A Temporary Receiver has taken control of assets hidden by Iyovia husband-and-wife co-founders, Chris and Isis Terry.

Court filings reveal “a vast web of companies and real estate holdings” used to hide over $100 million in assets. Payments to Chris Terry’s “live-in girlfriend” and other women to keep them “loyal” are also alleged.

Following earlier accusations of Chris Terry draining over $9 million from a bank account and hiding assets behind a trust company, the FTC filed an emergency motion for a preliminary injunction on October 16th.

The FTC and Nevada secured a preliminary injunction against Iyovia as a corporate defendant in August.

As part of that injunction, the Terrys were ordered to preserve their assets.

This included prohibition from moving “substantial sums of money” and transferring “any assets overseas”. To ensure compliance, the court appointed a monitor.

As alleged by the FTC and Nevada in their October 16th motion to modify the previously granted injunction;

Since the preliminary injunction has been entered, Plaintiffs and the Monitor have uncovered a vast web of companies and real estate holdings engineered by the Terrys to hide their assets from law enforcement.

Although the Defendants’ scheme brought in over $1.3 billion in revenue, the Court-appointed Monitor in this case has found that the Corporate Defendants’ bank accounts are nearly empty.

The FTC and Nevada go on to allege Christ Terry has been working to hide his assets for years.

The Terrys have been working assiduously to hide their assets from law enforcement action for years.

Chris Terry admitted as much in a text message exchange with IML vice president and former defendant Jason Brown.

In March 2021, Chris Terry informed Brown that the Terrys had moved assets into “LLCs…so it’s hidden…Off grid…$12_14m…no taxes…no govt or anyone can search me on. Never know.

Imagine I get sued…I am dest[it]ute…We have asset protection across [the] board.”

In February 2019, the Terrys created the Auspicious Trust (“Trust”). They also began to create an array of LLCs, into and through which they moved funds they had obtained from consumers deceived by the IML scheme.

They used consumers’ funds to accumulate luxury real estate, yachts, and vehicles—in part by transferring cryptocurrency that consumers paid to IML into Chris Terry’s personal cryptocurrency wallets.

In fact, the Monitor concludes that Chris Terry took “substantially more than $50 million of cryptocurrency [alone] from IML.”

Chris Terry testified at his deposition that he used these funds to purchase “20-plus” properties in the Las Vegas area. He then titled many of the properties in the name of Dominant Consulting Group.

He also used consumers’ funds to purchase a mansion in Henderson, Nevada for his “girlfriend,” Keishia McLeod. He ensured that the mansion was titled in the name of an LLC of which Ms. McLeod is the sole member.

In addition to the Las Vegas-area real estate and multiple luxury properties in Florida, the Terrys also purchased two luxury condominiums in Dubai and a Midtown Manhattan condominium for roughly $20.5 million — in part by transferring over $2.2 million out of an IML corporate bank account.

The Terrys also used cryptocurrency derived from the IML scheme to fund the purchase of the Dubai properties.

The Monitor has found that the Terrys extracted “substantially more than $100 million” from the IML scheme to fund their extravagant lifestyle and to buy “more than $94 million in elite real estate properties.”

Noting that Terry “bragged about hiding his assets from government oversight”, the FTC and Nevada note “the assets located to date … are likely materially incomplete”.

Since the Iyovia preliminary injunction was granted in August, the FTC and Nevada allege “the Terrys keep trying to place their
assets outside the reach of the Court.”

The Defendants have been dilatory in providing required financial disclosure statements and supporting documents to the Monitor and Plaintiffs, and the statements they have provided fail to disclose major assets they own or grossly misrepresent their value.

The Monitor reports that the Terrys provided deposition testimony that “demonstrates a disrespect for this Court’s orders and, it appears, an obstinate refusal to abide by them.”

Isis Terry, for example, claimed that her engagement ring, which has been appraised at nearly $3 million by a jewelry appraiser, was worth only $10,000 on her financial disclosure statement.

Only after the Monitor caught her in this lie at her deposition did she update her financial disclosure statement and acknowledge the value of the ring.

