Telexfree still pushing for Ponzi restart
With every motion TelexFree has filed in Acre being dismissed or denied and a Judge now sifting through thousands of pages of evidence, things appear to be getting increasingly desperate.
Appearing to have learnt nothing after recently being fined for wasting the court’s time, TelexFree latest hair-brained ploy continues the company’s tradition of ill-advised legal strategies.
Refusing to give up on the notion that the Acre court will permit one of the largest Ponzi schemes Brazil has ever seen to restart, TelexFree have approached Acre’s Public Prosecutors with a new proposal.
Submitted in court on Wednesday January 8th, in a nutshell TelexFree are proposing to refund affiliate investors, on the proviso they be permitted to restart the Ponzi scheme in Brazil.
Previously, as part of mediation proceedings, Acre’s Public Prosecutors had proposed the company refund affiliate investors in full and agree to shut down the Ponzi scheme for good, but this was rejected by TelexFree.
The first part of TelexFree’s new proposal is identical to what the Prosecutors proposed. The second however differs and is likely to to be the reason the proposal is rejected.
Well, what exactly do you think affiliate investors are going to do with their “refunded” money if TelexFree are granted permission to restart the scheme?
No doubt Carlos Costa will appear in a YouTube video within minutes of any such permission being granted, professing the blessings Brazil’s legal system has bestowed on their business model.
Yeah, that’ll work out well.
On what grounds TelexFree have made their latest proposal I’m not sure. Clearly it’s only a matter of time before Judge Thais Khalil finishes reviewing the evidence and shuts them down for good… so what? Continue to propose increasingly absurd attempts to weasel out of the case reaching its inevitable conclusion?
Good luck with that guys.
I wouldn’t be surprised if TelexFree were slapped with another fine for wasting the court’s time. Back in November last year Carlos Costa submitted an identical proposal to pay out existing investors and restart business operations… and it was rejected by Judge Khalil:
Appearing personally at the mediation conference, Costa first proposed that TelexFree be continued to run their Ponzi scheme as if the authorities had never intervened.
The second proposal was a bit less laughable, with Costa proposing that the company be permitted to pay out existing affiliate investors, who would then be required to re-register in the US to continue to invest with TelexFree.
Basically in both instances Costa pushed for a restart of TelexFree’s Brazilian business operations, so it’s not really surprising that Judge Khalil rejected both proposals.
Unless Khalil has contracted an acute case of amnesia, how TelexFree expect the same proposal to be accepted this time around is beyond me.
In other TelexFree news Carlos Costa was caught out yet again pumping out porky pies in his YouTube videos.
Appealing to the TelexFree faithful, yesterday Costa appeared in a YouTube video and declared that Acre’s Public Ministry (MP) were to blame for rejecting TelexFree’s TAC proposal, submitted during the mediation process.
Responding to Costa’s claim, the MP pointed out that it was TelexFree who rejected the MP’s TAC proposal. Costa’s claims were all the more absurd considering only the Public Ministry are able to make TAC mediation proposals.
After he was caught out yet again, Costa appeared in another video to revise his initial claim. Acknowledging that the proposal he mentioned was unofficially sent to the MP, Costa claimed
the prosecutor confused what was only the hint of TelexFree submitting a new proposal which would be denied, as was the case in November last year.
Referring to Alessandra Marques of Acre’s Public Prosecutors Office, Costa went on to state that ‘unlike the lady there, I’m being honest with all my heart‘.
At the time of publication the MP hadn’t made any official response to Costa’s latest video. Personally I wouldn’t bother, as the conclusion they published in their initial response pretty much sums things up:
The case will not resolved by videos or conversations on social networks. It is the judiciary who will have the final word.
How many fines, appeal rejections and motion dismissals it will take for that to finally sink over at the TelexFree camp, remains to be seen.