IM Academy entices with luxury lifestyle, money, and community.
Norran has previously reported on IM Academy, which has been identified as a suspected pyramid scheme, or investment fraud, by about a dozen authorities in different countries.
IM Academy has now gained traction in Skellefteå, and Norran has spoken to two mothers whose sons have been recruited.
– My son is completely brainwashed and it's impossible to reach him. He is very difficult to talk to, and I have really tried my best to get information out of him. He firmly believes that he will become rich, said one of the mothers, who we'll call Maria.
Maria's son is 17 years old and was recruited into the IM Academy earlier this autumn. He has recruited two other people himself and is convinced that he will earn about 500 kronor per week. However, because he is a minor, Maria can still see his bank transactions and no money has been paid into his account.
– All I can see is that money has been paid out. First, 3,000 kronor was deducted for an education package. A few weeks later another 2,800 kronor was taken out, she says.
Maria dreads the day when her son turns 18. Then he will be allowed unrestricted access to his funds, and she will lose her ability to monitor them.
– I really don't want all his savings to end up in that company, she says.
In a voice message obtained by Norran, the son is told to get rid of "negative energy" in his life.
– Brother, you're not like the others. You have a little negativity, a little negative energy. You wrote to me: that just proves how far you want to go. You have the potential. Please don't give up on your potential; exploit it 100%. Be the person who knows where you're going, 100 percent sure, and never give up on your dreams, brother, a person from IM Academy says in the voice message.
Maria's son forwarded her the message as proof that the concept was serious. But it had the opposite effect on Maria.
– The other person gives me the creeps. He sounds like he's trying to manipulate my son. What real businessman says 'brother'? It feels like a cult, she says.
Other parts of the chat history are also visible. In one chat, the son tells the IM Academy representative that he will pay IM some money he apparently owes when his salary is paid. The other person then sends a voice message, to which the son replies:
"Ah, okay, okay, but I might have to see if I can borrow money from someone so I can get started as soon as possible.
The conversation takes place in the encrypted messaging app Telegram. Telegram was developed in Russia and has faced criticism for providing a platform for extremist groups.
The other mother, whom we'll call Emelie, has a similar story. Her son joined the IM Academy this summer.
– I find it a bit difficult to understand what the concept is; it was something about buying education that would lead to him making money. It was obvious to me that it's a scam, and I got really angry and told him he was being scammed, she says.
However, her son recently told her that he had stopped trading currencies.
– I don't really know why; maybe he realized he was being scammed. Since he turned 18, I can't see his account, but I'm sure he never made any money, she says.
Back to Maria, she contacted the police and was told to file a tip online, which she did. But she did not file a formal police report.
– The thought has crossed my mind that I could do it. But I don't know; I wasn't the one who was targeted, and I'm not sure filing a report would do anything. I thought I would leave a tip and hope that the police would get back to me, she says.
The scheme is calculated, in her view, to appeal to teenagers.
– I told my son that he could trade foreign exchange through another established company like Avanza. But he doesn't want to listen.
– I have really tried to show him all the facts; for instance, I made him listen to an investigation that P4 Sjuhärad conducted. I have really done everything in my power, but he won't listen. He just says, 'Why should I listen to you who have had a regular job all your life?' He is a completely different person; he has never been this way before.
SR P4 Sjuhärad is one of several media productions that have investigated IM Academy.
What would you like to happen now?
- Of course I wish companies like this didn't exist. I told my son that sooner or later they will collapse or be exposed. I hope he realizes that they shouldn't be allowed to continue operating and deceiving young people. This is all terribly tragic, says Maria.
Norran has tried to contact IM Academy several times. The company has not responded. There is no clear information on the company's website about who is responsible, or the identities of the people behind the concept. No telephone numbers are provided. The only means of contact is an email address, but it is unclear who maintains it.
Norran has also made repeated attempts to reach the founder, Christopher Terry, both through his own website and social media, but he has not responded.
Efforts to contact the man who recorded the recruitment video have also been unsuccessful.
Note: Maria and Emelie are pseudonyms.
Do you have experiences with IM Academy? Get in touch with us at tipsa@norran.se.
Read more: Skellefteå youth in the cross-hairs of suspected pyramid scheme
IM Academy
IM Academy is not registered in Sweden, neither as a company nor as an association.
The concept is aimed at young people and claims to offer the opportunity to make substantial amounts of money. Much of it revolves around expensive education packages in various fields, including currency trading, which is supposed to provide members with the potential to become wealthy. The more people you recruit, the more you can make.
However, authorities in about a dozen countries have issued warnings that IM Academy appears to be a pyramid scheme or investment fraud. In Belgium, for example, the concept has been banned outright.