• The President of UOKiK has brought charges against the iGenius LLC company and its promoters. He has also issued a consumer warning.
• iGenius offers educational services in finance management. The Authority is of the opinion that a pillar of the company’s operations involves, however, an offer-related partner scheme which may constitute a pyramid-type incentive scheme.
• Such schemes are prohibited as they bear high risk of financial losses for consumers.

The iGenius LLC company from the United States sells packages of materials and online trainings on online investment on igeniusglobal.com. One-time payment ranges from USD 100 to approximately USD 1,500. Consumers are given monthly access to the selected content along with the information on a capacity to join the platform-promoting scheme which is to entail financial benefits for them. For this purpose, they are obliged to pay a fixed subscription fee for access to the platform (ranging from approximately USD 100 to USD 175) and build a network by way of acquiring new users of the iGenius packages who will recruit subsequent scheme members for which they will be remunerated. Such a partner scheme structure may prove that this is a pyramid-type incentive scheme. The President of UOKiK informed the prosecution authorities about the possible commitment of a crime. Additionally, he decided to use an exceptional tool protecting potential aggrieved parties.

– I have issued a consumer warning about the operations of the iGenius company. I pressed it a charge for creating, operating and promoting a pyramid-type incentive scheme. This type of scheme is legally prohibited as an unfair market practice. The information collected in the course of the proceedings proves that the aim of the scheme organisers and the iGenius platform promoters is first and foremost to acquire new members for their network. The educational aspect of the operations may only make appearances of the project legitimacy and mask the objective being the money acquisition from subsequent platform users. This may expose a wide range of consumers to significant losses or adverse financial consequences – says the President of UOKiK, Tomasz Chróstny.

In pyramid-type incentive schemes, unfair entrepreneurs acquire new customers attracted by remuneration for entering subsequent customers in the scheme. Such schemes need an uninterrupted inflow of new members and their contributions. It is not sustainable in the long-term, which is why the scheme fails and consumers lose their money. Therefore, the President of UOKiK decided to issue a consumer warning concerning the iGenius company and to press charges against it.

For setting up, operating or promoting pyramid-like incentive schemes the entrepreneur is subject to a fine in the amount of up to 10 percent of the turnover.

Charges for promoters

In Poland, the offer of igeniusglobal.com is particularly promoted by persons composing an informal group called Gamechangers Polska. They receive commission for successful sales of iGenius packages, including for building and maintaining the organisation of active platform users. In most cases, they use their personal profiles in social media for this purpose but also arrange intra-mural meetings for group members.

Marketing messages of iGenius promoters emphasise that, thanks to the platform, anyone may achieve financial success, become a millionaire or change their life. They enhance this concept with footages from their travels abroad and amazing with luxuries. However, these are first and foremost the marketing activities and this is the participation in the iGenius partner scheme rather than operations in financial or crypto-asset markets which gives them financial benefits. This is typical of pyramid-type incentive schemes which tempt members with attractive remuneration for recruiting subsequent persons and building the structure.

The President of UOKiK pressed charges of promoting iGenius partner scheme to six entrepreneurs - leaders of the informal Gamechanger group: Adam Biernat, Filip Gaworski, Cezary Lewicki, Wioletta Białek, Adrianna Rudnicka and Dominika Janosze. If the charges are confirmed, the fine could be up to 10 percent of turnover.

The President of UOKiK keeps on monitoring the market and online projects which may be pyramid-type incentive schemes or may violate the provisions of the Act on Competition and Consumer Protection in some other way. In 2022, he issued a consumer warning against IM Academy – the company which also promoted a partner scheme that might have been a pyramid-type incentive scheme.

Some such undertakings may also be of the so-called pyramid scheme nature, i.e. fraud crime under Article 286 of the Penal Code, which takes place in an organised manner. If you suspect that you have faced such a situation, inform the Police or the Public Prosecutor’s Office.

Consumer warning

Moreover, pursuant to the Act on Competition and Consumer Protection, the President of UOKiK may issue a warning when he concludes that an undertaking applies illegal practices which may put a substantial group of consumers at risk of significant financial losses or adverse consequences. Warnings are published on the website of UOKiK.

The consumer warning referred to in the press release concerns iGenius with its registered office in Kaysville (USA).

Consumers, please remember!

Before you decide to invest your savings or join a partner scheme, check the entity offering it on the websites of the following: UOKiK, the Financial Ombudsman and the Polish Financial Supervision Authority. Pay attention to a list of public warnings against potentially dangerous forms of investing.