TelexFree @ BehindMLM

In another blow to TelexFree’s Brazilian based Ympactus, the company has been fined $1.5 million for “crimes against the economy”. The fine stems from a National Bureau of Consumer Law (Senacon) investigation, which found Ympactus operated as a “Ponzi pyramid scheme”.

Dating back to early March, the TelexFree Trustee has filed no less than thirteen clawback lawsuits against non-investors who profited from TelexFree. Under counts of fraudulent transfer filed in adversary proceedings, the parties the TelexFree Trustree is suing are as follows:

In a court filing that flew under the radar until Patrick Pretty reported on it earlier today, TelexFree’s top US investors have been named and shamed. Sorted by the amount of money they stole from victims in the $3 billion dollar Ponzi scheme, the one hundred and five TelexFree affiliates cited in the filing are as follows:

A brief update from TelexFree Trustee Stephen Darr today, regarding the status of the victims claim portal. As per a filing by Darr on April 11th, he and his legal team have been working on the portal and electronic proof of claim (ePOC) with BMC Group since late January.

Following a ruling late last year certifying TelexFree a Ponzi scheme in Brazil, things have been pretty quiet down there. From filings in the US cases, we know that Brazilian and US authorities are cooperating behind the scenes with their various investigations. One of the Brazilian agencies investigating TelexFree is the IRS, who claim TelexFree’s owners owe [Continue reading…]

The SEC has filed an opposition to Faith Sloan’s request for $30,800. In their April 4th filing, the SEC claim Sloan filed a virtually identical motion on June 10, 2014. The Court denied that motion on June 25, 2014. The Court should deny Sloan’s recycled motion as well. The motion in question saw Sloan request $15,800 because [Continue reading…]

Can you file an April Fool’s motion with a United States court? As far back as I can remember, defendants in Ponzi scheme litigation have always had to prove seized and/or frozen funds were not related to financial fraud. TelexFree investor Daniil Shoyfer provides the latest example of this. In a filing January 2016 filing, [Continue reading…]

Following a hearing on March 17th, Sann Rodrigues looks set to be released from jail. Rodrigues has been incarcerated for contempt since January, after he repeatedly failed to adhere to the terms of a previously granted preliminary injunction. Thos breaches have resulted in Rodrigues now owing the SEC $474,503. The March 17th order to release Rodrigues was [Continue reading…]

Sann Rodrigues is currently sitting in jail because, among other things, he claims “an inability to pay” $474,503 in improperly transferred assets back to the SEC. According to the SEC, Rodrigues has likely stashed millions of dollars overseas. Not only that, but over the past six months Rodrigues has continued to liquidate assets – even [Continue reading…]

A few days ago Sann Rodrigues filed a motion requesting he be released from jail. Late last year Rodrigues was found to be in contempt and is currently being held at Florida’s Pinellas County Jail. Rodrigues motion claims that it is impossible for him to pay the $474,503 he’s accused of dissipating. The SEC argue otherwise, with hints [Continue reading…]