John A. Bain, Alex Dee, Brian M. Kaplan, and Jerrold S. Maurer agreed to a $31.9 million settlement with the Federal Trade Commission, closing the case against their alleged high-cost coaching scheme, 8 Figure Dream Lifestyle. The defendants chose not to contest the FTC's allegations in court, accepting the judgment against them and several corporate entities.
The corporate entities named in the settlement include 8 Figure Dream Lifestyle LLC, JL Net Bargains Inc., Kappy Enterprises LLC, Millionaire Mind Enterprises LLC, and Spirit Consulting Group. These companies were central to the operation the FTC described as defrauding consumers through deceptive "money-making methods."
The terms of the settlement mandate the liquidation of the defendants' cryptocurrency holdings, an action previously ordered by the court. Additionally, $418,708 held in escrow by the defendants' attorney will be transferred to the FTC.
Further asset seizures will target funds in bank accounts at U.S. Bank N.A., Wells Fargo, TD Bank, and JP Morgan Chase. Money in PayPal accounts associated with JL Net Bargains and Jerry Maurer will also be seized. Securities held under the names of Brian and Andrea Kaplan are to be liquidated to satisfy the judgment. The FTC did not specify the total value of these assets, leaving the exact amount to be collected from the $31.9 million judgment undisclosed. Once these assets are surrendered, the remaining balance of the judgment will be suspended.
Beyond financial restitution, the individual defendants face permanent business restrictions. They are barred from engaging in any business related to "money-making methods," investment opportunities, robocalls, or telemarketing. This ban aims to prevent them from participating in similar schemes in the future.
The defendants are also prohibited from using customer data obtained from 8 Figure Dream Lifestyle, 8FDL, TiDom, Online Entrepreneur Academy, or 14 Day Champion Challenge. This restriction prevents them from leveraging past illicit gains.
For the next fifteen years, Bain, Dee, Kaplan, and Maurer must inform any prospective business partners about this settlement. They are required to file regular compliance reports and change-of-details reports with the FTC. Furthermore, they must maintain comprehensive records of all business activities, including accounting documents and consumer complaints, on a rolling five-year basis, allowing ongoing oversight by the commission.
The FTC's original complaint accused Bain, Dee, Kaplan, and Maurer of operating 8 Figure Dream Lifestyle as a scam, siphoning tens of millions of dollars from consumers through misleading coaching and investment programs. The settlement, which a court approved on September 9th, resolves these allegations.