Securities and Exchange Commission v. Telexfree, Inc. et al

  1. September 17, 2018

    TelexFree Admits Massive Telecom Scam, Securities Abuses

    The scam corporations behind one of the world's largest pyramid schemes, TelexFree Inc. and TelexFree LLC, admitted Monday to securities fraud that federal agents believe swindled more than 1 million people, a move signaling the end of criminal charges and a lawsuit that halted the massive scheme in its tracks in 2014.

  2. August 01, 2018

    TelexFree Promoter Settles SEC Pyramid Scheme Suit For $1M

    A Massachusetts resident the U.S. Securities and Exchange Commission has implicated in a multibillion-dollar pyramid scheme agreed on Wednesday to end the government's claims by paying $1.1 million and acknowledging he promoted the telecommunications scam TelexFree LLC to the Bay State's Dominican communities.

  3. March 16, 2018

    Alleged Ponzi Promoters Can't Nix $340M SEC Suit In Mass.

    A Massachusetts federal judge denied bids by two alleged former promoters of TelexFree LLC to escape a U.S. Securities and Exchange Commission lawsuit on Friday, saying the government had identified specific statements both had made to members of the state's Dominican community urging them to invest in a company authorities have called a $340 million pyramid scheme.

  4. July 17, 2017

    Ex-TelexFree Director Settles In SEC Suit Over Alleged Scam

    A Boston federal judge on Monday ordered a Massachusetts man to pay $25,000 in disgorgement and interest to end the U.S. Securities and Exchange Commission's claims against him over his role in TelexFree LLC's alleged pyramid scheme targeting immigrants in Brazilian and Dominican communities.

  5. May 17, 2017

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

    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."

  6. August 12, 2015

    SEC Says TelexFree Player Moved Assets, Should Be Jailed

    A player in the alleged TelexFree LLC pyramid scheme that purportedly swindled investors out of hundreds of millions has flouted an asset freeze with "reckless abandon" by moving around assets in the form of cash, homes and expensive cars, the SEC said Wednesday, arguing he should be jailed until all assets are accounted for.

  7. April 17, 2014

    SEC Wins Asset Freeze Of Alleged Pyramid Schemer TelexFree

    A Massachusetts federal judge on Wednesday froze bankrupt TelexFree LLC's assets after the U.S. Securities and Exchange Commission accused it of running a pyramid scheme that raked in hundreds of millions of dollars by deceiving immigrants in Brazilian and Dominican communities.

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