TelexFree

EDITOR’S NOTE: On Sept. 4, a PP Blog reader who understands Portuguese posted a link to a Globo.com story that confirms from a medical source that Carlos Costa suffered a heart attack on Sept. 2 and is being treated at Meridional Hospital in Cariacica in the state of Espírito Santo. Here is a link in […]

“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 […]

“The Florida Office of Financial Regulation (OFR) warns consumers of the potential risks associated with purchasing, investing in, and exchanging virtual currencies, such as bitcoin. Members of the U.S. Congress, federal and state regulatory authorities, are continuing to question a way forward with respect to these diverse and decentralized payment mechanisms. Mt. Gox, an international […]

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 […]

Saying it had “credible evidence” of fraud, the state of Illinois issued a temporary prohibition order in March 2014 against Profitable Sunrise figure Nanci Jo Frazer. The order by the Securities Department of Secretary of State Jesse White also applied to purported Profitable Sunrise operator “Roman Novak,” as well as Profitable Sunrise itself and Inter […]

If you’re a student or educator or employee or boss with a traditional M-F schedule, chances are you’ll be hearing about a new Ponzi scheme before the final bell rings or the final whistle blows on Friday. During the first six months of 2014, a Ponzi scheme was discovered every 4.9 days (or every 118 […]

BULLETIN: Federal prosecutors in the United States have informed a federal judge that “evidence underlying this case is closely tied to certain foreign countries, especially Brazil” and that “it is likely that the parties will need to review evidence in foreign countries and arrange for foreign witnesses and/or law enforcement officers to travel to the […]

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 […]

UPDATED 12:11 P.M. EDT U.S.A. A TelexFree member who recruited others into the MLM “program” has been shot and seriously wounded in an ambush in Brazil, Globo.com (Gazeta Online) is reporting this morning. Here is the link in Portuguese. Here is a Google Translation in English. Separately, there are reports in Peru that a TelexFree […]

One of TelexFree’s alleged reality-distortion fields has been formally exposed. Perhaps you saw the recruitment promos (both corporate and affiliate) that planted the seed TelexFree was the sole occupant of a large building in Marlborough, Mass. Former President James Merrill was shown posing in front of the structure. A caption on TelexFree’s website read, “The […]

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 […]