Illinois Bans TelexFree Figure And Veteran HYIP Pitchwoman Faith Sloan From Selling Securities; Violation Of Ban Could Result In Felony Charge

newtelexfreelogoLongtime HYIP huckster and TelexFree figure Faith Sloan has been banned by Illinois from selling securities. The prohibition order is dated June 9. It was issued by the Securities Department of Illinois Secretary of State Jesse White.

The state found that Sloan, an Illinois resident, operated a TelexFree-related website and acted as an unregistered securities dealer, salesperson and investment adviser.

Violating the order could result in a felony charge, the state said.

Sloan, who faces TelexFree-related civil charges of securities fraud from the U.S. Securities and Exchange Commission, is associated with the website TelexFreePower.com. The website now appears not to be loading properly.

When Illinois observed the site, the state said in the prohibition order, the site loaded an image of an “exotic sports car” with a statement that read, “I made $200 in 7 days working 3 minutes a day.”

The image implied that “one would be able to afford the exotic sports car by becoming a member of TelexFree,” the state said.

The SEC also has referenced the TelexFreePower website. In addition to promoting the massive TelexFree pyramid- and Ponzi scheme, the SEC said, Sloan violated the asset freeze in the case and lied to a federal judge.

Faith Sloan. Source: YouTube.

Faith Sloan. Source: YouTube.

The order also bans TelexFree managers or executives James Merrill, Carlos Wanzeler, Joe Craft and Steve Labriola from selling securities in the state.

Attorneys handling the TelexFree bankruptcy case appear to have became aware of the order at least by June 16, according to billing records in the bankruptcy case. The effect the order had on decision-making in the bankruptcy case is unclear.

On July 16, bankruptcy trustee Stephen B. Darr said in court filings that he has “no intention of reorganizing or reactivating” the TelexFree businesses. TelexFree, its former manager or executives and some of its promoters, including Sloan, are facing a mountain of litigation.

Merrill and Wanzeler have been indicted on U.S. charges of wire fraud and wire-fraud conspiracy. Brazilian federal police conducted TelexFree-related raids last week.

Sloan has blamed TelexFree, Merrill, Wanzeler and MLM attorney Gerald Nehra for her TelexFree-related troubles.

 

 

 

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5 Responses to “Illinois Bans TelexFree Figure And Veteran HYIP Pitchwoman Faith Sloan From Selling Securities; Violation Of Ban Could Result In Felony Charge”

  1. From Faith Sloans web site:

    Recently, Faith Sloan has re-assessed her involvement with network marketing or MLM. Why? The main reason is that it is not for everyone.

    It goes on. And on. And on. And yet, no mention of any legal reason why she has stopped promoting obvious ponzi schemes.

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  2. Maybe she’s just keeping up with her namesake… at everything. ;)

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  3. Tony H: From Faith Sloans web site:

    Recently, Faith Sloan has re-assessed her involvement with network marketing or MLM. Why? The main reason is that it is not for everyone.

    First, nice to see you, Tony.

    If she retires after her purported period of reassessment, it potentially will set the stage for a Phil Piccolo-like comeback. That would be something to behold, to be sure.

    I’d expect some sort of purported philanthropical pursuit (like Club Asteria) or something purportedly involving “crowdfunding.”

    Patrick

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  4. Ms. Sloan looks fab in her yellow dress.
    I’m sure the orange jump suit the government will give her will look just as cheery on her.
    And, she will also get some new jewelry to go along. Hand cuffs?
    Wonder how she’s feelin about her Telex gal pals Darcy Allen and Kelly Tolar?
    Hope when the ladies get together for lunch chatting about the old “Telexfree days” Kelly picks up the check since Faith has a bit of a cash flow problem now. Darcy is in hiding….
    Tolar is still scamming….so she still has the big bucks comming in.
    Order the most expensive thing on the menue Faith.
    Kelly can cover you. Will she?

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  5. Looking at her Twitter and Facebook activity, she’s willfully violating the order. I see her offering $25K “loans” via Peter Jensen’s schemes, and she seems to be endorsing a a futures trading system.
    http://bigshotmillionaires.faithsloan.com is an off-social media place she’s pushing people to from social media as well.

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