Massachusetts Securities Division

PP Blog Tag archives on references to "Massachusetts Securities Division."

UPDATE: BitClub Network Launch Said To Be Delayed; ‘Founders’ Positions Reportedly Sell For $3,599; Pitches Directed At ‘Leaders’; Prospects Asked To Wire Money; Purported ‘Opportunity’ May Have TelexFree-Like Cash-Transfer System

UPDATE: BitClub Network Launch Said To Be Delayed; 'Founders' Positions Reportedly Sell For $3,599; Pitches Directed At 'Leaders'; Prospects Asked To Wire Money; Purported 'Opportunity' May Have TelexFree-Like Cash-Transfer System

“These participants received uncontrolled cash deposits outside of the TelexFree system,” — Massachusetts Securities Division, Ponzi- and pyramid complaint against TelexFree, April 15, 2014. EDITOR’S NOTE: For our earliest background on BitClub Network, see Aug. 30 report that references serial HYIP promoter T. LeMont Silver. Are you really sure you want to promote bitcoin-themed HYIPs […]

Citing Missing Affidavit And Inconsistencies, Indiana Rejected TelexFree Telecom Application

Citing Missing Affidavit And Inconsistencies, Indiana Rejected TelexFree Telecom Application

UPDATED 6:20 P.M. EDT U.S.A. The Indiana Utility Regulatory Commission rejected TelexFree’s telecom application on June 11, 2014, according to records in the state. TelexFree filed the application on March 24, requesting “CONFIDENTIAL TREATMENT OF THE FINANCIALS OF TELEXFREE, LLC,” according to records. On April 13, TelexFree filed for bankruptcy protection in Nevada. On April […]

Missouri Raised ‘Grave Concerns’ Over TelexFree

Missouri Raised 'Grave Concerns' Over TelexFree

The staff of the Missouri Public Service Commission raised “grave concerns” that permitting TelexFree’s telecom registration to remain intact in the state could “assist in the perpetuation of a fraud on investors,” records show. Missouri approved the registration in March 2014. TelexFree applied for it the previous month, according to records. Those records included a […]

BOSTON GLOBE: Massachusetts Now Investigating EmGoldEx

BOSTON GLOBE: Massachusetts Now Investigating EmGoldEx

If TelexFree, WCM777 and Wings Network were not enough, the office of Massachusetts Commonwealth Secretary William Galvin now is investigating the “EmGoldEx” program. The Boston Globe broke the story this morning. Galvin leads the Massachusetts Securities Division. From the Globe (italics added): Secretary of State William F. Galvin’s office is investigating the Andover operation of […]

MLM Attorney Gerald Nehra Now Lawyered Up In TelexFree Bankruptcy Case

MLM Attorney Gerald Nehra Now Lawyered Up In TelexFree Bankruptcy Case

MLM attorney Gerald Nehra, his law partner Richard Waak and their law firm are now lawyered up in the TelexFree bankruptcy case. Groups of TelexFree members have sued them in bankruptcy court, alleging violations of the federal racketeering (RICO) statute and violations of federal securities laws. TelexFree filed for Chapter 11 bankruptcy protection on a […]

MONTANA: Former Zeek Pitchman Who Also Pushed TelexFree Now Required To Give State Notice Of MLM Activities

MONTANA: Former Zeek Pitchman Who Also Pushed TelexFree Now Required To Give State Notice Of MLM Activities

A former pitchman for the Zeek Rewards MLM Ponzi- and pyramid scheme also acknowledged he participated in TelexFree, the state of Montana said in a consent agreement and final order. James D. Helgeson was fined $5,000 by the office of Monica Lindeen, Montana’s Commissioner of Securities and Insurance (CSI) and state auditor. The case demonstrates […]

TelexFree Telecom Application Rejected By Nevada Public Utilities Commission

TelexFree Telecom Application Rejected By Nevada Public Utilities Commission

Nevada, the state in which TelexFree operated an alleged $1.2 billion pyramid- and Ponzi scheme through a mailbox and filed its initial Chapter 11 bankruptcy petition, has rejected the company’s application to become a telecom provider. The Nevada Public Utilities Commission denied the application in an order dated June 2. The staff of the PUC […]

TelexFree Faces Prospect Of Regulatory Probe In Oregon; [UPDATE: Judge To Appoint Bankruptcy Trustee, WSJ Reports]

TelexFree Faces Prospect Of Regulatory Probe In Oregon; [UPDATE: Judge To Appoint Bankruptcy Trustee, WSJ Reports]

UPDATED 5:06 P.M. EDT U.S.A. See Comments thread below for breaking news that the judge overseeing the TelexFree bankruptcy case in Massachusetts will appoint a trustee. First reported by the Wall Street Journal. Original story on separate TelexFree matter in Oregon is below . . . ** ______________________________ ** The staff of the Oregon Public […]

DISTURBING: Report Of TelexFree-Related Kidnapping And Extortion Bid

DISTURBING: Report Of TelexFree-Related Kidnapping And Extortion Bid

La Republica, a newspaper in Peru, is citing information from police and reporting that a TelexFree promoter in the country was kidnapped Thursday afternoon and held in a van. The PP Blog cannot independently verify the report, which suggests the kidnapping was carried out by TelexFree members who ordered the man to withdraw money from […]

BULLETIN: Nevada Public Utilities Commission Staff Recommends Denial Of TelexFree’s Telecom Application; ‘Financial Statements . . . Cannot Be Relied Upon At This Time’

BULLETIN: Nevada Public Utilities Commission Staff Recommends Denial Of TelexFree's Telecom Application; 'Financial Statements . . . Cannot Be Relied Upon At This Time'

BULLETIN: The staff of the Nevada Public Utilities Commission has recommended that TelexFree’s telecom application be denied, saying the firm filed the application and then almost immediately filed for bankruptcy protection. Based on the bankruptcy filing, the financial information provided by TelexFree during the application process “cannot be relied upon at this time,” the PUC […]

FBI, Homeland Security Establish Site, Questionnaire For TelexFree Victims

FBI, Homeland Security Establish Site, Questionnaire For TelexFree Victims

The FBI and the U.S. Department of Homeland Security have established a website for individuals who believe they were defrauded by TelexFree, an alleged pyramid- and Ponzi scheme the Massachusetts Securities Division says gathered more than $1.2 billion. Here is a link to a statement by the FBI and DHS. The page includes a link […]