PatrickPretty.com

Tag: TelexFree

  • BULLETIN: MyAdvertisingPays (MAPS) Again Referenced In TelexFree Litigation; Lawyer Calls It A Ponzi Scheme While Calling Simon Stepsys A ‘Ponzi Mogul’

    myadvertisingpaysBULLETIN: (6th update 7:23 p.m. ET U.S.A.) Class-action lawyers pursuing claims against TelexFree promoters have called the My Advertising Pays (MAPS) “program” a Ponzi scheme and described MAPS promoter Simon Stepsys as a “Ponzi mogul.”

    The case itself is not against MAPs. Even so, the lawyers now have made repeated references to MAPs and are lambasting the serial promotion of MLM fraud schemes. The newest reference to MAPS occurred in federal court filings in Massachusetts today. As the PP Blog reported last year, MAPS initially was mentioned in a proposed TelexFree-related class action filed in the Southern District of New York in December 2014.

    Daniil Shoyfer, an alleged promoter of TelexFree, plowed nearly $9,000 into MAPS a month after TelexFree filed bankruptcy in April 2014, according to attorney Alexander D. Wall. Shoyfer promptly was heralded by Stepsys, Wall contended.

    Stepsys, Wall alleged, “is an Internet Ponzi scheme mogul” currently promoting MAPS. He previously promoted the bizarre Banners Broker scheme that led to two arrests in Canada last month.

    Moving from one fraud scheme to another is a serious problem in MLM.

    A Stepsys-connected website includes “a paragraph, together with a photograph of Defendant Daniil Shoyfer, congratulating Mr. Shoyfer for reaching the ‘1200 Diamond level’ for his promotion of the MyAdvertisingPays scam,” Wall alleged.

    “This webpage also indicates that in May 2014 – the month following TelexFree’s declaration of bankruptcy – Mr. Shoyfer purchased ‘177 Credit Packs’ from MyAdvertisingPays. Upon information and belief, as well as research I have performed, [a] MyAdvertisingPays ‘Credit Pack’ costs $49.99,” Wall alleged. “Thus, Mr. Shoyfer invested at least $8,848.23 in a second Ponzi scheme in the month after TelexFree’s bankruptcy filing.”

    The class-action lawyers have been seeking a preliminary injunction against Shoyfer and an asset freeze that would prohibit dissipation of assets. Shoyfer has contended he believed TelexFree was legal and that there is a vendetta against him.

    MAPS has claimed recently to have closed itself to U.S. members, a possible indicator that it fears it is under investigation by American law enforcement.

    NOTE: Thanks to the ASD Updates Blog.




  • Full Statement Of SEC On Jailing Of Sann Rodrigues

    newtelexfreelogoEDITOR’S NOTE: As the PP Blog reported yesterday, TelexFree figure Sann Rodrigues has been jailed. The SEC today released a litigation statement on the matter and related developments. It is reproduced below in its entirety. 

    **__________________________**

    Florida Resident Ordered to Jail Based On Violating Court Orders Obtained by the SEC

    The Securities and Exchange Commission announced today that Sanderley Rodrigues de Vasconcelos (“Rodrigues”) of Davenport, Florida, who is charged with promoting a pyramid scheme, was ordered to jail for civil contempt arising from his repeated violations of court orders obtained by the Commission in its civil action filed in 2014 against Rodrigues.

    On April 15, 2014, the Commission filed an emergency civil action against TelexFree, Inc., Rodrigues and several other defendants and obtained from the U.S. District Court in Boston certain preliminary relief, including an order freezing the assets of Rodrigues. On June 10, 2015, Rodrigues consented to a court order requiring him to provide an accounting listing all assets and transactions over $500. On August 12, 2015, the Commission asked the court to hold Rodrigues in contempt, alleging that Rodrigues had transferred or disposed of assets and had failed to provide the court-ordered accounting. On December 18, 2015, the judge in the SEC’s civil case held Rodrigues in contempt for violating the terms of the court’s orders by: 1) transferring $233,473 out of his bank accounts; 2) selling a Mercedes Benz CLS; 3) selling a Ferrari F340; 4) transferring three Florida condominiums; and 4) failing to provide the court-ordered accounting. The court ordered Rodrigues to return all assets that he had transferred or disposed of in violation of the asset freeze, with a deadline of January 15, 2016. The court further warned Rodrigues that, if he failed to do so, he would be incarcerated for the contempt. On January 15, 2016, the Commission notified the court that Rodrigues had failed to comply with the December 18, 2015 order. On January 15, 2016, the court ordered Rodrigues held in jail until such time as he complies with the court’s December 18, 2015, order.