Neither of the Terrys has disclosed transfers of assets over $5,000, which is required by the financial disclosure form.

Nor have they disclosed the Auspicious Trust, which appears to hold assets valued at over $57 million, on their financial disclosure statements, even though there is no dispute that they are beneficiaries of the trust, have total control over it, and the disclosure form specifically seeks information about trusts.

The Monitor has also found that the Defendants have failed to provide Foreign Asset Disclosures required by the PI.

Further, the [Iyovia] Corporate Defendants have not submitted any financial disclosure statements at all, even though they were due August 26, 2025.

To date, Defendants’ counsel has refused to provide any date certain by which the Corporate Defendants would provide their financial disclosure statements.

Nor have they provided a date by which the Terrys’ financial disclosure statements would be accurately completed.

One definitive example of the Terrys attempting to hide assets is placing a yacht under control of Beach Music LLC, a company registered in Delaware in 2019.

Beach Music LLC is 50% owned by Preston Sterling Kerr (right), who the FTC and Nevada cite as the Terrys “long-time attorney, fixer, and business partner”.

The other 50% of Beach Music LLC is owned by Tera Firma Development LLC, a Nevada registered company.

In opposition to the FTC’s sought preliminary injunction modification and appointment of a Receiver, Kerr filed an emergency motion to intervene on October 20th.

Beach Music is a manager-managed Delaware LLC whose sole asset is a 57-foot McKinna motor yacht.

Mr. Kerr acquired the company in 2019 and manages the company and personally pays all operating expenses.

In 2023, Mr. Kerr assigned a 50% membership interest to Terra Firma Development, LLC, a Nevada limited-liability company owned by a trust established for Christopher Terry.

Neither Terra Firma nor Terry has any management rights or operational control under Beach Music’s Operating Agreement.

The FTC’s motion for a receiver extends far beyond its authority. Under Delaware law, a creditor of an LLC member is limited to a charging order against that member’s economic interest.

The FTC cannot circumvent that statutory restriction by seizing the entity itself. Beach Music is not a party to this action and has not been accused of any misconduct.

The court denied Kerr’s motion on October 24th. Firstly finding the matter did not qualify as an emergency, and secondly;

To be clear, the court requires more than a selfserving statement from Kerr to accept that Beach Music’s only asset is a boat, or the representation Beach Music is not, nor has ever been, in receipt of assets related to the business scheme set forth in the complaint.

The need for more than self-serving statements is revealed by the Monitor’s reports. The reports show that funds from the alleged scheme were used to purchase a yacht in 2021.

It is unclear whether this is the same yacht that Kerr references in his declaration, but other evidence suggests that it might be.

Common sense dictates that this is the sort of information that the court needs to determine if Kerr is entitled to the relief he demands.

The Monitor’s reports reveal that Isis Terry transferred approximately $5 million into Terra Firma, from another LLC owned by Isis, in 2021.

Thus, based on review of the preliminary information before the court, Beach Music indeed received assets from activity that is the subject of this case, so it is covered by the PI.

With a decision on the FTC’s motion for a preliminary injunction modification and appointment of a Receiver pending, the court-appointed Monitor filed a Status Report on October 20th.

The report went into further detail regarding the Terrys’ alleged efforts to conceal assets.

Chris and Isis Terry have engaged in a years-long effort to hide assets, which continued after this lawsuit was filed in May of 2025.

For example, in an August of 2020 text discussion between Chris and Isis (De La Torre at the time), Chris explained the use of cryptocurrency transactions and cryptocurrency ledgers to prevent the government, the IRS, and third-parties from discovery of their assets.

Mr. Terry wrote: “No government nobody [h]as access to harm us No irs Nobody”; he attached a photograph of a cryptocurrency ledger, noting that he planned to get several of the ledgers to “spread the risk,” maybe even “5” or “10” of the devices.

In response, Isis asked Mr. Terry: “But promise nobody knows about this but you and me.”

