telexfree-logoWhere there’s smoke, there’s fire.

The connection between money-laundering and TelexFree has been a long-standing one.

A lot of the time Ponzi schemes launder stolen funds through offshore jurisdictions, that’s par for course. But with TelexFree, it always felt a bit more organised – cartel’esque even.

We first learned of the links above and beyond what you’d normally expect to find in a Ponzi scheme, when back in June 2013 Brazilian police announced they’d

opened an inquiry into whether the management of Telexfree committed crimes against the economy and money laundering.

That was a very specific inquiry that appeared to above and beyond that of TelexFree being an obvious Ponzi scheme.

That same month TelexFree was effectively shut down in Brazil, by way of a crippling injunction granted in the state of Acre. As Acre’s money laundering investigation continued, specific details as to what they’d found remained elusive.

In the interim, the Rwandan government would announce they’d found money laundering links to local cartels. And once TelexFree was shut down in the US, i-Payout then hinted at the scheme’s money laundering ties.

That TelexFree was being investigated for money laundering was frequently mentioned, but we never really knew just what investigators in Acre were up to, or what they’d thus far found.

The recent filing of a police report in Espirito Santo now changes that, with light being shed on the inner-workings of TelexFree’s Brazilian money laundering operations. [Continue reading…]