Will Portugal Be Next Country To Open TelexFree Probe?
In 2013, Carlos Costa displayed the flag of Madeira while announcing TelexFree was seeking bankruptcy protection.
Citing reports in Brazilian media, BehindMLM.com is reporting that authorities in Portugal are monitoring TelexFree developments and beginning to collect documents. The development may signal that yet-another probe into TelexFree’s business practices is in the offing, potentially the first in Europe.
From BehindMLM.com (italics added):
According to the local media there are currently 41,000 TelexFree affiliate investors in Madeira, an autonomous region in Portugal. This figure represents 16% of the island’s total population.
In September 2013, the PP Blog reported that TelexFree executive Carlos Costa appeared in a video that showed him waving the flags of Madeira and Portugal. Precisely why he chose to wave the flags is unclear. The context of the video was a decision by TelexFree to seek bankruptcy protection in Brazil.
TelexFree, which operates through Ympactus Comercial Ltd. in Brazil, has been under fire in that country since at least June 2013, amid allegations is is conducting a massive pyramid scheme. There may be hundreds of thousands of TelexFree affiliates worldwide. TelexFree has U.S. arms in Massachusetts and Nevada.
TelexFree’s early operations appear to have been centered in Brazil. Some U.S. affiliates have claimed a payment of $15,125 to the firm returns $57,200 in a year and that members get paid for posting ads for TelexFree online.
I have been following the news about wcm777 that’s how I found out about you Patrick, thanks for the info. But unfortunately too late for me, because I became an affiliate of wcm777 Back in october 2013 and now with all the problems the company is facing I can’t get my money back, sad it hurts a lot. But now a lot of these people that have been involved with WCM777 are trying to sign me up with telexfree, which I worry about because to me it seems to be the same kind of business just different products, could you give me more info on that. What’s your thoughts about this company? Thanks for your help.