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...
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