The digital age has reshaped how we communicate and how scammers operate. Gone are the days when multi-level marketing (MLM) schemes were predominantly spread in hotel conference rooms and large events. Today, social media platforms like Instagram and TikTok have become the new arenas for these fraudulent operations. One such scheme recently spotlighted is iGenius, formerly known as Kuvera and Kuvera Global, which has been identified as a Ponzi scheme.
Bravo: Levi Penell’s (@levihallo) Exposure
A young German TikTok user, Levi Penell (@levihallo), recently took to the platform to expose the iGenius scheme. He explains the true nature of get-rich-quickly schemes with a straightforward video approach. In another video on TikTok, Levi demonstrated that it took him only a brief amount of research to identify the red flags associated with iGenius. Through a couple of videos and about 15 minutes of Google searching, he revealed the unrealistic promises of quick riches and high passive income that iGenius purportedly offers. His initial skepticism was based on common sense, a crucial yet often overlooked tool in identifying fraudulent schemes.
Regulatory & Other Warnings
Levi’s revelations are backed by various financial market regulators who have warned against iGenius. These include the Financial Conduct Authority (FCA) in the UK, the Comisión Nacional del Mercado de Valores (CNMV) in Spain, and the Autorité des marchés financiers (AMF) in Canada. These warnings underscore the risks associated with the operations of iGenius, which claims to invest in financial markets and distribute profits to its members without significant expenses.
For several years, the well-known MLM review platform BehindMLM has warned against the iGenius system and its various associated schemes. According to BehingMLM, iGenius is directly connected to the U.S. SEC-controlled entity Investview, Inc., a public company listed on the OTCQB with the symbol INVU.
The Viral Impact and Backlash
Levi’s critical videos have not only gone viral but have also drawn significant backlash from defenders of the iGenius system. Prominent figures within iGenius, such as Rocco Rizzo (@rozzoxrizzo), have been compelled to respond, often attacking critics and labeling them as “haters.” This response is typical of MLM schemes, where any critique is met with vehement opposition.
The Role of Social Media
The iGenius case illustrates the pivotal role of social media in the proliferation of MLM and Ponzi schemes. Platforms like TikTok and Instagram allow for rapid recruitment and dissemination of misleading information. This ease of spreading false promises significantly enhances the reach of such schemes, often outpacing the ability of regulators and watchdogs to intervene effectively.
Lessons from the iGenius Case
Levi Penell’s actions serve as a crucial reminder of the power of individual vigilance and the importance of common sense in financial dealings. His experience highlights how social media can be a double-edged sword—while it can facilitate the spread of scams, it can also be a powerful tool for exposing them.
Conclusion and Call to Action
The iGenius Ponzi case on TikTok is a wake-up call for the potential victims of similar schemes proliferating on social media. It underscores the need for continuous education and awareness about the dangers of such fraudulent operations. We urge our readers to remain vigilant and report any suspicious activities to regulatory authorities or through platforms like our whistleblowing system, Whistle42. By staying informed and cautious, we can collectively thwart the efforts of those who seek to exploit the uninformed for financial gain.
