The Fall of IYOVIA: A Personal Account of a $1.2 Billion Fraud Case Unraveling
By Troy Dooly, The Beachside CEO
I still remember the early days with IML—back in 2016, when Chris Terry brought me on board to help steer the organization in the area of compliance. Our focus was on staying well inside the regulatory boundaries, improving operations, and creating a legitimate presence in the world of Forex and eventually Crypto education. It felt like we were moving in the right direction, but somewhere along the way, things took a sharp turn. What started as a promising venture spiraled into a mess of smoke, mirrors, and allegations, which now form the basis of a $1.2 billion fraud lawsuit filed by the Federal Trade Commission (FTC) and the state of Nevada. Today, I want to share my perspective on the collapse of IYOVIA (formerly known as I Markets Live, then IM Mastery Academy, and briefly IOA—don’t ask me about the name changes) and what it means for the industry I’ve spent years navigating.
On May 1, 2025, the FTC and Nevada authorities dropped a bombshell: a 70-page complaint accusing IYOVIA of running a multi-level marketing (MLM) scheme that defrauded consumers—mostly young people—out of over $1.2 billion since 2018. The allegations are brutal. According to the lawsuit, the company lured clients with promises of riches through trading courses in forex, crypto, and stocks, charging hundreds of dollars a month for materials and “add-ons.” But the reality? Only one in five clients made more than $500, with the average annual profit for those reporting gains clocking in at a measly $77.51 in 2022. Instead of delivering on trading success, the company allegedly pushed recruitment, encouraging participants to become salespeople and earn commissions by roping in others. It’s a classic MLM playbook, and the feds call it consumer fraud, plain and simple.
I left iMarkets Lives, a/k/a/ IM Mastery Academy, k/n/a IYOVIA in 2019 as their director of compliance, long before this lawsuit, when I saw the cracks forming. The shift from trading education to a relentless focus on recruitment—recruit, recruit, recruit—was alarming. By the time I walked away, I knew the trajectory wasn’t sustainable. But even I couldn’t have predicted the scale of what was to come.
Fast forward to May 14, 2025, when I received a tip from one of my confidential resources (shoutout to you all for keeping me in the loop). IYOVIA announced they were pulling the plug on its MLM model. In a notice titled “Termination of All Independent Business Owner Agreements,” they declared a shift to a “direct-to-consumer model” and the end of all IBO agreements effective May 23, 2025. The letter cites “careful consideration” and “current market conditions,” but let’s call it what it is: a desperate attempt to stop the bleeding after the FTC’s lawsuit. They’re trying to draw a line in the sand, halt recruitment, and mitigate the fallout. But here’s the kicker—recruitment likely stopped dead the moment the lawsuit hit the news on May 1. Word travels fast in the network marketing, crypto, and financial education spaces. People have been jumping ship, fleeing to other companies or starting their own ventures.
The notice promises that commissions owed until May 23 will be paid per their compensation plan. However, those payments could vanish if the FTC and Nevada secure a restraining order or permanent injunction. Why? Because if a judge or jury deems this a fraud case, any money earned could be considered “fraud money.” Regulators could claw back earnings from 2018 onward—not just from the named defendants like Chris Terry, Isis Terry, Jason Brown, Matt Rosa, Brandon Boyd, and Alex Morton, but potentially from former top leaders or even lower-level participants. I’ve seen this before in the Zeek Rewards case, which is one of the largest Ponzi schemes ever. A decade after that case, regulators clawed back money from people who earned as little as $1,000, selling the debt to collection agencies and tanking credit scores. It’s a nightmare scenario, and IYOVIA’s case could follow a similar path.
What’s chilling is the scope of this lawsuit. The FTC isn’t labeling IYOVIA a Ponzi or pyramid scheme outright—they’re framing it as consumer fraud under the penalty offense rule, which carries fines of up to $53,000 per violation. With hundreds of thousands of customers, the math gets ugly fast. If regulators dig into the client base and tally every misleading claim or failed promise, the fines could dwarf the $1.2 billion in consumer losses. And if the defendants tried hiding assets offshore? That’s a whole new level of trouble.
This move to “go direct-to-consumer” feels like a last-ditch effort. They’re pointing to models like Online Trading Academy, which settled with the SEC a few years back and pivoted to a more transparent structure. But IYOVIA’s track record—rebranding multiple times, targeting vulnerable young people with flashy promises of luxury and passive income—makes this pivot feel hollow. The FTC’s complaint notes that 60% of customers dropped out within a month, 90% within six months, and the company’s “trainers” lacked verified credentials or trading success. It’s hard to rebuild trust when the foundation was built on quicksand.
As I write this, I’m left wondering: where does the fallout end? The named defendants—Chris Terry, Isis Terry, and the others—face massive personal and financial liability. But will regulators expand the net to former leaders like David Amante or Ivan Tapia? Will they claw back earnings from everyday IBOs who thought they were building a business? And what about the broader industry? I’ve already fielded calls from other companies—My Daily Choice, Neu Likes, Zeter Capital—asking how to avoid IYOVIA’s fate. My advice? Protect your house. Vet your marketers, scrutinize your claims, and prioritize compliance over hype. The FTC’s message is clear: unsubstantiated income promises won’t fly anymore.
I’ll keep digging into the court filings and update you as this unfolds. This case could reshape the MLM, crypto, and online education spaces, and I’m here to make sure you’re not caught off guard. If you’re in this industry, now’s the time to double-check your operations. Live well, finish strong, and let’s keep the conversation going.
Live Well, Finish Strong,
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