He reassured her in response, indicating that he was able to keep deals “off record” with “0 audits risk” using “[h]ouse and design and renovation off grid[.]”

Mr. Terry then texted Isis Terry, “IRS 0 knowledge[.]”

Isis Terry responded: “F*** the IRS!”

It’s unclear whether the IRS has opened an investigation into the Terrys. Exhibits in the Iyovia FTC case certainly appear to link the Terrys to various instances of tax related fraud.

As a recent example, we found a January 2025 screenshot of a text from Chris to Isis Terry (which Chris sent to a third party) in which he discussed moving funds in anticipation of a lawsuit by the FTC.

In the text, Chris told Isis he was moving $1 million to attorney Sterling Kerr’s IOLTA account and the bulk of the funds to overseas bank accounts.

Kerr’s alleged conduct appears to warrant his inclusion in an IRS investigation pertaining to the Terrys.

Pursuant to financial fraud, the Monitor provides insight into Chris and Isis’ marriage.

The Terrys were married in March of 2021. But by all appearances, the marriage is not a real marriage.

Mr. Terry does not co-habitate with Isis Terry, but instead lives with his girlfriend Keisha McLeod, in a house he purchased in the name of an entity purportedly controlled by McLeod.

The recent ability to inspect Mr. Terry’s texts left no doubts that the marriage was entered for business and asset protection.

Since marrying, Mr. Terry has stated to several women that his marriage with his “business partner” was done for business reasons simply to protect their assets.

For instance, on September 25, 2022, Mr. Terry admitted in a text exchange that he “was married but [we] do our own thing. Married for assets[,]” explaining that he actually lived with his girlfriend Ms. McLeod (who goes by Anastasiia).

Similarly, on November 7, 2021, Mr. Terry texted another female, jokingly proposing to marry her and her friend after seeing a picture of the two of them; he went on to describe that he was not “[n]ot married,” explaining “isis is biz partner we used to be together but for biz is story we made.

We own tons of assets we biz together 25 years It looks good biz.”

Indeed, around the same time, Chris Terry referred to Isis Terry as “my cfo” and then said that he and Ms. Terry were “exes” but she was “always protected.”

Specific to Keisha McLeod, the Monitor wrote;

[McLeod] was also a primary beneficiary of millions of dollars in transfers from IML. [Terry] even shared with her plans to keep his and her assets out of the government’s reach through his expert understanding of asset protection laws.

In April 2023 texts, after Ms. McLeod said she dreamed of having many homes including ones in Scotland and France, Mr. Terry explained how he had specifically chosen places to buy real estate where he could protect assets.

He wanted to “Protect[s] assets nobody can control lol”; he explained the homestead laws of Florida and Nevada and eve pulled up ChatGPT to assist in his explanation of his asset protection efforts.

[Terry] went on to explain how he could purchase international real estate that could not be touched by US authorities:

“In France US has 0 jurisdiction over it so UR safe alw[a]ys

I know the game to…protect…”

Mr. Terry also explained how his purchases of real estate in the United States were also a part of his plan.

Mr. Terry even stated that he was living in Las Vegas because of the favorable laws, and “Not c[a]use love Vegas I can give a s**t. Is asset protection and fla same[.]”

The texts also reveal that in addition to Ms. McLeod, Mr. Terry was routinely involved in relationships with other women, whom he claimed he paid for “loyalty”.

As [Terry] personally described it, he directed millions of do,llars of [iMarketsLive] proceeds in the form of “cars, rings, condos, payroll, and travel,” for these women, often using cryptocurrency.

Mr. Terry endeavored to keep these transactions undiscoverable.

For instance, when one of the women asked whether she should use Coinbase to receive funds, Mr. Terry reacted strongly:

“No …. I’m not sending you your Coinbase or Coinbase is going to call the federals IRS and I’m gonna be up your ass.

Coinbase is connected to the IRS. That’s why I have problems stop using Coinbase I told you the year ago.”

In another instance, a woman, who understood Mr. Terry’s approach, requested funds be sent to her via “BITMAIN in Dubai,” rather than Binance because Binance would require an explanation of the “gift” to the woman.

