Articles under ‘TelexFree’:

TelexFree disputed victim claims resolution approved

Back in October the TelexFree Trustee filed a proposal to resolve some 19,530 disallowed victim claims. Concerned that they might be potentially held accountable for more than they stole, net-winners objected to the Trustee’s proposal. The Trustee responded to these objections, asserting that net-winners had no say or standing in the victim claims process. On [Continue reading…]

TelexFree mattress money mule sentencing delayed to February, 2018

Cleber Rene Rizerio Rocha, better known as the TelexFree mattress money mule, was busted earlier this year trying to launder $20 million in stolen Ponzi funds. Following a guilty plea in October, Rocha was scheduled to be sentenced on December 20th. On December 18th Rocha filed a motion requesting his sentencing hearing be continued. The [Continue reading…]

Randy Crosby folds, enters into negotiations with the SEC

After holding out for three and a half years, Randy Crosby has finally entered into negotiations with the SEC. The SEC have identified Crosby as “one of the most successful promoters of TelexFree”. In response to the granting of a preliminary injunction that froze his assets, Crosby claimed he knew nothing of TelexFree being a $3 [Continue reading…]

TelexFree Trustee responds to net-winner class claim objections

The TelexFree Trustee has filed a response to the net-winner class’ objections to the claim resolution process. Filed on November 14th, TelexFree’s net-winner class objected to not being given a chance to review or object to claims not having a chance to respond to claim objections in individual proceedings not having their claims decided through [Continue reading…]

Carlos Wanzeler’s seized assets to be sold (TelexFree)

Carlos Wanzeler, one of the masterminds behind the $3 billion TelexFree Ponzi scheme, remains a fugitive at large. A hasty flight to Canada and then Brazil saw Wanzeler leave behind a significant number of assets, which were promptly seized by the DOJ. These assets are currently in storage, where they ‘are incurring storage costs and depreciating [Continue reading…]

TelexFree net-winner class objects to claim resolution procedures

Having followed the Zeek Rewards case, it’s my understanding that net-winner and victim claim procedures are pretty straight forward. Both parties file claims and what’s provable on paper is accepted. The rest of the claims are tossed out and funds are then clawed back from net-winners and returned to victims. Fearful of being held accountable [Continue reading…]

Net-winners still trying to weasel out of TelexFree securities fraud case

Four and a half years after the SEC shut it down and with one of its founders in jail for wire fraud, you’d think TelexFree’s net-winners wouldn’t have a leg to stand on. Not these shameless scammers. With criminal proceedings against James Merrill concluded and Carlos Wanzeler a fugitive in Brazil, the SEC’s civil case [Continue reading…]

TelexFree Trustee proposes plan to resolve 19,530 disallowed claims

Although it has likely been eclipsed by some of the scams currently doing the rounds, the SEC’s 2014 bust of TelexFree was at the time easily the biggest ever seen. With three billion dollars purportedly pumped into the scheme by over a million affiliates, the size of TelexFree alone meant piecing together the fraud from [Continue reading…]

TelexFree mattress money mule pleads guilty

Back in January Cleber Rocha, an accomplice of TelexFree owner Carlos Wanzeler, was caught trying to launder over twenty million dollars in stolen investor funds. An indictment on two counts of money laundering followed in March, which Rocha initially plead not guilty to. As of June Rocha was still contesting the indictment, however earlier this month [Continue reading…]

TelexFree mattress money mule to change money laundering plea

Cleber Rocha, accomplice of TelexFree’s Carlos Wanzeler, was indicted back in March for money laundering. The indictment followed the arrest of Rocha in January, after authorities caught him distributing large sums of money on Wanzeler’s behalf. Information provided by Rocha lead to the seizure of twenty million dollars, hidden under a mattress in an apartment [Continue reading…]