TelexFree US investigation confirmed (again)
Back in January of this year, Allessandra Marques of the Acre Public Prosecutor’s Office confirmed that a US regulatory investigation into TelexFree is underway. Citing the “senstive” nature of the investigation, no further information was provided.
Despite the obviousness of regulators in Brazil likely being in contact with regulators in the US (TelexFree are registered in the US state of Massachusetts), on January 15th Steve Labriola, TelexFree’s International Marketing Director, declared that ‘there is no investigation started or presented to TelexFree in any shape or form.‘
Labriola went on to dismiss Marques claims, because he and TelexFree hadn’t ‘heard of anything‘.
As watertight as Labriola’s reasoning was, now it has been confirmed again that at least one US state is investigating TelexFree in the US.
Speaking on behalf of the office of Massachusetts Commonwealth Secretary William Galvin, Brian McNiff has confirmed to Patrick Pretty that
There is an investigation going on, but I can’t comment beyond that.
Patrick Pretty is also reporting that
Galvin’s office had issued subpoenas for certain people to appear before the Massachusetts Securities Division on March 5 at 10 a.m. and 2 p.m.
A federal agency also has interviewed a person who may have knowledge about TelexFree, the source said.
Who has been subpoenaed remains unclear, however it’s expected those served would include Carlos Wanzeler and James Merril, owners of TelexFree who fled to the US after Brazilian authorities shut down the company. I imagine Labriola will also be present, however whether or not he knows anything is going on remains unclear.
In dismissing Alessandra Marques’ claim of a US investigation last month, Labriola reassured TelexFree affiliate investors by stating ‘if there’s something going on we’ll let you know‘.
Labriola and the rest of TelexFree’s executive management are in Madrid this weekend, hoping to entice Spanish investors to pump new funds into the scheme at a TelexFree convention.
If Labriola is to be believed, one would imagine the company would release an official statement concerning the Massachusetts investigation first thing on Monday morning.