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Source: Npros 4/25/2014

SEC Urges Federal Judge to Move TelexFREE Case to MA

According to the Boston Globe, Federal Securities regulators filed a motion requesting the bankruptcy judge in the TelexFREE case to move the case to Massachusetts.

According to the filing, the hastily filed bankruptcy on a Sunday evening in Las Vegas, just two days before the Marlboro, MA TelexFREE offices were raided, was an act of "blatant forum shopping".

The SEC urged the judge not to reward such behavior.

The US Department of Justice has also requested control over the company and assets during the pending bankruptcy. Over thirty-eight million dollars in cashier's checks were recovered when the company's CFO, Joseph H. Craft, attempted to leave the building after a judge ordered the company's assets frozen.

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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...