When the FTC
filed an emergency motions seeking sanctions
on August 28th, it accused Iyovia founder Christopher Terry of dissipating $9 million dollars.
Prior to the granting of a preliminary injunction on August 12th, Terry transferred $9 million to Auspicious Irrevocable Trust (Auspicious).
So the FTC argued, Iyovia funds were being dissipated through Auspicious in violation of the since-granted preliminary injunction.
The FTC’s motion for sanctions was denied on September 3rd. Recent filings however have shed light on what appears to be Terry’s plan to keep consumer funds misappropriated through Iyovia, IM Mastery Academy and iMarketsLive.
Possibly in anticipation of authorities shutting Iyovia down, Terry and Isis De La Tore (now Chris’ wife, Isis Terry), created Auspicious in 2019.
As I understand it, the Terrys have been funneling funds misappropriated through Iyovia through Auspicious since it’s creation.
The Terry’s maintain they have no control over the what Auspicious does. Indeed in response to the FTC’s contempt motion, the Terry’s argued they weren’t responsible for what Auspicious does. More on that later.
After being contacted by the FTC following granting of the preliminary injunction, Preston Sterling Kerr (right), Distribution Trustee of Auspicious, filed a Motion to Intervene on August 20th.
In his motion, Kerr provides further insight into how Auspicious operates;
On or about February 10, 2019, Defendants Christopher Terry and Isis De La Torre (hereinafter the “Grantors”) created the Trust.
In doing so, they irrevocably relinquished control over the Trust assets and appointed two independent trustees: P. Sterling Kerr (Distribution Trustee) and Cayman Software Design USA LLC (Management Trustee).
During their lifetimes, the Grantors are beneficiaries of the Trust. However, the Trust is a spendthrift trust governed by Chapter 166 of the Nevada Revised Statutes.
As such, the Grantors do not have the direct right to distributions from the Trust; such distributions must be approved by the Trustees. The Trust, by design, is insulated from Grantor control and is administered solely by its Trustees.
TL;DR: The Terry’s created Auspicious and deposit money into it. The Trust however is managed by purportedly independent trustees; Kerr and Cayman Software Design USA LLC.
If you’re still with me, we also have to add Terra Firma Development LLC and Dominant Consulting LLC. These are two companies owned by Auspicious… because reasons.
When the FTC contacted Auspicious, it put forth that Terra Firma Development LLC and Dominant Consulting LLC were subject to the preliminary injunction.
The FTC also sought purported “confidential information” in relation to Auspicious, presumably in relation to how it is set up and the flow of money within.
It is on this basis the Kerr seeks to intervene in the FTC’s Iyovia case, arguing that Auspicious’ interests are not adequately represented. Kerr also argues the Iyovia preliminary inju
🤖 Quick Answer
What did the FTC allege about Christopher Terry's handling of Iyovia funds?The FTC alleged that Iyovia founder Christopher Terry dissipated approximately $9 million by transferring the funds to Auspicious Irrevocable Trust prior to the granting of a preliminary injunction on August 12th. The FTC filed emergency motions seeking sanctions on August 28th, arguing the transfers violated the injunction's asset-freeze provisions.
What is the Auspicious Irrevocable Trust and who created it?
Auspicious Irrevocable Trust was established by Christopher Terry and Isis De La Torre, later known as Isis Terry, his wife. According to court filings, the trust appeared to serve as a vehicle for shielding consumer funds allegedly misappropriated through Iyovia, IM Mastery Academy, and iMarketsLive
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