One of the common questions we get after a major Ponzi scheme bust in the US is “what about affiliates overseas?” Surprisingly, arrests have yet to be made in Brazil (the “heart” of TelexFree), with the company’s management and top affiliate investors still running about professing TelexFree’s innocence. Over in the Dominican Republic, some initial reports [Continue reading…]
A bail hearing for James Merrill, co-owner of the $1 billion dollar TelexFree Ponzi scheme, was held last Friday in Massachusetts. Taking the matter under advisement, Magistrate Judge David Hennessy made a decision yesterday to keep Merrill in custody. Citing that ‘the Government has met their burden‘ in establishing why Merrill should not be granted bail, [Continue reading…]
The $1 billion dollar Ponzi noose around Carlos Wanzeler’s neck tightened today when reports detailing the arrest of his wife surfaced. Caught trying to flee the US for Brazil, Katia Wanzeler was apprehended at John F. Kennedy International airport. Wanzeler (right with husband Carlos) had hoped to fly out of the US on a one-way ticket to [Continue reading…]
One of the common recurring themes in the Ponzi industry, is feigned ignorance as to the going-ons behind the scenes. Despite being fully aware of what is going on in the schemes they promote, when it all comes tumbling down, those at the top (who made the most money), are usually first to profess their [Continue reading…]
Ever since those forfeiture notices were issued at the Nevada bankruptcy trial, we’ve been waiting for the US Attorneys Office to show their hand. And on Friday morning they did just that. TelexFree co-owner James Merrill has been arrested on “conspiracy to commit wire fraud charges and his partner in crime, Carlos Wanzeler is now a [Continue reading…]
Thus far defiant in their non-cooperation with authorities over their part in a $1 billion dollar Ponzi scheme, Faith Sloan and Sannderly Rodrigues were rewarded for their efforts with the granting of a preliminary injunction on Wednesday.
Now that TelexFree’s bankruptcy proceedings are all but dead, attention has shifted onto pending and ongoing regulatory action in the state of Massachusetts. Charged with being a Ponzi and pyramid scheme by the SEC and Massachusetts Securities Division, TelexFree are now staring down the barrel of a permanent injunction. But whilst the company and key [Continue reading…]
In a nail-bitingly suspenseful hearing yesterday, Judge Landis ordered TelexFree’s Chapter 11 bankruptcy application be moved from Nevada to Massachusetts. And in the meantime, the Nevada bankruptcy court will abstain from making any further orders regarding the case. In short, pending the move to Massachusetts (where it is likely to be heard and subsequently rejected [Continue reading…]
The notion that a global Ponzi scheme be able to file bankruptcy in a state it registered a shell company in, solely to evade financial, criminal and civil liabilities for the running of said Ponzi scheme, was always going to be a stretch. Still, hats off to TelexFree’s lawyers for putting on a good show [Continue reading…]
On the eve of Judge Landis’ decision that will decide whether Ponzi schemes are able to claim bankruptcy protection, lawyers acting on behalf of TelexFree affiliates have filed a class-action lawsuit in Nevada. Filed on the 3rd of May in the Nevada Bankruptcy court, the class-action names TelexFree, its management, top promoters, legal and advisers, [Continue reading…]
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