    In related proceedings, on November 25, 2015, the U.S. Bankruptcy Court in the District of Massachusetts ordered that the debtors in the TelexFree bankruptcy proceeding operated a Ponzi and pyramid scheme and are jointly and severally liable for the claims of victims.

    The SEC’s investigation was conducted by Scott R. Stanley, James Fay, Mark Albers, John McCann, Frank Huntington and Kevin Kelcourse of the SEC’s Boston Regional Office. The SEC’s litigation is being led by Mr. Huntington and Deena Bernstein.

    For further information, see Litigation Release Nos. 22974 (April 17, 2014)(SEC Halts Pyramid Scheme Targeting Dominican and Brazilian Immigrants) and 22992 (May 13, 2014) (Criminal Charges Filed Against Two Principals of Massachusetts-Based Telexfree)

    http://www.sec.gov/litigation/litreleases/2016/lr23450.htm

  • BULLETIN: Sann Rodrigues, TelexFree Figure, Ordered Jailed

    Sann Rodrigues.
    Sann Rodrigues.

    BULLETIN:  (2nd Update 10:46 P.M. ET U.S.A.) TelexFree figure Sann Rodrigues has been ordered jailed.

    The order, dated Jan. 15, was issued by U.S. District Judge Nathaniel M. Gorton of the District of Massachusetts. Gorton found Rodrigues in civil contempt last month for violating an asset freeze.

    Rodrigues did not purge the contempt by Jan. 15, so Gorton ordered the U.S. Marshals Service to incarcerate him, according to the order. The huckster was charged by the SEC in April 2014 with fraud.

    The SEC has described Rodrigues as a recidivist securities fraudster who claimed God invented MLM and “binary.” He also was charged criminally with immigration fraud. A separate judge in that case had threatened to revoke bail if Rodrigues did not comply with orders in the SEC’s civil case.

    Whether Rodrigues now faces a bail-revocation hearing in the criminal case was not immediately clear.

    TelexFree was a pyramid- and Ponzi scheme that generated about $3 billion in illicit economic activity, according to bankruptcy trustee Stephen B. Darr.

    The PP Blog reported today that Rodrigues, who claimed to have made $3 million in TelexFree, was not listed among the scheme’s top winners in recent lawsuits filed by Darr. TelexFree had billed Rodrigues as its “TOP PROMOTER.”

    NOTE: Our thanks to the ASD Updates Blog.




  • TelexFree Trustee’s Proposed Class Actions May Affect Nearly 100,000 Alleged ‘Winners’ Globally

    newtelexfreelogoIt’s another MLM legal and PR catastrophe.

    Let’s begin with the numbers, which are staggering: In two separate actions on Jan. 15, TelexFree bankruptcy Trustee Stephen B. Darr sued 56 named alleged “winners” in the MLM Ponzi- and pyramid scheme believed to have generated about $3 billion in corrupt, cross-border economic activity.

    These 56 promoters — 23 with U.S. addresses and 33 with overseas addresses — effectively are the stand-ins for about 93,000 others who received more from TelexFree or “from other persons in connection with the purchase of membership plans or VoIP Packages” than they paid in. The adversary action in federal bankruptcy court in Massachusetts is filed as a proposed defendant class-action, meaning rulings for or against the named winners would apply to the unnamed 93,000 others.

    “The members of the Net Winner Class are so numerous that joinder of all members is impracticable,” Darr argued to Chief Bankruptcy Judge Melvin S. Hoffman.

    At least 11 U.S.-based promoters of TelexFree hauled more than $1 million each from the program, according to Darr’s complaint. At the top of the list was Benjamin Argueta of Somerville, Mass. He is alleged to have received more than $4 million, including more than $2.2 million in the last 90 days of the scheme.

    With alleged winnings of more than $2.5 million, including more than $1 million in the closing days, Zollo Alecci of Canico, Portugal, was the alleged top international winner. Canico is situated in the Madeira Islands, a spot apparently favored by Brazil-based TelexFree executive Carlos Costa.

    Costa, associated with a TelexFree branch known as Ympactus, also is a failed politician and alleged international racketeer.

