TelexFree @ BehindMLM

TelexFree class-action touts $22.5M Fidelity Bank settlement

I haven’t really been paying attention to the TelexFree class-action case. Mostly due to figuring it wasn’t going to go anywhere competing against the SEC’s own civil case. Turns out maybe I should have been following along. On July 7th class plaintiffs entered into a $22.5 million dollar settlement with Fidelity Co-operative Bank.

Faith Sloan confirms CashFX Group securities fraud

Serial securities law offender Faith Sloan has confirmed CashFX Group is engaged in securities fraud. In doing so, she’s also confirmed repeated violation of her 2019 TelexFree final judgment.

TelexFree’s Carlos Wanzeler to be extradited to US

Brazil’s Supreme Federal Court has ruled that Carlos Wanzeler will be extradited to the US. The extradition order was made during a hearing on the 21st, with a decision published on the 25th.

TelexFree victims receive early recovery distribution payments

Like most of you we weren’t really sure why a January 13th, 2021 date for distribution payments was set. Turns out that was more of a deadline, following reports from multiple TelexFree victims of received payments.

Court approves TelexFree liquidation plan

Following an overwhelming majority vote in favor, the TelexFree liquidation plan has been approved.

TelexFree victims vote for distribution plan

Voting on the proposed TelexFree liquidation plan closed on June 30th. A published tally of the ballots reveals that TelexFree victims voted in support of the liquidation plan.

Rodrigues’ escape accomplices back in custody, more warrants

Earlier this year it emerged TelexFree scammer Sann Rodrigues fled Brazil with the aid of a lawyer and two former police officers. Rodrigues remains at large, however the attorney and one of the police officers involved were arrested back in February. The pair were released a day later and have been out on bail since. [Continue reading…]

TelexFree’s Wanzeler & Costa cop 12 yrs prison in Brazil

TelexFree Brazil co-owners Carlos Wanzeler and Carlos Costa have been sentenced to twelve and a half years in prison. The pair have also been fined R$1 million ($183,698 USD) each.

TelexFree Trustee puts up ~40% recovery plan for vote

Just over a week ago the TelexFree Trustee announced he was working on a Plan of Liquidation for filing. On May 6th the plan was filed, revealing what TelexFree victims can expect recovery wise.

TelexFree victims to initially recover 40%, IRS claims resolved

Just under two weeks ago BehindMLM called out the TelexFree Trustee for failing to communicate with victims. Today the Trustee has finally provided an update on parallel IRS proceedings and distribution payments.