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Telexfree (stylized as TelexFREE), a trade name owned by Telexfree Inc., was a multibillion-dollar Ponzi scheme disguised as an internet phone service company. Prosecutors have described it as the largest fraud of all time in terms of the number of people affected - more than 1 million, with victims in various countries.
Mar 22, 2017 · James Merrill, who led Telexfree, a global pyramid scheme disguised as an internet telecom company, was sentenced to six years in prison and forfeited $140 million. Telexfree defrauded over 2 million participants worldwide, promising them high returns for ad-posting and recruiting, but delivering nothing but losses.
Dec 7, 2021 · TelexFree was a 100 percent financial fraud driven criminal enterprise that set off red flags and alerts to its Electronic Banking System sponsors and facilitators.
Apr 27, 2014 · An alleged pyramid scheme that may have defrauded Brazilians and Americans out of more than a billion dollars has surfaced in B.C. The discovery comes after U.S. regulators shut down the U.S ...
Dec 8, 2021 · A federal judge in Worcester ruled that Wells Fargo, Bank of America, PricewaterhouseCoopers and TD Bank helped TelexFree conduct illegal business after its shutdown in Brazil in 2013. The lawsuit seeks compensation for victims of the multi-billion-dollar Ponzi scheme.
- Brad Petrishen
- Investigative And Court Reporter
Jul 9, 2020 · A bankruptcy judge in Boston has approved a plan to pay more than $150 million to people who lost money with TelexFree, an Internet phone-service provider that ran one of the largest pyramid ...
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TelexFree was a fraudulent internet telecom company that promised high returns to its participants, but only paid them from new recruits. The company's leader, James Merrill, pleaded guilty to wire fraud and conspiracy in 2016 and faced up to 10 years in prison.