    Much like Zeek Rewards’ receiver Kenneth D. Bell, who also filed a defendant class action, Darr is arguing that the alleged winners must return the money because it represents an ill-gotten gain.

    Hoffman already has ruled TelexFree a Ponzi- and pyramid scheme.

    Accused TelexFree huckster Sann Rodrigues, who once claimed a $3 million haul, was not named an alleged winner in either of Darr’s proposed class actions — even though the sum Rodrigues claimed easily would have put him among the top winners.

    The reason why Rodrigues wasn’t named was not immediately clear, although he possibly used shell companies to offload some of his haul.

    TelexFree involved as many as 1.9 million participants, according to Darr.

    NOTE: Thanks to the ASD Updates Blog.




  • URGENT >> BULLETIN >> MOVING: TelexFree Figure Sann Rodrigues Found In Contempt Of Court

    Sann Rodrigues. From INTERPOL.
    Sann Rodrigues. From INTERPOL.

    (4th Update 7:23 p.m. ET U.S.A.) TelexFree, IFreeX and DFRF Enterprises’ figure Sann Rodrigues has been found in contempt of court in the SEC’s Ponzi- and pyramid case against TelexFree and a federal judge in Massachusetts has threatened to jail him.

    The SEC alleged Rodrigues, a recidivist securities offender,  violated an asset freeze imposed in 2014. U.S. District Judge Nathaniel M. Gorton today agreed.

    Gorton rejected defense arguments that Rodrigues, a Brazilian now accused of visa fraud in the United States, wasn’t skilled at English and didn’t understand the freeze order.

    “His arguments are unconvincing,” Gorton ruled. “Rodrigues was subject to a very similar temporary restraining order and preliminary injunction in a 2006 civil enforcement action also brought by the SEC. Thus, however complex were the requirements of the orders in this case, they were not unfamiliar.”

    The judge also rejected a contention by Rodrigues that he could not provide an accounting as ordered because providing the requested financial information would violate his Fifth Amendment right against self-incrimination. Gorton ruled that Rodrigues already had waived his right in dealings with the SEC

    From the Dec. 18 order by Gorton (italics added):

    Rodrigues argues that providing a full accounting of his assets and transactions would require him to disclose information that could incriminate him in several potential or actual criminal proceedings. Rodrigues is currently the subject of a criminal prosecution in a separate federal visa fraud case, U.S. V. Rodrigues (15-10227). He reports that he is also being investigated by the Massachusetts Attorney General with respect to another of his business ventures. In addition, he contends that he may still be under investigation for potential criminal charges related to the specific conduct that underlies this civil enforcement action.

    Whether defendant has made a sufficient showing to invoke the Fifth Amendment is, however, irrelevant. Rodrigues waived his right against self-incrimination by consenting to the Order. . . . In that proceeding, Rodrigues explicitly agreed to provide the very information he is now claiming to be privileged . . . Defendant was represented by counsel, who negotiated the language of the order with the SEC. In exchange for agreeing to provide the required accountings, Rodrigues received a carve-out of his frozen assets to pay for his bail in the separate criminal visa fraud case.

    By Jan. 15, Rodrigues must restore more than $334,000 removed in violation of the asset freeze, Gorton ruled. He also is required to “obtain the reconveyance” of real estate transferred in violation of the freeze or “remit funds equal to the market value thereof or provide the Court with a detailed plan as to how he will otherwise cure his contempt in relation to the transfer of those properties.”

    Rodrigues violated the freeze by  “removing cash from accounts or selling cars,” the judge found.

    The penalty for not meeting the conditions of the order is bail revocation, Gorton ruled.

    Rodrigues has become at least the second figure associated with a Ponzi-board “program” to be found in contempt this month.

    Darryle Douglas, an alleged Zeek Rewards’ insider, was ordered arrested on Dec. 10. That order was issued by Senior U.S. District Judge Graham C. Mullen of the Western District of North Carolina. Whether Douglas has been taken into custody is unclear.

    NOTE: Our thanks to the ASD Updates Blog.




  • BULLETIN: ‘TeamVinh,’ A Ponzi-Board ‘Program,’ Charged By SEC

    teamvinhlogoBULLETIN: (8th Update 3:34 p.m. ET U.SA.) The SEC has gone to federal court in Minnesota, alleging that an enterprise known as “TeamVinh” that pushed something called “VPAKs” was operating a securities-fraud scheme targeted at MLMers.

