cade Miller
Julie Marie Gerard
Rocco Ricci

Authorization | no authorization to offer financial products
Regulator | SEC for Investview
Regulatory warnings | FCA, CNMV, AMF
Compliance rating | Black

Share Information

If you have any information about Investview, iGenius and their activities, please let us know via our whistleblowing platform, Whistle42.