BULLETIN: Federal Judge Freezes At Least 54 Bank/Vendor Accounts Linked By SEC To Alleged WCM777 Ponzi/Pyramid That Targeted Asians And Latinos; Court Authorizes Saturday Depositions And Orders Protection Of Records And Assets To Be Repatriated
BULLETIN: What happens if it is alleged by law enforcement that you’re a Ponzi schemer/affinity fraudster, a business associate of a Ponzi schemer/affinity fraudster or a vendor of a Ponzi schemer/affinity fraudster? A federal judge has frozen at least 54 bank or financial accounts the SEC has linked to WCM777, an alleged $65 million Ponzi- […]
AFRICAN NATION NOT ON MLM FIRM’S ‘RADAR’: TelexFree Pushes Back On Reports In African Media Of Rwanda Ban And Money-Laundering: ‘Mistaken Identity’
UPDATED 8:45 PM EDT (U.S.A.) Already under investigation in Brazil and Massachusetts and linked to at least one affiliate allegedly involved in an earlier pyramid- and affinity-fraud scheme aimed at the Brazilian community, TelexFree acknowledged in a news release this morning that it had a presence in the economically challenged nation of Rwanda. But TelexFree […]
URGENT >> BULLETIN >> MOVING: SEC Takes Down WCM777; Says Purported Opportunity Is ‘Worldwide Pyramid Scheme,’ Ponzi And Offering Fraud; Federal Judge Signs Asset Freeze
URGENT >> BULLETIN >> MOVING: (16th update 5:42 p.m. EDT U.S.A.) The SEC has gone to federal court in Los Angeles, alleging that the WCM777 “program” is a “worldwide” pyramid scheme, a Ponzi scheme and an offering fraud that targeted Asian and Latino communities and gathered more than $65 million. A federal judge has granted […]
TelexFree Hong Kong Convention?
UPDATED 7:15 P.M. EDT (U.S.A.) The website of TelexFree has been promoting a March 26 (today) “conference” at the Kowloonbay International Trade & Exhibition Centre in Hong Kong, with tickets priced at $150. Whether the event actually took place is unclear. A search of the KITEC website returned no result for TelexFree — on the […]
MORE MLM WHACK-A-MOLE: (1) Quebec Securities Regulator Issues Warning On Karatbars International; (2) Cross-Border Colleagues Follow Suit; (3) Former Zeek Ponzi Scheme Pitchman Defends ‘Program’ As Others Push It Alongside TelexFree
UPDATED 12:21 P.M. EDT (MARCH 28, U.S.A.) Whack-A-Mole. Here’s the latest disturbing incarnation: On March 20, the Autorité des marchés financiers (AMF) published a warning on a gold “program” known as Karatbars International GmbH. BehindMLM.com spotlighted the warning yesterday. From the AMF warning (bolding added): “With the company’s ‘Affiliates’ program, investors can make Internet-based purchases […]
UNBELIEVABLE: Bundle Of 550 TelexFree ‘AdCentrals’ Advertised For $16,760, A Purported Discount Of $8,190; Purchaser Will Receive ‘Minimum’ Guaranteed Payout Of $56,100 — And Maybe Even $110,000, Pitch Claims
UPDATED 12:14 P.M. EDT (U.S.A.) Being under investigation in Brazil and Massachusetts and getting kicked out of Rwanda apparently isn’t viewed in MLM La-La Land as a strong-enough clue that it’s time to give up the TelexFree ghost. Or maybe it is — and the TelexFree-related fire sales have begun. It wouldn’t be the first […]
TelexFree, WCM777 (Etc.) — In Pictures
California-based WCM777, an MLM “program,” got booted out of Massachusetts in November 2013, amid allegations of securities fraud and affinity fraud targeted at the Brazilian community through hotel pitchfests. WCM777, purportedly operated by Ming Xu and recruiting affiliates to conduct business over the Internet, later got booted out of California. In addition to the Brazilian […]
In Face Of International Probes And Legal/PR Disaster In Africa, TelexFree Launches PR Campaign That Only Raises More Questions
UPDATED 9:24 A.M. EDT (MARCH 22 U.S.A.) TelexFree, alleged to be a pyramid scheme using a VOIP product as a front to mask an investment program, has been under investigation in Brazil since at least June 2013. There’s also an ongoing securities probe in Massachusetts. The government of Rwanda, meanwhile, has announced it booted a […]
Washington State Rejects TelexFree Bid To Register As Telecommunications Firm
The Washington State Utilities and Transportation Commission has rejected a bid by TelexFree LLC to register as a telecommunications company. TelexFree LLC is not registered as a corporation in Washington state and therefore is ineligible to be registered as a telecommunications firm in the state, the commission said in a finding dated March 13. How […]
Government Of Rwanda, Citing Pyramid And Money-Laundering Concerns, Bans TelexFree Enterprise After Joint Probe With Nation’s Central Bank
The Ministry of Trade and Industry of the Republic of Rwanda has announced that a TelexFree enterprise has been banned in the country after a joint investigation with the National Bank of Rwanda, the nation’s central bank. Central banks control monetary policy in their respective countries. Other examples of central banks include the Bank of […]
REPORT: TelexFree Subjected To $30 Million (U.S.) Tax Penalty In Brazil
UPDATED 9:46 P.M. EDT (U.S.A.) The video below of TelexFree executive Carlos Costa is in Portuguese. In this particular circumstance, the Google facility to translate captions from Portuguese to English didn’t do much to aid our comprehension. Perhaps one of our readers skilled in both Portuguese and English could provide a summary below of Costa’s […]