Randy Crosby enters into settlement with TelexFree Trustee
Following on from the news that Randy Crosby had entered into settlement negotiations with the SEC late last year, a stipulated settlement with the TelexFree Trustee has been filed.
The Stipulated Settlement is dated March 21st and covers both Randy Crosby and his wife Sonya. The SEC have also signed off on the agreement.
As per TelexFree’s records, Randy Crosby’s TelexFree accounts netted him $487,620. Sonya Crosby’s accounts netted $541,450.
The settlement agreement will see Randy and Sonya Crosby surrender
- two bank accounts (an SMC Management account holds $50,000, the amount in the other SunTrust Bank account is not specified)
- a 2014 Porsche Cayenne Diesel SUV and
- a 2014 Porsche Panamera S Hybrid
One would assume the unspecified amount in the SunTrust Bank account is substantial. Or at least hope so.
Pending compliance with the settlement agreement, all claims by the Trustee against the Crosbys are released.
There is a separate settlement with the SEC which contains “additional terms”, however as at the time of publication details of the SEC settlement are not public.
Having been filed on March 21st, the Stipulated Settlement between Randy and Sonya Crosby and the TelexFree Trustee now awaits judicial approval.
Update 20th April 2018 – On April 19th Judge Hoffman approved the Crosby settlement.
the sunturst bank acct. has an estimated 131,000 usd
kccllc.net/telexfree/document/1440987180321000000000002
page 8-P.25
Wonder where the rest of the hundreds of thousands of dollars went then…
lavish lifestyle for 4 years?
What will happen to the local net winners in various countries like Uganda?
We are getting rather impatient and tired with the way this telexfree issue is being handled!
Why can’t the distribution go on as the Trustee sorts out with the Net Winners?
I don’t mean to presume but I don’t think it’d be cost effective to pursue net-winners in Uganda. There probably aren’t enough significant local net-winners.
As for getting impatient, TelexFree was a mess. The claims process is underway but takes (a lot of) time.
Last I checked the Receiver is sorting through disputed claim amounts. After that I imagine we’ll hear something about the first distribution payment.
That’s completely understandable.
It should be remembered, however, these (Telexfree) guys and the promoters were serious criminals whose whole purpose was to disguise and conceal their activities while making the electronic “paper trail” as hard to follow as possible.
On top of which, somebody has to pay for any audit which may be required, and you can bet your bottom dollar it will.
Blaming the receiver and prosecutors is unfair, when the masterminds have gone out of their way to make it impossible to reconcile the accounts, if any form of “accounts” actually exist, that is.
the ones to blame here are the net-winners, it is due to them, that the distribution process has been slowed down.
right now there is a platform active for net winner to be able to dispute or aggregate any user accounts they find to be missing or erroneously adjudicated to them.
it is because of them, that the process has slowed down, due to burocratic processes that have to be completed for the “net-winners benefit”.
I am grateful that so many people have endeavored to respond! But as of now the trusted is again quite! What is going on?
That money is loosing value each day that passes! Hopefully behindmlm has some answers!
Godfrey
Your waiting on a distribution IIRC.
Disputed claims resolution was approved December, 2017. Sorting through the disputed claims is probably what you’re waiting on.
With such a big Ponzi comes such a long wait for claims unfortunately.
Thank you!
Do you think this long wait should not come to an end by next month?
Thank you!
Godfrey
Probably not. Should be within six months though.
News Alert: CNBC “American Greed” will do a whole episode profile on TelexFree and aftermath this coming Monday (25th?) at 10PM (ET/PT).
Stories will include many different victims, including a woman with heart problems trying to raise money for her operation by sinking every last penny with TelexFree. It apparently will end with James Merrill being confronted by his victims.
Wonder if that’s from prison or footage from that town hall thing they held before the criminal trial.
Imagine a group of seemingly disgruntled people holding some ‘demonstration’ of sorts just because justice has failed to consider the issue of time.
”Justice delayed is justice denied”
Godfrey
Video be broke but 🙁
cnbc.com/video/2018/06/20/heart-patient-loses-life-savings-in-telexfree-scam-2.html
Trustee has also reached settlement agreement with Dominican promoter Santiado de la Rosa and his wife.
Deets here: kccllc.net/telexfree/document/1440987180629000000000002
I went through that and there was no dollar amount on the bank accounts. I took it as in line with the SEC settlement so didn’t feel the need to separately report on it.
I assume the SEC has gone for the maximum they can and that will ultimately wind up with the Receivership.
Hi,
That implies that we are nearing distribution?
Godfrey.
Individual settlements and victim claim distributions are independent of each other.
