Final Judgment ruled against TelexFree in SEC case
All but cementing any doubt it wasn’t a $3.6 billion dollar Ponzi scheme, on September 28th Judge Gorton ordered Final Judgment against TelexFree and TelexFree LLC.
Procedurally the ruling is more ceremonial than anything, as TelexFree and TelexFree LLC don’t exist outside of the Receivership at this point.
Co-owner James Merrill has been imprisoned. Carlos Wanzeler fled to Brazil where he remains a fugitive, although efforts to repatriate him appear to be underway.
Judge Gorton’s ruling acknowledges TelexFree’s appearance in the case, consent to jurisdiction and violations of the Securities Exchange Act.
The order prohibits any further violations, which as I stated is largely ceremonial seeing as TelexFree doesn’t exist.
Still, Judge Gorton’s Final Judgment order is an important step towards wrapping up the SEC’s case, filed all the way back in April 2014.
The SEC’s lawsuit named TelexFree Inc., TelexFree LLC, James Merrill, Carlos Wanzeler, Steven Labriola, Joseph Craft, Sanderley Rodrigues, Santiago De La Rosa, Randy Crosby and Faith Sloan as defendants.
Of the defendant parties, only Carlos Wanzeler and Faith Sloan remain to be dealt with.
Civil proceedings against Wanzeler have been stayed pending the conclusion of the DOJ’s parallel criminal case.
Faith Sloan’s TelexFree trial date has been scheduled for February 4th, 2019.
Oz,
What could that mean?
Thank you!
godfrey
…what could what mean?
hey so wat does this mean will we have to wait for feb/14/2019 to recive any money back or will be getting payed before that thinks for the help.
This ruling has nothing to do with distribution payments. That’s being organized by the Receivership.
thanks for the fast response oz so maybe will get something back before the year ends.
Oz,
Actually I was asking Erik’s question. Thank you!
So what about those who made money outside of the US? Will they be pursude to pay it back?
I understand that the Zeek net winners outside the US got away with it as it was to expensive to go after them! Is this the case with Telexfree?
IIRC the TelexFree Trustee hasn’t filed clawbacks to the extent the Zeek Receiver did.
So I guess those outside the US will get away with their ill gotten Telexfree gains huh?
You’d have to ask the Trustee…
Wow justice in the US is so mindbogglingly slow. Sloan still a free woman who still continues to fly in the face of the court and proceeds to sell snake oil and Carlos at this rate has probably stashed every penny he had left from TelexFree in numerous cash havens across the world.
If this happened anywhere else in the western world it would’ve been wrapped up years ago. Is it any wonder corruption is rife in the US while the rest suffer from biting austerity?
What a planet we have transformed in our own species image.
someone talks about 14-Feb-2019! what is he meaning?
No idea. Perhaps you could be a little more vague?
Are you talking about Faith Sloans’ scheduled trial date on February “4” 2019 ?
AND AGAIN, I JUST CAME HERE FOR THE ZIMBABWEAN POPCORN. LOL!!
OK WASIKYE, RELAX.
GUYS, THE PROPOSED CLAIM ALLOWANCE PROCESS IS ALMOST FINISHED, THE CLAIM OBJECTIONS WHERE SENT ON AUGUST 24TH WITH A 30 DAY BAR DATE TO RESPOND, THAT EXPIRED ON SEPT 24TH, THE TRUSTEE IS NOW IN THE PROCESS OF REVIEWING THE RESPONSES THAT WHERE RECEIVED FROM OBJECTED CLAIMANTS.
THEY HAVE BEEN WORKING ON THAT SINCE SEPT 24TH, ONCE THEY ARE DONE, they will notify the objected creditors whose response has been accepted, and the the global distribution process will be able to start.
ALL IN ALL I ESTIMATE(MHO) BETWEEN 60 – 90 DAYS TILL DISTRIBUTION.
Thank you Andrew!
Andrew what does MHO mean? thank you!
My honest opinion.
actually its My HUMBLE Opinion. you know, for political correctness.. lmao
I was thinking that the Trustee will give us a Christmas gift but it seems we have to wait much longer!
Dear Sir / Madam,
Now that the Judgement is over, May i know when we shall be paid.
Thank you.
Adakun Andrew Martin
No, you may not.
good morning Mr. Oz, i wanted to know will we get our investment back? and can you say approximately when sir. is their anything that i need to do or do i need to contact some one?
No idea.
No I can’t. I know what you know.