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UPDATE: No Ruling Today On Motion By TelexFree’s James Merrill To Release Seized Money
UPDATED 6:07 P.M. EDT U.S.A. A U.S. Magistrate Judge issued no immediate ruling today on a motion by TelexFree figure James Merrill to release $4 million to pay for his criminal defense. Instead, Judge David H. Hennessy will take the matter under advisement and issue an order later, according to the docket of the case.…
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DEVELOPING STORY: The TelexFree Rabbit Hole, Exposed
UPDATED 11:16 P.M. EDT U.S.A. We now may have an answer to some or all of these questions: What happens when you’re Massachusetts-based TelexFree — and apparently so out of touch that Sann Rodrigues, a former SEC defendant in a pyramid-scheme and affinity-fraud case, becomes one of the most recognizable public faces of your company…
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URGENT >> BULLETIN >> MOVING: TelexFree Trustee Says He ‘Has No Intention Of Reorganizing Or Reactivating Their Businesses’
URGENT >> BULLETIN >> MOVING: (1st Update 8:50 P.M. EDT U.S.A.) The TelexFree trustee said in court filings today in the SEC’s civil case against the firm that he has “no intention of reorganizing or reactivating their businesses” and — based on information and belief — “they were in fact engaged in a Ponzi or…
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BULLETIN: Prosecutors Ask Judge Not To Release Money To TelexFree Figure James Merrill
BULLETIN: Federal prosecutors handling the criminal case against TelexFree figure and alleged co-owner James Merrill have asked a judge not to release $4 million Merrill says he needs to pay for his criminal defense. On July 1, Merrill asked for an evidentiary hearing aimed ultimately at securing “an order returning the identified funds” to him.…
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SEC Halts Trading Of Cynk Technology Corp. Stock, A Mysterious And Sudden Darling With Belize Address
It’s one of those things almost too bizarre to contemplate: The stock price of Cynk Technology Corp. increased tens of thousands of percent over a period of days — except the Belize company supposedly in the social-networking business reportedly has no revenue and no assets. The SEC halted trading in Cynk stock this morning, citing…
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RECOMMENDED READING: 50,000 Spaniards Reportedly Plowed Money Into TelexFree
In February 2014, the PP Blog reported that TelexFree had planned a purported “international convention” in Spain in early March. The pitch for the convention, hosted in Madrid, was voiced by Sann Rogrigues, whom the U.S. Securities and Exchange Commission successfully had sued in 2006 amid allegations he was operating a pyramid scheme and engaging…
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REPORT: Pyramid-Scheme Gang In China Uses Knives In Attack On Police
The South China Morning Post is reporting that police raiding a “pyramid-selling gang” in Guangyuan were attacked with knives. At least two officers were stabbed when trapped in a room, the publication reported. From the South China Morning Post, paraphrasing a report on the state-influenced People’s Daily website and information from the municipal public security…
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Plaintiff To TelexFree Crew: You’re All Crooks And Racketeers — And Carlos Costa Is The ‘Mastermind’
UPDATED 10:48 P.M. EDT U.S.A. A plaintiff bringing a prospective class-action lawsuit in Massachusetts federal court has accused 10 TelexFree figures of committing crimes and — as a group — committing racketeering violations through an “association-in-fact enterprise.” Unlike other prospective TelexFree-related class-actions, this one names neither attorneys nor banks nor TelexFree itself defendants. Rather, it…
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