I mean after settlement with those individuals, then what else is remaining apart from distribution?
Godfrey.
As of December 2017 the Receiver was still sorting out invalid claims and disputes.
I assume this is still ongoing as we haven’t heard anything regarding the status of the claims process since.
Does anyone know when the money is released? I am sick and invest $ 16,000 and the money will aid in my treatment.
The Trustee knows, nobody else does.
@Andre,
my guess is that a lot of paper work could be obtaining but I just felt that the trustee would be informing the victims about what is going on! Or its against the law to do so?
stay frosty wasikye, very soon you will be getting news. the next few weeks shall be very interesting
Can you tell me what’s going to happen in the coming months? How will the values be refunded?
Does anyone have any information on how things are?
Already when you say ”the next weeks will be interesting”, it’s interesting itself!
Thank you!
Godfrey
all everyone has to do is stay calm, quiet, accept the trustees decisions. so everything will happen faster. the less people argue with the trustee. the faster will everything happen.
For me since you said that I should stay frosty, interesting weeks are coming, that’s what I am exactly telling our people here in Uganda (I wish you would know how third world people perceive things).
dont worry GODFREY WAGALO WASIKYE, your $7,974.60 claim is looking good. tell people in Kampala to keep their heads up!
Do you know what? I am perplexed as to how you came to know about that figure!
Anyway thank you. I will tell them so. Otherwise you have been keeping this situation lively because the trustee was busy with other things and we were kept in the dark!
Godfrey!
I, for one, have no sympathy for anyone in Africa, or anywhere else for that matter, who was taken for a ride and lost money in TelexFree!
Anyone who was gullible enough to believe the returns promised, or was stupid enough to not do something as simple as a Google search and do some due diligence by visiting credible websites like Behind MLM, not to mention read the numerous articles from various newspapers and other media sources that reported it was a scam, deserve to lose what they “invested.” Maybe that will teach them a valuable lesson!
I can’t tell you the number of people from Uganda and Tanzania that I would bump into that were doing TelexFree, and I’d sit down and show them about 10 reasons why it was a scam, show them articles from various media sources from a number of countries reporting the company was under investigation for being a scam, etc., and you know what their response was?
These uninformed, misinformed, and usually inexperienced newbies and novices would either let the information and warning go in one ear and out the other, OR, they’d argue! SMDH…
It is reminiscent of what is happening now with all the MLM crypto-currency, bitcoin mining, and trading opportunities, which regulators have already deemed to be ILLEGAL ponzi/pyramid schemes, as they are considered to be promoting an investment, a security, or in the case of bitcoin mining, an unregistered security, without a securities license on the part of the company AND all of its reps.
Some of these programs have been launched by people that used to be in TelexFree, and they’re using the exact same pay plan model that got TelexFree shut down!
How stupid do you have to be to join a program that has the same pay plan model and marketing approach that got TelexFree shut down! Apparently the geniuses joining didn’t learn any lessons from the TelexFree debacle!
Interestingly enough, many of the very same leaders in Uganda and other African countries that were promoting the Telexfree and D9 Club scams, are now promoting the various illegal crypto-currency related MLM ponzi/pyramid schemes like Buxcoin/Bitsolives, CGI Magellan, Bitworld, Nexus, BitClub Network, AWS Mining, and the list goes on an on!
Africans don’t like to read! And they definitely don’t do any due diligence most of the time! And when real experts like top MLM industry attorneys and top industry leaders try to educate them, it either goes in one ear and out the other, or worse, they want to argue half the time, even though they have no clue what they’re talking about!
Many, even if shown it’s a scam, don’t care! “I’m making money,” is their attitude… They’re so gullible!
Throw some scheme or scam at them, talk about the millions they can make without having to do anything, dangle shiny lures like car programs and free trips in front of them, and they join! smdh… it’s a good thing stupidity isn’t a crime!
They’re lucky they live in Africa-the regulators are about as uninformed as they are, plus they don’t have the manpower, money, and resources to go after most of the scams and ponzi/pyramid schemes, which is one reason why they last as long as they do in Africa…
Maybe if African countries started to arresting people, prosecuting them, hitting them with big fines and prison time, and then publicized those actions, maybe it would wake more people up!
Ken,
Thank you for the elaboration you make! But don’t you think that we should focus on other issues like how people can be compensated other than we dwelling on mistakes which were made sometime back?
I am compelled to think that you are a typical African who doesn’t want to move forward. Mistakes were made and now we are focusing on how people can be paid back their monies!
Or you think the courts and the Trustees handling the matter are fake!
Please endeavor to make people hopeful not hopeless! Thank you!
Godfrey
Andrew how did you come to know about that amount anyway!?