Archives on April, 2016

BehindMLM: 2 More TelexFree Stories (sucks to be them)

Posted by ASDUpdates on April 22, 2016No Comments

These come from

TelexFree Trustee goes on clawback rampage

telexfree-logoDating back to early March, the TelexFree Trustee has filed no less than thirteen clawback lawsuits against non-investors who profited from TelexFree.

Under counts of fraudulent transfer filed in adversary proceedings, the parties the TelexFree Trustree is suing are as follows: [Continue reading…]

More top US TelexFree investors named & shamed

telexfree-logoIn a court filing that flew under the radar until Patrick Pretty reported on it earlier today, TelexFree’s top US investors have been named and shamed.

Sorted by the amount of money they stole from victims in the $3 billion dollar Ponzi scheme, the one hundred and five TelexFree affiliates cited in the filing are as follows: [Continue reading…]

Thanks Oz for more good articles about this scam.

From BehindMLM: TelexFree Fined for “Crimes Against the Economy”

Posted by ASDUpdates on April 22, 2016No Comments

TelexFree fined $1.5 million for “crimes against the economy”

telexfree-logoIn another blow to TelexFree’s Brazilian based Ympactus, the company has been fined $1.5 million for “crimes against the economy”.

The fine stems from a National Bureau of Consumer Law (Senacon) investigation, which found Ympactus operated as a “Ponzi pyramid scheme”.

Senacon, a department of Brazil’s Ministry of Justice, claimed Ympactus operated

as a Ponzi pyramid scheme, breached the principle of goof faith and transparency, violated the confidence of consumer protection relations and conducted misleading and abusive promotion of the scheme.

The $1.5 million dollar fine was imposed on April 20th, with Ympactus given 30 days to pay up.

TelexFree’s lawyers in Brazil did not respond to Brazilian media requests for comment.

Late last year the Brazilian state of Acre fined TelexFree $782,512 after ruling it operated a Ponzi scheme. Last month Brazil’s IRS also slugged the scheme with a whopping $130 million dollar tax penalty.