FTC, Nevada Force IM Mastery Academy Ringleaders to Surrender $90 Million in Assets, Including Mansions, Yacht, and Rolls Royce
Chris and Isis Terry accused of using deceptive earnings claims, social media luxury displays to lure young people into $1.2 billion MLM scheme
LAS VEGAS — The masterminds behind the IM Mastery Academy multi-level-marketing scheme will surrender nearly $90 million in assets — including eight luxury homes, a yacht, a Bentley, a Rolls Royce, and a 15-carat diamond ring — to settle federal and state charges that they used false earnings claims to defraud consumers, the Federal Trade Commission announced Thursday.
The proposed order against Chris and Isis Terry and their companies resolves allegations that the couple orchestrated a wide-ranging scheme that generated more than $1.2 billion since 2018 by selling financial trading training services and an MLM business venture under various brand names, including IM Mastery Academy, iMarketsLive, IM Academy, and most recently IYOVIA.
“Today’s action reflects the Federal Trade Commission’s steadfast commitment to protecting our markets and consumers from deceptive schemes that take advantage of Americans seeking legitimate financial opportunities,” said Christopher Mufarrige, Director of the FTC’s Bureau of Consumer Protection. “Consumers should be cautious when encountering money-making opportunities that promise significant earnings, especially those spread on social media.”
The FTC and the State of Nevada alleged that the defendants used false or baseless earnings claims to entice consumers — particularly young people — to purchase training on how to invest in financial markets. The scheme’s marketing relied heavily on social media posts flaunting luxurious lifestyles, purportedly funded by trading profits and MLM commissions.
Under the proposed order, the five main defendants face a $795.8 million judgment. To partially satisfy that amount, they must surrender a vast collection of assets, including:
- Eight luxury homes in New York, Nevada, Florida, and Dubai
- Thirteen home lots in a high-end real estate development near Las Vegas
- Nineteen automobiles, including Range Rovers, BMWs, a Bentley, and a Rolls Royce
- One yacht
- Jewelry including a 15-carat diamond ring and watches from Richard Mille, Bulgari, and Rolex
The Terrys’ surrendered assets, combined with monetary judgments already paid by other defendants, are expected to total more than $100 million. The remainder of the $795.8 million judgment will be suspended, but the full amount becomes due immediately if the defendants are found to have lied about their finances.
The proposed order also permanently bans the defendants from selling trading-training services or investment opportunities, prohibits false earnings claims, and bars misrepresentations about refund policies, cancellation terms, or negative-option features. It further requires express informed consent and simple cancellation mechanisms for any negative-option sales.
In August 2025, the FTC and Nevada obtained a preliminary injunction against the three companies operating the scheme and the Terrys. That was followed by a modified preliminary injunction in November 2025 imposing a receivership and asset freeze.
Earlier judgments were obtained against other defendants, including executives Jason Brown, Matthew Rosa, Alex Morton, and Brandon Boyd.
FTC Halts Mortgage Relief Scam That Used CARES Act to Lure Homeowners Into Paying Illegal Upfront Fees
Federal court temporarily shuts down California-based operation accused of promising lower rates and monthly payments that never materialized
LOS ANGELES — A federal court in California has temporarily halted a mortgage assistance relief operation that allegedly deceived financially distressed homeowners by claiming its services were connected to the federal CARES Act — then charged illegal upfront fees and delivered no relief at all.
At the request of the Federal Trade Commission, the U.S. District Court for the Central District of California granted a temporary restraining order against National Amendment Assistance, which also does business as N.A.A., and related entities and individuals accused of operating the scheme.
“When Americans look for ways to cut costs and lower their monthly bills, they shouldn’t have to worry about being targeted by mortgage scammers,” said Christopher Mufarrige, Director of the FTC’s Bureau of Consumer Protection. “When scammers try to take advantage of ordinary consumers, the FTC will act swiftly and decisively to stop such scams.”
According to the FTC’s complaint, since at least 2022, Southern California-based companies steered by Marinus Pieter Van Zweeden, Martin Howard Rub, and Susan Jane Bustamante have mailed letters to homeowners nationwide claiming to offer mortgage relief under the Coronavirus Aid, Relief and Economic Security (CARES) Act. The letters stated that consumers could obtain a reduction in their home mortgage rate through a special program connected to a “CARES-Act Homeowner Assistance Fund or Lender Specific In-house Mortgage Adjustment Program” and urged recipients to call a phone number for more information.