Chris Terry also apparently paid $250,000 for a Vanuatu passport … for a woman he was interested in but who could not enter the U.S. on her own passport.

While Chris Terry was living with a girlfriend in Nevada and spending millions on “loyal” whores, Isis Terry was busy blowing million in Iyovia client funds on artwork for her New York residence.

Ms. Terry claimed under oath that she has never purchased artwork. But that is not true.

As just one example, we located a text from Ms. Terry (copying her butler) to an artist to coordinate the delivery and mounting of artwork which she commissioned for her New York home.

Supported by exhibits, the Monitor’s Status Report also detailed the Terrys “rout[ing] millions in cryptocurrency to Dubai”.

The Preliminary Report provided the details known at the time about a mysterious cryptocurrency trader based in Dubai, referred to by Isis Terry in her texts only as “Bitman.”

Ms. Terry provided no further information at her deposition and claimed to know almost nothing about the Bitman transactions in her deposition.

As discussed in the report, Bitman was paid 5% to convert millions in crypto to United Arab Emirates currency, which the Terrys then used to purchase luxury real estate and foreign (Republic of Vanuata) passports through cash exchanges.

Mr. Terry’s texts indicate he had a closer relationship with Bitman, to whom he sent Bitcoin for a variety of purposes, including to route cash to other women in Dubai.

In February 16, 2024 texts with Bitman, Mr. Terry explained he wished to use Bitman as his conduit to direct IML customer subscription cryptocurrency into Bitman’s accounts and then wire them into the Terrys’ Dubai bank accounts.

In the text chain, Mr. Terry indicated that he wanted to avoid US payment processors or banks.

In his texting with Bitman, Mr. Terry indicated that he was planning to move his entire business over to Dubai: “Ultimately, I’m moving everything out here this year and expanding with new other businesses, which I should have a massive amount coming in with that alone because I have a massive customer base.”

Terry openly laundering assets through the UAE is yet another example of why BehindMLM classifies Dubai as the MLM crime capital of the world.

The “trusted up” reference appears to be [a reference] to the Auspicious Trust.

Our recent review of the texts and emails confirms the Terrys’ regular use of the supposedly “irrevocable” Auspicious Trust as their personal piggybank.

The effort to get “trusted up” with his “name nowhere near” the Trust, as Mr. Terry described it to Bitman, was a deliberate but infirm attempt to keep Terrys’ assets away from the reach of the government.

The Monitor also provides a curious update into the previously cited over $9 million asset dissipation by Terry.

It appears Chris Terry was the victim of a scam. At this stage, we understand $8 million is frozen in a bank account in Texas.

The fact that $8 million was frozen by Bank of America appears to have prevented the dissipation of these funds via the Trust.

On September 12th, 2025, Kerr, as Trustee of Auspicious, filed a Texas District lawsuit alleging, perhaps ironically, that “$9 million belonging to the Auspicious Irrevocable Trust” had been “spirited away through a daisy-chain of law-firm and shell-company accounts”.

On the representation that the Terry’s have no control over Auspicious Trust, the Monitor wrote with respect to $8 million of the $9 million Terry laundered winding up in Texas;

We have found no evidence that Mr. Kerr exercised any independent judgment regarding this troubling Trust international transaction; instead, the evidence is that he simply did as he was told by Mr. Terry.

The intention to route the money through Ms. Terry’s personal cryptocurrency wallet (which, again, has not been identified or turned over by the Defendants) appears to be one of the many efforts to shield the funds from the government.

We do not have access yet to the Trust’s internal documents; however, we have located a screenshot showing a partial spreadsheet listing transactions in Mr. Kerr’s IOLTA account, which is used to operate the Auspicious Trust.

The partial spreadsheet shows other transfers from the Trust in summer of 2025 that were clearly for the Terrys’ personal use – and directed by the Terrys.

These were not sound investments of any sort made by Mr. Kerr acting in his capacity as a fiduciary operating the Trust independently from its trustors and beneficiaries, the Terrys.

