BULLETIN: SEC Ups WCM777 Pyramid And Fraud Haul To More Than $80 Million; Agency Files Amended Complaint That Names ‘Inactive’ Attorney Relief Defendant And Alleged Distributor Of Fraud Proceeds
BULLETIN: (1st update 7:58 p.m. EDT U.S.A.) The SEC has filed an amended complaint in the alleged WCM777 pyramid- and Ponzi scheme. The complaint ups the WCM777 haul from roughly $65 million to more than $80 million and names an “inactive” Florida attorney a relief defendant as the alleged recipient and distributor of fraud proceeds. […]
BULLETIN: Botafogo Soccer Club Dumps TelexFree
BULLETIN: (2nd update 5:10 p.m. EDT U.S.A.) The Botafogo professional soccer club in Rio de Janeiro has canceled its sponsorship contract with TelexFree and will strip the TelexFree logo from team jerseys, according to an announcement on the team website. TelexFree figure James Merrill was jailed in the United States last week. Fellow TelexFree figure […]
TelexFree Members Blame MLM Debacle On ‘Media Disinformation’; Judge Presiding Over SEC Case Receives Doodles
(UPDATED 9:24 am EDT MAY 14 U.S.A.) The PP Blog previously has reported on campaigns by members to petition judges to “bail out” TelexFree and consider the purported upside of the “program,” which may be the largest combined Ponzi- and pyramid scheme in MLM HYIP history. (Campaigns referenced in this May 10, 2014, PP Blog […]