The letters provided specific terms for the supposed mortgage modification, including a lower mortgage rate and reduced monthly payment. The defendants also allegedly misrepresented that consumers had a “grace period” during which they did not need to pay their mortgage.
The FTC alleges these promises were entirely false. The defendants did not obtain any mortgage relief for consumers and instead walked away with upfront fees and financial information. Many consumers, already in financial distress, lost the money they paid and fell behind on their mortgage payments, with some facing foreclosure or default.
The complaint charges the defendants with violating the FTC Act, the Mortgage Assistance Relief Services (MARS) Rule, and the Gramm-Leach-Bliley (GLB) Act. Specifically, the FTC alleges the defendants deceptively:
- Promised mortgage loan modifications that would make payments more affordable
- Claimed their services were associated with a federal government homeowner assistance plan
- Instructed consumers not to make monthly mortgage payments
- Collected upfront payments before consumers executed a written agreement with their loan holder or servicer
- Made false statements to induce consumers to provide financial institution customer information, violating the GLB Act
The FTC is seeking redress for affected consumers. The court entered the temporary restraining order based on the alleged law violations. The complaint was initially filed under seal, which has now been lifted.
The defendants include Accounting Business Consultants Inc. (California and Nevada entities), Accounting Servicing Providers Inc., Amster Beene Partners Inc., Assertive Loan Advisors Inc., Independent Accounting Consulting Inc., United Administration Counseling Inc., United Bookkeeping Services Inc., and their three officers: Van Zweeden, Rub, and Bustamante.
FTC Cracks Down on MLM ‘Top Earners’ Who Promised ‘Buttload of Money’ — While 79% Made Nothing
Steven and Gina Merritt, senior LifeWave participants, banned from making deceptive earnings claims after allegedly recruiting workers with false income promises
WASHINGTON, D.C. — The Federal Trade Commission has taken action against two high-level participants in a multilevel marketing company, alleging they deceived consumers with false and baseless claims about how much money they could earn selling health products and recruiting new members — while company data shows nearly four out of five active participants made nothing at all.
The FTC’s complaint names Steven and Gina Merritt, senior-level participants in LifeWave, a company that sells health and wellness products through an MLM model. The agency alleges the Merritts repeatedly used inflated earnings claims to entice people to join the venture.
“The Merritts used inflated earnings claims to entice potential participants to join LifeWave when in reality most people did not earn any money,” said Christopher Mufarrige, Director of the FTC’s Bureau of Consumer Protection. “The FTC has been very clear that if you tell consumers they will make lots of money, you need to back up the claims.”
According to the complaint, in a May 2025 video posted to their YouTube page from a recruiting meeting, Gina Merritt told attendees, “We’re going to make you a – can I say buttload – a buttload of money…I cannot wait to help you guys get to the top rank and make $25,000 or more a week.”
Her husband Steven added at the same meeting: “The money keeps coming, even if you don’t show up, and you can’t stop it. It’s like a spigot of water but a spigot full of $100 bills throwing at you, coming at you. You can’t stop it. Anybody want that?”
But LifeWave’s own 2024 income disclosure statement tells a very different story, the FTC said. The document shows that 79% of active participants earned nothing in commission payments in 2024. At most, only 0.035% — roughly three one-hundredths of one percent — of active participants earned more than $25,000 per week.
A stipulated final order filed in the U.S. District Court for the Southern District of Florida settles the FTC’s allegations against the Merritts. The order prohibits them from misrepresenting or assisting others in misrepresenting earnings from any business venture.
Specifically, they are banned from making false claims — either directly or through images of homes, vehicles, purchases, or travel — about what participants will likely earn, what the Merritts or others have actually earned, or why participants do not earn substantial compensation.
Any future earnings claims must be truthful, non-misleading, and substantiated in writing at the time they are made. The Merritts must provide that evidence to anyone who expresses interest in becoming a participant.
The order also requires the Merritts to notify their downline participants about the FTC’s allegations and the prohibition on making deceptive or unsubstantiated earnings claims.
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