    TeamVinh, which allegedly recruited more than 5,600 participants,  has a presence on the Ponzi boards, including MoneyMakerGroup and TalkGold. Recent chatter suggests the scheme may have been making selective payouts, a classic maneuver in HYIP Ponzi land. The scheme eventually morphed into a “purported commodities trading platform,” the SEC said.

    Morphing into a new scheme is another classic form of Ponzi fraud.

    “Defendants claimed that TeamVinh members are able to obtain the placement of individuals in their downline salesforce through purchasing what TeamVinh refers to as ‘VPAKs,’” the SEC charged. “Each VPAK is supposed to represent another individual who signed up for TeamVinh, and TeamVinh promises to ‘fulfill’ the VPAK by placing the person represented by the VPAK in the member’s downline at the third-party MLM company and in the member’s TeamVinh account. Defendants claim that, through the VPAKs, TeamVinh would ‘continuously SPILL in NEW Active Paying Members into [the existing member’s] Downline.’ Members could also earn funds by referring additional individuals to TeamVinh. ”

    Claims of tremendous spillover are common in MLM schemes.

    Charged were TeamVinh.com LLC and alleged operator Vu H. Le, also known as Vinh H. Le.

    Le, 39, lives in Minnesota and was convicted of forgery in Wisconsin in 1995. He spent two years in prison, the SEC said.

    By 2007, the SEC charged, “the States of Wisconsin and Minnesota barred Le from offering or selling securities in those states based on Le’s involvement in a real estate scam.”

    Le raised more than $3 million through TeamVinh, spending $2 million of it at “a single casino” in Las Vegas, the SEC charged. He allegedly also spent investor money at other casinos.

    Promises of “passive income” were part of the TeamVinh scheme, the SEC alleged. Earlier Ponzi-board scams such as Zeek Rewards and TelexFree made similar claims. So did “The Achieve Community.”

    Ponzi-board posts suggest TeamVinh was using a curious (and lengthy) acronym to sanitize the scheme: ACCESS WEW. This apparently stands for “A Crazily Cost Effective Self-Sustainable Wealth the Easier Way” system.

    A higher-priced scheme within the overall scheme was known as VET, which stood for “Vinh’s Elite Team,” the SEC said.

    The VET membership costs ranged “from $3,995 to $24,995.”

    TeamVinh buy-ins for as low as $40 also allegedly were offered, potentially making the business both a microscheme and a macroscheme.

    With TeamVinh already in trouble in 2014, “Le solicited additional investments from TeamVinh members in what he referred to as the ‘Platform.’ As new member and investor proceeds began to dwindle, Le told existing members and investors that he needed $200,000 to finalize TeamVinh’s launch of VodeOx,” the SEC charged. “Le claimed that an investor had committed the $200,000, but the investor’s bank would not clear the funds.”

    VodeOx purportedly was “TeamVinh’s own MLM company,” after TeamVinh earlier had operated as an apparent affiliate of other MLM firms.

    Read the SEC statement on TeamVinh. Read the complaint.




  • DEVELOPING STORY: Proposed Settlement Agreement With Zeek Receiver May Wipe Out MLM Attorneys And Law Firm

    From a court filing dated Dec. 11, 2015. Red highlight by PP Blog.
    From a court filing dated Dec. 11, 2015. Red highlight by PP Blog.

    DEVELOPING STORY: (5th Update 8:18 p.m. ET U.S.A.) MLM attorneys Gerald Nehra and Richard Waak will sign a confession of judgment for a whopping $100 million and acknowledge that Zeek parent Rex Venture Group “in fact operated an unlawful Ponzi and pyramid scheme” under the terms of a settlement agreement with Zeek Rewards’ receiver Kenneth D. Bell, according to new court filings.

    The news comes as Nehra and Waak also are being pursued by class-action attorneys for alleged misdeeds involving the TelexFree MLM scheme broken up by the Massachusetts Securities Division, the SEC and the U.S. Department of Homeland Security in 2014.

    A judge must approve the settlement proposal with Bell in which the MLM lawyers contend “that they acted in good faith as legal counsel,” but now “acknowledge and agree that, based on their current knowledge, during the period they served as counsel RVG in fact operated an unlawful Ponzi an pyramid scheme involving an unregistered investment contract that caused hundreds of millions of dollars in losses to innocent victims of the scheme,” according to filings from Bell.