Moreover, the fact that an attorney’s IOLTA trust fund would be used to deposit and disburse funds belonging to a client’s
own irrevocable trust is puzzling at a minimum.

This IOLTA spreadsheet reflects a $100,000 transfer to Analusion LLC on July 23, 2025.

Analusion is an entity in the name of, and alluding to, Mr. Terry’s girlfriend, Ms. McLeod, who changed her name to Anastasiia.

Second, there is a payment of approximately $408,000 to US Loan, which we understand based on Mr. Terry’s contemporaneous texts was used to pay off a mortgage for a property on Feathertree Lane in Henderson.

Mr. Terry admitted at his deposition that he purchased the Feathertree property for his girlfriend, Ms. McLeod.

The property is owned by QCS1 LLC, an entity the Mr. Terry arranged to be formed in Ms. McLeod’s name. Mr. Terry lives at the property with Ms. McLeod.

QCS1 is not owned by the Auspicious Trust; rather, it is owned on paper by Ms. McLeod.

However, in a text chain with a business associate, Mr. Terry circled this $408,000 transfer from the Trust transaction and highlighted it as an example of his investing prowess in real estate. He also indicated that he owned the house with no mention of Ms. McLeod.

The Trust’s conversion of assets directly to Mr. Terry’s girlfriend (or more likely directly to Mr. Terry as it appears Ms. McLeod is a front owner) is further evidence that it is not operating as an independent irrevocable trust that is not controlled by Mr. Terry.

Chris Terry’s brother, Donald, is cited as the recipient of $200,000 used to purchase a “watch or jewelry”.

Additionally, after the FTC filed for a preliminary injunction, Donald allegedly helped Chris sell off assets.

In June of 2025 … Mr. Terry through his brother Donald agreed to sell 12 cars for a total of over $2.35 million to a local automobile dealer in Las Vegas.

A review of Mr. Terry’s texts indicates he planned to use Matthew Greene, his business partner … to “convert $1.5 to $2 million” into cryptocurrency, because Mr. Terry wanted to “remove” the “exposure”.

This is the same Matthew Greene that Preston Kerr sued last month.

In reviewing his texts with the purchaser of the cars, Mr. Terry requested the proceeds be sent somewhere other than the Trust’s bank account.

He asked the dealer if he could send the wire to another account.

When the dealer said that he preferred to send it to Sterlin Kerr’s [trust] account or to cut a check, Mr. Terry responded:

“OK, let me know when the wire I was just told [sic], I just told Sterling when it comes to deposit in another account.”

We have no insight yet where the $2 million plus from the sale of the cars went.

What is clear is that Mr. Terry fully controlled these supposed assets of the Trust and routed the proceeds as he saw fit, giving Mr. Kerr orders to move the funds while letting Kerr know that Terry intended to move the funds to harder-to-detect cryptocurrency – despite the pending [preliminary injunction] motion.

When grilled on transactions that took place after the FTC filed for an injunction during a deposition, Terry claimed he had

a severe learning disability which all but prevented him from reading and understanding documents, including the [preliminary injunction] which had been entered against him.

The Monitor noted that

Mr. Terry is almost constantly engaged in written communication and routinely includes substantiative documents in the exchanges.

As at the time of filing (October 20th), the Monitor concluded by additionally noting the Terry’s “financial disclosures remain incomplete”.

There has been no compliance by any Defendant regarding transfers to third parties.

As to the sworn disclosure of personal assets, consistent with the above, there have been numerous omissions and false statements in the sworn financial statements and in asset depositions about assets, which have not been corrected.

Put another way, the Terrys have numerous assets that they knowingly have not disclosed – and we have seen no indication they ever intend to disclose these assets.

The court granted the FTC’s and Nevada’s request for a preliminary injunction modification on October 21st.

As part of the order, the court converted the Monitorship to a Temporary Receiver to oversee the Terrys’ personal assets.

The Court sets hearing on November 5, 2025 … in which the Court will consider whether or not a permanent injunction will be modified to reflect appointment of a permanent receiver as opposed a temporary receiver.

