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

TelexFree Investors Target Banks, Attys Over $300M Losses

Law360, Los Angeles (June 25, 2014, 4:08 PM EDT) -- Investors duped in a $1.1 billion pyramid scheme allegedly run by now-defunct TelexFree Inc. filed a putative class action Tuesday in Georgia federal court alleging its indicted owners are liable along with TelexFree's attorneys and banks for their $300 million losses, saying all parties were aware of the scam.

The complaint, filed by named plaintiff Todd Cook, accuses a host of defendants, including several TelexFree officers, companies TelexElectric LLLP, Telex Mobile Holdings Inc., banks TD Bank NA, Citizens Bank of Massachusetts and lawyers Gerald P. Nehra and Richard W. Waak, of helping the defunct multilevel marketing company sell illegal unregistered securities to the company's...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.


  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!

TRY LAW360 FREE FOR SEVEN DAYS

Attached Documents

Related

Sections

Case Information

Case Title

Subscribers Only

Case Number

Subscribers Only

Court

Georgia Northern

Nature of Suit

Securities/Commodities

Judge

Subscribers Only

Date Filed

June 24, 2014

Companies