    In 2008, Nehra argued that AdSurfDaily — a $119 million Ponzi scheme — was not a Ponzi scheme. His own client, Andy Bowdoin, later disagreed. Nehra then became involved in both Zeek, a scheme that allegedly gathered more than $850 million, and TelexFree, which allegedly created more than $3 billion in bogus economic activity.

    All three “programs” used similar business models. The cascading fraud totals have been a source of considerable concern.

    The settlement proposal with Bell hints the MLM attorneys, who acknowledge no liability to the receiver, already may be wiped out in that it calls for a payment of $100,000, a small sum compared with the confession of judgment for $100 million.

    In fact, according to the agreement, the MLM lawyers have submitted a sworn financial statement and the $100,000 figure represents “to the extent that it can be accomplished, the full payment of all the Nehra and Waak’s funds and assets available to satisfy the agreed judgment.”

    “The Receiver believes the financial settlement, Confession of Judgment in the amount of $100 million and the acknowledgement of the existence of the Ponzi and pyramid scheme reached as part of the negotiation process is the best outcome for the Receivership and that even with the expenditure of additional funds to obtain a judgment there is not a likelihood of a materially increased recovery for the eventual distribution to the Zeek victims.” Bell wrote.

    Bell sued Nehra and Waak in September, alleging that they “encouraged investors to participate in the scheme by knowingly allowing their names to be used in providing a false façade of legality and legitimacy and gave improper legal advice that allowed the scheme to continue far longer than it would have without the Defendants’ support. Nehra and Waak’s improper and negligent actions, which breached their fiduciary duties to RVG and assisted RVG’s Insiders to breach their fiduciary duties, caused significant damage to RVG.”

    The PP Blog reported last month that a settlement was possible.

    Bell advised Senior U.S. District Judge Graham C. Mullen today that the proposed settlement sum of $100,000 was “based on the defendants’ financial condition.”

    NOTE: Our thanks to the ASD Updates Blog.




  • Watch The Trailer For ‘Madoff’ And Think About How You Could Have Avoided Schemes Such As Zeek And TelexFree

    Bernard Madoff, played by Richard Dreyfuss, tells investors "Look, it's a closed fund" in the ABC miniseries. Ponzi schemes often trade on suggestions of exclusivity.
    Bernard Madoff, played by Richard Dreyfuss, tells investors “Look, it’s a closed fund” in the ABC miniseries. Ponzi schemes often trade on suggestions of exclusivity.

    ABC has made available the first trailer for “Madoff,” a network miniseries debuting Feb. 3, 2016. Richard Dreyfuss plays the notorious Ponzi schemer, with Blythe Danner starring as Ruth Madoff.

    Bernard Madoff’s name first appeared on the PP Blog nearly seven years ago, on Dec. 13, 2008. It has appeared numerous times since then.

    Says Dreyfuss, as Madoff, in the trailer: “You want to know how to get people to trust you with their money? I’ll tell you right now: You present it as an exclusive thing.”

    Any number of the “programs” we have covered tried to sell Madoff-like exclusivity. One of them was Zeek Rewards, an alleged MLM fraud involving more than $850 million taken down by the SEC in 2012.

    Zeek Rewards, according to the SEC, called itself a “private, invitation-only, affiliate advertising division” for Zeekler, a penny-auction “opportunity.”

    Of course, the interest rate Zeek promised made Madoff look like an amateur.

    As the PP Blog reported on June 10, 2012, a couple of months prior to the SEC’s Zeek action (italics added):

    When Zeek’s story is compared to the tale of Madoff’s relatively modest (compared to Zeek) but unusually consistent returns of around 10 percent a year, Zeek is outperforming the notorious Ponzi swindler by a factor on the order of 30 to one. Zeek, though, insists it is not offering an investment. It also preemptively denies it is a “pyramid scheme” and plants the seed it will terminate any affiliate who suggests Zeek is offering an investment program.

    Lessons flowing from Madoff continue to go unheeded — things such as suggestions of exclusivity and unusually consistent returns.

    But with HYIPs, the danger signs may be even clearer: preposterous interest rates that dwarf Madoff’s “returns,” a presence of a scheme on the Ponzi boards such as TalkGold and MoneyMakerGroup, menacing behavior by a company or its affiliates, cult-like qualities (such as allegedly existed at TelexFree), bizarre antigovernment rhetoric suggesting the presence of “sovereign citizens” or political extremists.

    One of the classic refrains is that “it can’t be a scam because the company is registered.”

    TelexFree, which allegedly generated $3 billion in economic activity, was “registered.”

