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Source: Npros 8/3/2014

Feds Seek Assets in TelexFree Case

August 2, 2014 -- Criminal and bankruptcy authorities are going after nearly $97 million in assets in order to repay people claiming to be victims of the alleged pyramid scheme or to fund law enforcement activities. The assets include cash, checks, bank accounts, high-end automobiles, boats and real property in Massachusetts and Florida ranging from modest rental homes to a mansion.

The TelexFree case is moving forward in both criminal and bankruptcy court, raising the question of who would handle repayment of victims should prosecutors win their case against co-founders James Merrill and Carlos Wanzeler. The trustee in the bankruptcy case said he and the U.S. Attorney's office are cooperating, and that any assets attained by forteiture will be made available to victims.

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Related News

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.

Cleber Rene ... Read More...

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...