In the leadup to the November 5th hearing, the FTC and Nevada filed a memorandum in support of a preliminary injunction on October 28th.

A permanent receiver is plainly necessary, given the Terrys’ extensive record of deliberate asset dissipation and scorn for the Court’s orders.

In the past 12 days, even more evidence of the Terrys’ financial misconduct has been uncovered.

Cited examples of newly uncovered financial conduct were as follows;

In January 2025, after reviewing Plaintiff’s draft complaint, Chris Terry informed Isis Terry that to “protect us” he ws moving $1 million in funds into Preston Sterling Kerr’s [Trust] account, to then be transferred to the Terrys’ “Dubai bank accounts”.

This was because, according to Chris Terry, the “FTC is showing they may cause risk in their updated complaint.”

The Terrys’ marriage is a sham, entered into to shield their assets.

In the words of Mr. Terry, Isis Terry is merely his “business partner” and they “married for assets”.

The Terrys moved millions of dollars in cryptocurrency from consumers deceived … through “Bitman,” a shadowy character in Dubai, to evade taxes and government oversight.

The Temporary Receiver found that “Bitman was paid 5% to convert millions in crypto to United Arab Emirates currency, which the Terrys then used to purchase luxury real estate and foreign (Republic of Vanuatu) passports through cash exchanges.”

As described by Kerr, the Terrys employed him for years to hide their assets from government oversight, including through use of the Auspicious Trust.

But the Temporary Receiver has determined that “the Terrys control every aspect of the Trust, including dictating how the assets held in the Trust name are deployed.”

In their zeal to squirrel away ill-gotten funds from deceived consumers, the Terrys have failed to pay corporate taxes that their company owed to the IRS.

On October 20, 2025, the IRS sent  notice to IML, stating that the company had not paid $12,706,283.15 in taxes for the tax year ending December 31, 2021, and that the company further owed $475,331.12 in penalties and $1,219340.03 in interest: $14,400,954.73 in total.

Even worse, it appears that these unpaid taxes likely represent only a portion of the total taxes Defendants have thus far evaded.

The Terrys engaged for years in complex maneuvers to hide their assets from the tax authorities, including the shuttling of consumer’s funds through cryptocurrency “cold” wallets.

After Mr. Terry explained to Mrs. Terry how funds could be moved surreptitiously through cold wallets to avoid government oversight, Mrs. Terry responded: “FUCK the IRS.”

Under the [preliminary injunction], Defendants’ financial disclosures were due over two months ago, on August 26, 2025.

FTC counsel sent emails to Defendants’ counsel on October 15 and 22, requesting a meet and confer about the missing financial information.

Defendants’ counsel have yet to agree to make themselves available for a meeting.

At the last meet and confer with Plaintiffs held with Defendants’ counsel, on October 7, 2025, Defendants’ counsel refused to provide a date certain by which Plaintiffs would receive the completed financial disclosure.

Defendants’ actions demonstrate that they have a complete disregard for the law and have actively acted to thwart law enforcement action against them.

On October 28th, the court-appointed Temporary Receiver filed a report detailing even more alleged injunction violations.

Chris Terry testified there was roughly $2,000 remaining in cryptocurrency on his two wallets he turned over, despite evidence that tens of millions of IML cryptocurrency went to the wallets.

We were provided with two cold wallets but were unable to access them, based on the passwords Chris Terry provided.

While Mr. Terry was able to open one of the wallets at his deposition, he kept the second one and it was delivered to us on October 1, 2025; however, we were still not able to open it up until October 9th.

In the meantime, on October 4 two transfers out of the wallet were made, moving $354.54 in bitcoin and $1,449.95 in ethereum to another blockchain address.

These are very small amounts; however, they nonetheless appear to be knowing transfers in violation of the [preliminary injunction].

And Chris Terry was the only person whom we are aware of who had the ability to remove the crypto from the wallet.

Meanwhile in Dubai;

The Terrys failed to disclose that they rented one of their Dubai condominiums in early August 2025.

