TelexFree Case Announcement Was No. 1 ‘Most Viewed News’ From SEC In 2014
Moving forward, it might become harder for willfully blind, serial promoters of MLM HYIP schemes to claim surprise that the “programs” they’re pitching are engaging in securities fraud and the sale of unregistered securities.
Indeed, the U.S. Securities and Exchange Commission’s halting of the TelexFree MLM scheme in April 2014 was the “#1 most-viewed news” on the SEC’s website last year, according to a tweet from the agency.
#1 most-viewed news on http://t.co/kacEcWakdu in 2014 was SEC’s halt of a pyramid scheme: http://t.co/sshcSBIwsm pic.twitter.com/QyK9cj9Ug7
— SEC_News (@SEC_News) January 3, 2015
TelexFree currently is in bankruptcy court, with executives facing criminal charges and some promoters and vendors immersed in a sea of civil litigation. TelexFree operated across state and national borders, with some promoters claiming $15,125 sent to the company would result in a guaranteed return of at least $1,150 a week for a year.
