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Source: Npros 4/17/2014

TelexFree Headquarters Raided by Feds

Marlborough, MA, April 17, 2014 -- Agents from the FBI and Homeland Security, acting on a search warrant, raided the headquarters of TelexFree Inc. on Thursday after Securities regulators in Massachusetts filed a lawsuit against the company, accusing it of defrauding tens of thousands of investors.

Massachusetts Secretary of State William F. Galvin's office said that TelexFree targeted mainly Brazilian immigrant communities, offering annual returns of up to 250 percent. TelexFree was shut down in Brazil last year for fraud, and has been under investigation in countries around the world since last summer.

TelexFree has denied the allegations of fraud in press releases. The company's US website was taken down on Tuesday.

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TelexFree President Sentenced

James Merrill, former president of TelexFree, was sentenced on March 22 to six years in prison and three years of probation. Merrill pleaded guilty last October to one count of wire fraud conspiracy and eight counts of wire fraud.

Merrill founded TelexFree with business partner Carlos Wanzel... Read More...

Agents Seize Approximately 20 Million in Scheme to Launder TelexFree Funds

January 26, 2017(Boston)--Approximately $20 million in cash hidden inside a box spring in a Westborough, Massachusetts, apartment was seized late yesterday, and a Brazilian man was arrested in connection with conspiring to launder proceeds of the massive TelexFree pyramid scheme.

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TelexFree President Pleads Guilty

Worcester, MA - October 25, 2016 -- James Merrill, president of TelexFree, pleaded guilty to one count of wire fraud conspiracy and eight counts of wire fraud in U.S. District Court. Prosecutors called TelexFree one of the largest Ponzi schemes in history, with nearly 1 million people losing close ... Read More...

TelexFree Exec Requests Suppression of Evidence

An attorney for James Merrill has requested suppression of evidence seized during a raid of TelexFree's offices in April 2014. In a court filing, Robert Goldstein said the document seizure was "unconstitutionally overbroad" and that his client "respectfully submits that all evidence seized pursuant... Read More...