In connection with a one-year lease of the unit, the Terrys received a “cheque” in the amount of $880,000 AED (equal to approximately $237,000 USD) in August 2025 and are due to receive a second payment of approximately $237,000 USD In February of 2026.

We have not gotten clarity about what happened to the first payment. It is possible the initial payment was deposited in Isis Terry’s ADIB bank account, which Ms. Terry indicated held roughly $390,000 according to her financial disclosure.

We have been requesting the ADIB bank statements for August and September from the Terrys with no success.

In an extensive July 26, 2025 exchange of texts with someone who appears to be a potential business partner, Mr. Terry boasted about the recent rental of this apartment to a new business colleague, whom he was educating on how to become wealthy.

Terry first discussed his efforts to evade the reach of the federal government:

“The best is [the FTC] illegally went to Terrafirma account which surprisingly had five dollars in it. Because you have a very smart friend… my name isn’t even on it and they were stupid enough to put it in a complaint just recently

I want you to do this Pretend you’re a federal government Turn the water on in your faucet. Try to catch it. I am water.

So I will keep us safe But you just gotta follow my lead no more these old nickel gun games. I’m gonna run really fast the other direction.”

Mr. Terry went on to say:

“My actual real income of a 5000 per hour interest 24 hours a day seven days a week 365 days a year…” And then he gave the specific example of his recent rental of his Bulgari apartment, noting:

“This is one apartment income it’s been closed already 500,000 a year. Rental. And I own it cost me 3 million so I’ve been receiving this kind of money.

This is actually a new renter. People wish they could make that at the job full-time That right there is tax free money that’s one of 47 residences.”

Since the hearing, counsel for the Terrys also disclosed for the first time another corporate account, known as a PEX Expense Account.

Counsel also indicated that in violation of the PI, Ms. Terry has continued to access this corporate account to pay for a variety of personal expenses totaling approximately $4,700.

While the amount is not particularly large, Ms. Terry’s knowing decision to use an IML expense account debit card to pay for personal purchases after the issuance of the PI is troubling.

Beyond concerns about the Terrys’ direct control and use of the Monitor Entities to hide assets, and their use of it in this case to circumvent the [preliminary injunction], we also have concerns about the troubling use of the Mr. Kerr’s IOLTA Trust account to conduct the business of the Auspicious Trust.

We do not have all the facts here, and provide this information with that caveat in mind.

Indeed, we have not had all of the supporting documents provided to us … but, as demonstrated in the exhibits to the Monitor’s Supplement Report, Chris Terry’s contemporaneous communications make clear he routinely used Kerr’s IOLTA account to hide assets.

As a further example we have recently located, on June 1, 2025, after the plaintiffs had moved for a preliminary injunction, Mr. Terry wrote his brother Donald:

“I’m getting a deposit around 400,000 for some property tomorrow. And I could send it from Sterling‘s account so it’s clean …”

Pending the outcome of the November 5th Iyovia permanent injunction hearing, stay tuned.

 

Update 6th November 2025 – The court-appointed Temporary Receiver has issued a correction regarding one of the Terrys’ Dubai apartments being rented out;

The Receiver also learned from the Terrys’ counsel (who provided contemporaneous communications between Ms. Terry and her real estate broker) that the renters for the Bulgari apartment in Dubai who had agreed in early August 2025 to pay approximately $500,000 in annual rent, backed out of the deal at the last minute in the middle of August.

As such, the Temporary Receiver was incorrect in the October 28 Supplemental Report (ECF No. 175) when he reported the Terrys had not disclosed the Bulgari lease payments.

Based on the materials provided by defense counsel, it appears the Bulgari unit is not currently rented.

That’s from a Status Report filed by the Temporary Receiver on November 4th. As at the time of this update, there is no update on the scheduled November 5th hearing.

 

Update 10th November 2025 – Following the November 5th hearing, the court ordered a third modified preliminary injunction.

The order also converts the previously appointed temporary Receiver to a permanent Receiver.