BOSTON GLOBE: 60,000 TelexFree Victims In South Africa Alone, Lawyer Tells Trustee; 2 Million Across The World, 1.3 BILLION Customer Transactions

By 12:13 pm Dec 16, 2014

The Boston Globe is reporting today that TelexFree bankruptcy trustee Stephen Darr has been told that 60,000 victims of the alleged MLM Ponzi- and pyramid scheme exist in South Africa alone.

There may be 2 million victims worldwide, and Darr is poring over data from 1.3 billion TelexFree transactions, the paper reports.

If the numbers hold up, TelexFree may pass the 2012 Zeek Rewards scheme as the largest cross-border MLM HYIP fraud scheme in U.S. history based on the number of victims. TelexFree also may surpass Zeek in terms of overall dollar volume. Zeek gathered on the order of $897 million. TelexFree could be higher.

 

Categories: Alleged Ponzi Schemes, The Economy, Uncategorized
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3 Responses to “BOSTON GLOBE: 60,000 TelexFree Victims In South Africa Alone, Lawyer Tells Trustee; 2 Million Across The World, 1.3 BILLION Customer Transactions”

  1. Tony H
    Dec 16, 2014 at 4:26 pm |

    This was also from a few days ago:
    http://www.metrowestdailynews.com/article/20141211/NEWS/141218726

    According to a representative for the Securities and Exchange Commission, which has charged TelexFREE with operating a pyramid scheme, James Merrill and Carlos Wanzeler were able to show the money was not linked to the alleged scam. – See more at: http://www.metrowestdailynews.com/article/20141211/NEWS/141218726#sthash.6NdzgLpU.dpuf

  2. PatrickPretty.com
    Dec 16, 2014 at 7:40 pm |

    Tony H: This was also from a few days ago:
    http://www.metrowestdailynews.com/article/20141211/NEWS/141218726

    Thanks for this, Tony.

    Patrick

  3. K Chang
    Dec 17, 2014 at 2:18 am |

    That’s only 400K, which **could** have conceivably came from their old cleaning biz.

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