    So was Bernard L. Madoff Investment Securities LLC.

    As was the case at Zeek, the TelexFree interest rate dwarfed that of Madoff. From the SEC’s 2014 TelexFree complaint filed years after Madoff made “Ponzi” household word in 2008 (italics added):

    One version of the marketing presentation on the company website contained slides indicating that an AdCentral promoter could clear $2,296 per year on a $289 investment, that an Ad Central Family promoter could clear $11,599 per year on a $1,375 investment, and that a Team Builder promoter could receive as much as $39,600 per year.

    The “Madoff” trailer is below. It includes lots of lessons for the mind and soul in just one minute — and it’s not just about making people think they are becoming members of an exclusive club. The con man serving 150 years in federal prison also made appeals to naked greed.

    Your Ponzi-board sponsor may be doing the same thing to you right now.




  • Listen To Famed Attorney Jan Schlichtmann Talk About TelexFree Class Action

    newtelexfreelogoJan Schlichtmann is famous in legal circles. If you’ve never heard of him, perhaps you’ve heard of the actor who played him on the big screen: John Travolta.

    The film title was “A Civil Action,” with Travolta starring alongside Robert Duvall. The movie was based on the best-selling novel by Jonathan Harr.

    Schlichtmann has led a colorful career  — and now he and other attorneys are involved in multidistrict litigation flowing from the TelexFree scheme. Among the issues is whether financial institutions assisted the fraud,

    This “Speaking of Justice” podcast features Schlichtmann speaking about TelexFree. He is introduced by Mark Wahlstrom.

  • TRAGIC REPORTS IN BRAZIL: TelexFree Prosecutor Found Dead

    UPDATED 1:22 P.M. ET U.S.A. There are reports in Brazil that a prosecutor who worked on a TelexFree action in that country has been found dead inside her apartment.

    She has been identified as Nicole Gonzales Colombo Arnoldi, 35, of the state of Acre. The government of Acre has issued a statement of sympathy (in Portuguese) on the death. Arnoldi died yesterday, according to the statement. No cause was listed, and TelexFree was not referenced in the statement.

    Brazil and the United States have shared information on the TelexFree case. The office of U.S. Attorney Carmen M. Ortiz of the District of Massachusetts did not respond immediately this morning to a request for comment on the tragic news from Brazil.

    Whether the United States would send a delegation to Brazil for funeral services was not immediately known.

    ac24horas.com is reporting (in Portuguese) that police are investigating the possibility of suicide by pistol, though no definitive conclusion has been reached.

    In Brazil, the TelexFree probe was conducted in an atmosphere that led to threats against judges and prosecutors. As the PP Blog reported in December 2013, there were disturbing reports in Brazilian media that someone with a Facebook account used it to claim falsely that a prosecutor involved in the local TelexFree pyramid-scheme probe had been murdered. The bogus report was supplemented by photos of a mutilated body purported to be that of the prosecutor.

    Investigators in Brazil treated the matter as an effort to intimidate the prosecutor, according to media accounts in Portuguese.

    TelexFree was a cross-border MLM fraud that generated more than $3 billion in economic activity, according to a report by the court-appointed bankruptcy trustee in the United States. Arnoldi’s death occurred just four days after a U.S. Bankruptcy judge ruled the “program” a Ponzi- and pyramid scheme.

    Chief Judge Melvin S. Hoffman of the District of Massachusetts made the ruling on Thanksgiving Eve in the United States.

    Giropb.com.br is reporting that Arnoldi recently was involved in the investigation of a lynching in the city of Bujari, Brazil.

    UPDATE 1:22 P.M. ET U.S.A. This photo of Arnoldi, via Twitter, is from @portal_serido, with credit to TV Globo.

    Also see: http://www.folhapolitica.org/2015/11/promotora-do-caso-telexfree-e.html

  • URGENT >> BULLETIN >> MOVING: TelexFree Was Ponzi And Pyramid Scheme, Judge Rules

    breakingnews725URGENT >> BULLETIN >> MOVING: Chief U.S. Bankruptcy Judge Melvin S. Hoffman of the District of Massachusetts has ruled TelexFree a Ponzi and pyramid scheme. It is the first such ruling by a U.S. Court and was issued on Thanksgiving Eve.

    The ruling was requested on Oct. 7 by Stephen B. Darr, the court-appointed TelexFree trustee.

    Read the ruling. More later . . .