We use cookies on this site to enable your digital experience. By continuing to use this site, you are agreeing to our cookie policy. close

Player In $3B TelexFree Scam Settles With SEC For $1.8M

Law360, New York (May 17, 2017, 6:05 PM EDT) -- A player in the TelexFree LLC pyramid scheme agreed Wednesday to cough up more than $1.8 million to settle a Massachusetts federal suit by the U.S. Securities and Exchange Commission accusing him of securities fraud in promoting what the agency called “an elaborate Ponzi and pyramid scheme.”

Sanderley Rodrigues de Vasconcelos touted himself on YouTube as the $3 billion scheme’s first millionaire and claimed to have made more than $3 million promoting the company and luring new investors. The SEC filed suit against the company, Rodrigues...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.