Fantasies about a restructuring and return to business by TelexFree grow dimmer by the day, with news now that the TelexFree Trustee is investigating the company in earnest. Filed on June 12th, Stephen Darr has asked Massachusetts Bankruptcy Court for permission to issue subpoenas on PriceWaterhouseCoopers, LLP (former advisors to TelexFree) William H. Runge (TelexFree’s Chief [Continue reading…]
Top TelexFree pimp Faith Sloan recently asked a Massachusetts District court to release $15,800 in currently frozen funds. Sloan claims she needs the money to cover living expenses and payment to her lawyer. The SEC were quick to file an opposition to the motion yesterday. Perhaps caught unaware by just how closely the SEC have [Continue reading…]
Hat in hand, Faith Sloan has approached the Massachusetts District court to ask them to release $15,800. In her June 10th motion, Sloan claimed she has been unable to pay for her food, her rent and her normal living expenses and will not be able to retain her attorney to defend herself in this matter, [Continue reading…]
Unhappy with being named a defendant in the SEC’s civil case against TelexFree, Faith Sloan, one of the schemes top promoters, has filed a Motion to Dismiss the SEC’s case against her. Despite being one of the more prominent faces of TelexFree, self-titling herself as a “leader” and appearing at most, if not all, of [Continue reading…]
Yesterday saw the filing by TelexFree co-owner James Merrill, asking the District Court of Massachusetts to grant him pre-trial release. Charged with wire fraud for his part in the running of a $1 billion Ponzi scheme, Merrill was arrested on May 10th and is currently awaiting trial. Merrill’s arguments for pre-trial release largely centered on [Continue reading…]
Two days ago Faith Sloan filed a motion with the District Court of Massachusetts, asking the court to grant her until June 29th to file a reply to the SEC’s preliminary injunction against her. Trouble is that injunction was granted three weeks ago, so asking for an extension to reply to it now seemed rather pointless. [Continue reading…]
Resentment over TelexFree co-owner Carlos Wanzeler’s escape to Brazil and leaving of his partner-in-crime James Merrill to take the fall, might finally be starting to show. As it became clear regulators were going to move in on Wanzeler’s $1 billion Ponzi scheme empire, the night before his house was raided he jumped in a car with his [Continue reading…]
Two days ago saw the latest TelexFree bankruptcy hearing take place, with the outcome being the almost certainty that TelexFree’s management and owners would lose control of the company. In their place a Chapter 11 Trustee would be appointed, which would effectively put TelexFree in the control of US regulators (specifically the Department of Justice). Initially [Continue reading…]
Broadening the scope of their complaint against TelexFree to include it being a Ponzi scheme, the SEC have filed an amended complaint on the 27th of May. The initial complaint restricted the definition of TelexFree to that of an “illegal pyramid scheme”, with the new complaint kicking things up a notch. Much of the amended complaint [Continue reading…]
The first TelexFree bankruptcy hearing in Massachusetts went down yesterday, and the end-result was swift and conclusive. Any objections TelexFree might have had to the proceedings were swept away: A Massachusetts bankruptcy judge on Tuesday signaled he will move quickly to appoint a Chapter 11 trustee to take control of TelexFree LLC. Judge Melvin Hoffman [Continue reading…]
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