The Federal Trade Commission (FTC) and the State of Nevada have reached a settlement with five lead defendants of the IM Mastery Academy multi-level marketing (MLM) scheme, including founders Chris and Isis Terry, who will surrender nearly $90 million in assets to resolve allegations of deceptive earnings claims.
The case targets a scheme that operated under various names including IM Mastery Academy, iMarketsLive, IM Academy, and most recently IYOVIA. The defendants were accused of using false or baseless claims to persuade consumers to buy costly financial trading training programs and to recruit others into their MLM business model. The FTC alleges the scheme generated over $1.2 billion since 2018, largely targeting young people through social media promotions that showcased lavish lifestyles purportedly funded by trading profits and MLM commissions.
Settlement and Asset Forfeiture
The settlement imposes a monetary judgment of $795.8 million against the five main defendants. To partially satisfy this judgment, the Terrys and associated entities will surrender a diverse portfolio of assets, including eight luxury homes across New York, Nevada, Florida, and Dubai; 13 lots in a high-end real estate development near Las Vegas; 19 luxury vehicles such as Range Rovers, BMWs, a Bentley, and a Rolls Royce; a yacht; and high-value jewelry including a 15-carat diamond ring and watches from Richard Mille, Bulgari, and Rolex.
Combined with previous payments made by other defendants involved in the scheme, the total amount of assets and monetary judgments to be recovered exceeds $100 million. The remainder of the judgment will be suspended but may be enforced if the defendants are found to have provided false financial information to the FTC or Nevada authorities.
Prohibitions and Consumer Protections
In addition to the financial penalties, the settlement order imposes several restrictions on the defendants:
- A ban on selling trading training services and investment opportunities.
- A prohibition on making false or misleading earnings claims or other misrepresentations related to products, experience level, refund policies, and other conditions.
- Requirements to obtain a reasonable basis for all earnings claims before making them.
- Obligations to disclose terms related to negative-option features, obtain express informed consent before charging consumers, and offer simple cancellation mechanisms.
- A ban on deceptive telemarketing practices and violations of the FTC’s Telemarketing Sales Rule.
Legal Actions and Enforcement Steps
The FTC and Nevada originally filed suit in May 2025. They obtained a preliminary injunction and asset freeze against the Terrys and their companies in August 2025, which was later modified to include a receivership. The enforcement efforts also targeted other executives and top salespeople connected to the scheme, resulting in separate judgments against entities like Global Dynasty Network, LLC, and individuals including Jason Brown, Matthew Rosa, Alex Morton, and Brandon Boyd.
The stipulated final order was approved by a 2-0 vote of the FTC Commissioners and has been filed in the U.S. District Court for the District of Nevada, where it holds the force of law once signed by the judge. FTC staff attorneys involved in the case are Thomas Biesty, Laura Basford, Ron Brooke, and Josh Doan of the Bureau of Consumer Protection.
Why it matters
This settlement underscores the FTC’s ongoing commitment to combating deceptive MLM schemes that exploit consumers with false income promises, particularly young people enticed through social media. It also demonstrates the agency’s use of robust legal tools—including asset freezes, injunctions, and monetary judgments—to disrupt fraudulent business practices and recover funds for affected consumers.
Sources
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