Turns out the SEC don’t trust TelexFree management at all. And after the revelation yesterday that Joseph Craft lied about his position in the company while trying to make off with $37.9 million dollars, who can blame them? The SEC pyramid scheme complaint against TelexFree was originally filed on the 15th of April, meaning it was [Continue reading…]
As agents from the FBI, Department of Homeland Security and Immigration and Customs Enforcement burst through the door of TelexFree’s Massachusetts head office, Joe Craft looked up from his laptop. “They’re early”. Craft had been running his laptop day and night in anticipation of a raid, deleting the mile-long paper trail that he hoped would throw regulators [Continue reading…]
Hot on the heels of the Massachusetts Securities Division alleging TelexFree to be a $1 billion dollar Ponzi scheme, now comes a new complaint from the SEC. Filed on the 15th of April in a Massachusetts District Court, the SEC have named eight defendants in the case, and have grouped them into three distinct categories: [Continue reading…]
Late yesterday we reported on iPayout disabling the ewallet services they were providing to TelexFree. Since then, some interesting developments have come to light.
In contrast to US TelexFree affiliate leaders busying themselves censoring social media groups of factual information and demanding artificial positivism from those who invested under them, Rwandan Telexfree affiliate leaders are considering legal action against the company. The news comes as yesterday Rwandan affiliates called on their government to intervene and recover losses incurred by Rwandan TelexFree [Continue reading…]
One of the more dangerous side-effects of making a lot of money in Ponzi schemes, is the blowback you get from your downline when the scheme inevitably collapses. An old-hand at scamming people in such schemes, Sann Rodrigues, being TelexFree’s top Ponzi pimp, is arguably now in the most dangerous position of all. His exit [Continue reading…]
Just a brief update on this (working on some lengthier articles for later publication). Earlier today TelexFree’s payment processor, iPayout, pulled the company’s ewallet services offline.
Over the past twenty-four hours I’ve been seeing a lot of genuine concerns raised by TelexFree affiliates being answered with the proclamation that tommorow April the 17th, the company will be given permission to restart business operations. Mostly pushed by Portuguese speaking TelexFree affiliates, social media related to TelexFree has been flooded with claims like [Continue reading…]
Ever since the SEC investigation into TelexFree was officially confirmed, I’ve found myself repeatedly pointing out to disillusioned TelexFree affiliates that the running of a Ponzi scheme for nearly two years cannot be negated by cosmetic product changes. Nor can it be erased by a “too little too late” compensation plan change. Hell, not even [Continue reading…]
In the wake of TelexFree’s emergency filing for Chapter 11 bankruptcy over the weekend, Steve Labriola was once again abandoned by TelexFree’s owners and left to face the company’s affiliates alone. Appearing telephonically on a hastily announced call and sounding more spectator than corporate management, Labriola tried to appease TelexFree affiliates with what little information [Continue reading…]
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