telexfree-logoThrough TelexFree Electric, Sunwind Energy Group received approximately $2.6 million dollars in stolen Ponzi funds.

TelexFree Electric, owned by Carlos Wanzeler, James Merrill and Carlos Costa, transferred the funds under the guise of an equity investment and/or loan.

The TelexFree Trustee sued Sunwind Energy for $2.6 million as part of his clawback rampage back in April.

On June 7th, Sunwind Energy reached a settlement agreement with the TelexFree Trustee.

The settlement agreement will see Sunwind Energy transfer $2,608,889 plus over $423,497 in interest back to the Trustee.

The catch is Sunwind Energy don’t currently have the funds in question, so they’ve asked for time to “find additional funding”.

The agreement stipulates that the Trustee will not enforce collection unless an entry of default is passed, or Sunwind Energy have failed to pay by April 30th, 2017.

In the meantime Sunwind Energy are prohibited ‘from taking certain actions without the consent of the Trustee’. These actions are assumed to be mostly related to any attempt to liquidate the company and/or incur further losses.

If Sundwind Energy fail to pack back the full amount by April 30th, 2017, the settlement agreement stipulates Sunwind’s assets may be sold off.

The Trustee asserts that the Stipulation is fair and reasonable and should be approved by the Court.

The Agreement confirms the Trustee’s right to recover the Obligation (owed funds), with interest continuing to accrue, while Sunwind explores its developmental plans, not withstanding the absence of any signed loan documentation.

The Agreement provides Sunwind with a breathing spell to pursue its business plan unimpeded by collection efforts.

Sunwind has minimal assets and any collection activity at this time would be of little or no utility.

Personally I’m not liking the sound of that last sentence. I’m doubtful Sunwind Energy will generate any significant business considering they’ve gone nowhere these past few years.

At the time of publication, the proposed settlement agreement between Sunwind Energy and the Trustee is before the court awaiting approval.


Update 28th July 2016 – The proposed settlement agreement was approved on July 27th.