TelexFree @ BehindMLM

Due to ongoing coverage of some the biggest Ponzi schemes that operate within the MLM industry, here at BehindMLM one of the more common questions we get is “why aren’t the authorities doing anything?” Some affiliate investors in such schemes even go so far as to use a lack of regulatory intervention as “proof” of [Continue reading…]

Launched some weeks ago but only made pubic recently, Brazilian media are reporting that regulators in the Dominican Republic have launched an investigation into TelexFree. Following suspicions by the Technology Crimes Division of the Attorney General that TelexFree is operating a Ponzi scheme, TelexFree’s local activities have been investigated for ‘about a month‘.

Following in the footsteps of Colombia, who in late November suspended local WCM777 operations and launched a criminal investigation into the company, Peru’s Superintendency of Banking and Insurance (SBS) have today banned WCM777 from operating in the country. Also caught up in the regulator’s announcement is TelexFree, with the SBS warning the Peruvian public that [Continue reading…]

Back when they were busy lying to the Supreme Court of India, Speak Asia planted the idea that if it was allowed to refund investors who hadn’t yet received a >100% ROI, that the authorities would permit the company to “restart operations”. To this day there are Speak Asia investors who truly believe this is [Continue reading…]

Fourteen, fifteen, sixteen appeals rejected – I’ve lost count of the exact number of times TelexFree have had their various appeals dismissed, but I’m starting to think they found their lawyers in one of those 20 cent skill-based claw machines. TelexFree’s latest appeal was filed in the Superior Court and appears to be an objection [Continue reading…]

With Acre’s Public Prosecutors rejecting Carlos Costa’s mediation proposals late last week, it fell on Judge Thais Khalil to go over the proposals and make a decision. Khalil’s decision was handed down yesterday in the shadow of Carlos Costa running all over Brazil to declare “god used him” to create TelexFree and that “nobody will [Continue reading…]

If I’ve learnt one thing over the past year it’s that if you want to launch a Ponzi scheme targeting South Americans, you definitely need to have the “god factor”. Forget speaking Spanish or Portuguese, forget having a local presence, forget even having a business model that makes financial sense, as long as you profess [Continue reading…]

Yesterday saw the mediation settlement conference between TelexFree and Acre’s Public Prosecutors take place and, not surprisingly, nothing came of it.

With the granting of an injunction prohibiting TelexFree from paying out weekly ROIs and signing up new affiliate investors in its core market Brazil, it was inevitable that promotional focus would shift to neighbouring regions. One such region TelexFree’s affiliates are making inroads into is that of Peru, a country of thirty million that sits [Continue reading…]

Since it was founded in 2006, Liberty Reserve was a widely used ewallet payment processor for a multitude of MLM companies. On their website, the payment processor professed it was the oldest, safest and most popular payment processor … serving millions all around a world. And indeed Liberty Reserve was just that, until it was shutdown [Continue reading…]