WASHINGTON, D.C. — The Federal Trade Commission and the state of Nevada have secured a proposed settlement requiring key defendants behind the IM Mastery Academy trading-training venture to surrender nearly $90 million in assets over allegations they used deceptive earnings claims to market financial education programs and a multi-level-marketing business.
The settlement targets five defendants, including company founders Chris Terry and Isis Terry, who regulators alleged promoted unrealistic income opportunities through social media campaigns showcasing luxury lifestyles tied to trading profits and recruitment commissions.
The FTC and Nevada Attorney General first sued the defendants in May 2025, alleging the operation — which has also operated under the names IYOVIA, iMarketsLive, and IM Academy — generated more than $1.2 billion since 2018.
According to the complaint, the defendants targeted younger consumers with claims that participants could achieve substantial wealth through foreign exchange and cryptocurrency trading education combined with recruitment-based compensation.
The proposed order imposes a $795.8 million judgment against the five principal defendants. Most of that amount will be suspended after the defendants transfer assets valued at nearly $90 million and other defendants satisfy additional monetary judgments, regulators said.
Assets to be surrendered include eight luxury homes in New York, Nevada, Florida, and Dubai; 13 residential lots near Las Vegas; 19 vehicles, including a Bentley and Rolls-Royce; a yacht; and high-end jewelry and watches.
The FTC said the total value of assets and judgments recovered in the broader case is expected to exceed $100 million.
The remaining balance of the judgment would become immediately due if regulators determine the defendants misrepresented their financial condition during settlement negotiations.
Christopher Mufarrige, director of the FTC’s Bureau of Consumer Protection, said consumers should be wary of income opportunities promoted heavily through social media.
“Consumers should be cautious when encountering money-making opportunities that promise significant earnings,” Mufarrige said in a statement.
Under the settlement, the defendants would be permanently barred from selling trading-training services and investment opportunities. The order also prohibits false earnings claims, requires substantiation for income representations, and imposes restrictions on telemarketing and recurring-payment practices.
Federal regulators previously obtained preliminary injunctions, a receivership, and asset freezes against the companies and the Terrys in 2025.
The FTC also previously secured judgments against several other executives and promoters tied to the operation, including Alex Morton and Brandon Boyd.
The Commission voted 2-0 to approve the stipulated order, which was filed in the U.S. District Court for the District of Nevada.
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