The FTC has accused Iyovia co-founder Christopher Terry of dissipating over $6 million in assets.

The FTC alleges Terry’s actions violate the Iyovia preliminary injunction granted on August 12th.

In an emergency motion filed on August 28th, the FTC requested the court direct Terry to explain why he shouldn’t be held in contempt.

As explained by the FTC in its emergency motion;

The IML Defendants operated a global scam that took hundreds of millions of dollars from consumers around the world, with Chris and Isis Terry being the scheme’s top earners.

Because Plaintiffs have demonstrated a risk of further asset dissipation by IML Defendants, the Modified PI requires the IML Defendants to produce sworn financial disclosures forms and foreign asset disclosures.

The disclosures were due on August 27th but, instead of filing them, the FTC claims it has been fed a bunch of excuses.

The FTC states it initially agreed to an extension to an eight-day extension with respect to financial disclosure filings.

On August 27th, the FTC contacted Iyovia’s attorney to confirm financial disclosures would be filed later that same day.

Iyovia’s attorney didn’t respond till 6pm;

IML Defendants [attorney] responded, stating that he has been working on his clients’ 2024 tax returns and would not allow his clients to sign any financial disclosures that might be inconsistent with qualifying language in his anticipated tax filings.

Counsel provided no date by which his clients expect to produce the required Financial Disclosures.

The next day the FTC contacted three Iyovia attorneys, to advise them of the FTC’s intent to file an emergency motion.

The FTC’s emergency motion details a response from one of Iyovia’s  contacted attorneys;

Counsel for the IML Defendants, demurred in his response, stating, “I do not think I will have a chance to have meaningful conversations with [another attorney] and/or the client until next week, which is why I offered to have a meet and confer after the holiday,” and requesting “some grace so I can assess where we are in the process.”

While this back and forth has been going on, the FTC further alleges Chris Terry has been dissipating assets.

Wells Fargo Bank records show that on May 15, 2025, $9 million was transferred out of a checking account in the name of the Auspicious Irrevocable Trust – a purported trust that holds title to assets for the benefit of the Terrys – leaving the account with only $68,365.

The FTC has previously claimed Terry sold multiple properties back in June.

Requesting the court hold Iyovia and the Terrys in contempt, the FTC concludes;

It is undisputed that the IML Defendants have failed to comply with their obligations under Sections VIII and IX of the Modified PI.

Instead, it appears that they are attempting to obstruct Plaintiffs’ and the Monitor’s investigation into their assets.

Plaintiffs’ efforts at convincing IML Defendants to produce the Financial Disclosures have been exhausted.

Thus, Plaintiffs seek Court intervention to enforce these critically important Sections of the Modified PI.

The Iyovia defendants have been directed to file a response by 5pm on September 2nd. Stay tuned.