Infinium Wireless to return $7500 to TelexFree Ponzi victims
It hasn’t been a good month for MLM Ponzi settlements.
Earlier this month the Zeek Rewards Receiver settled with Gary Bessoni for $175,000. Through Zeek Rewards, Bessoni had stolen around $3.3 million dollars from Ponzi victims.
Now news of a settlement between the TelexFree Trustee and Infinium Wireless, through which less than 1% of the disputed amount will be returned.
Infinium Wireless is an app development company owned by Todd Betlejewski.
In 2013 Infinium Wireless was contracted by TelexFree to create a TelexFree-branded mobile telephone app.
Betlejewski (right) also appeared at TelexFree events to promote the app to investors.
Come to Vegas Saturday For Todd Betlejewski – President, IW
Todd is the architect behind TelexMOBLE. His experience in the telecommunications industry makes him the perfect partner to bring the power of all 4 major cell phone carrier networks to TelexFREE.
Todd represents 350 Million reasons why TelexFREE should be thrilled at this new product offering.
Prior to TelexFree filing for bankruptcy, $630,000 was paid to Infinium Wireless for development of the app. After the bankruptcy another $140,000 was transferred.
Following an investigation by the TelexFree Trustee, back in April clawback litigation was filed against Infinium Wireless.
In their response to the lawsuit, Infinium Wireless ‘denied any liability and has claimed that it is unable to pay any judgement‘.
The assets of Infinium appear to have minimal value and its current liabilities exceed $130,000.
Infinium does not have any current operations. Therefore, it does not appear that the Trustee would be able to obtain a substantial recovery from Infinium.
It further does not appear that Betlejewski received excessive compensation from Infinium that might warrant a claim against him as a mediate transferee of the subject transfers.
According to a November 22nd proposed settlement agreement between the Trustee and Infinium Wireless, Todd Betlejewski will pay back just $7500 out of the $770,000 he was paid.
Infinium and Betlejewski in return will drop claims against TelexFree for $26,500.
The settlement is premised upon the accuracy of the financial information provided to the Trustee, and any misrepresentations would be grounds for revocation of the release.
Today the Infinium Wireless website is defunct.
Todd Betlejewski’s last social media post on Facebook is dated May, 2014, a month after TelexFree was shut down.
It depicts what appears to be a yacht on the open sea.
The proposed settlement agreement between the TelexFree Trustee and Infinium Wireless is pending court approval.
Update 20th December 2016 – Court approval was granted to the proposed settlement on the 19th of December.
Article updated with news of settlement approval.