TelexFree @ BehindMLM

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…]

Following weeks of commission delays for non-Brazilian TelexFree affiliates just over a moth ago, ewallet provider Global Payroll Gateway (GPG) abruptly announced that they could ‘no longer support TelexFree‘. The announcement was made in mid September, with GPG informing TelexFree’s affiliates that International Payout Systems (i-Payout) would be taking over the supply of ewallet services [Continue reading…]

Brazilian regulators are currently on fire in their handling of both the TelexFree and BBOM Ponzi scheme fraud cases. Setting an example that India and other countries drowning in Ponzi and pyramid scheme fraud would do well to follow, Monday firstly saw TelexFree denied their bankruptcy protection application and then on Tuesday, the uncovering of a fresh [Continue reading…]

If the injunction continues TelexFree may enter into bankruptcy. Should the company spend a few more days being prohibited from signing up new investors, they would have no money to pay the old ones. -Djacir Falcão, one of TelexFree’s lawyers explaining on July 10th why the Acre injunction should be lifted News broke yesterday on [Continue reading…]

No doubt frustrated at the amount of legal setbacks the company has experienced in Brazil’s courts, TelexFree today announced that they were initiating legal action against the media company Globo. Globo, who have been diligently reporting on TelexFree’s ongoing legal failures over the past few months through their online news portal “G1”, are the largest [Continue reading…]

With TelexFree themselves seemingly having exhausted their injunction appeal options over no less than thirteen separate appeals, all unanimously denied, the company’s affiliates have taken up the slack in the hope that they can convince a judge to lift the Acre injunction. The Acre injunction, granted to Public Prosecutors back in June, prohibits TelexFree from [Continue reading…]

In yet another blow to TelexFree’s non-Brazilian operations, today Global Payroll Gateway announced that they were dropping the company. Global Payroll Gateway’s announcement comes on the back of weeks of commission delays for TelexFree’s affiliates, with the company itself failing to pay affiliates for close to a month now.