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April 17, 2014

Posted  January 26, 2016

The SEC charged Massachusetts-based TelexFree for allegedly operating a large pyramid scheme that mainly targeted Dominican and Brazilian immigrants in the US.  According to the SEC’s complaint, the defendants sold securities in the form of TelexFree “memberships” that promised annual returns of 200% or more but the company’s sales revenues of approximately $1.3M from August 2012 through March 2014 are barely one percent of the more than $1.1B needed to cover its promised payments.  SEC

Tagged in: Ponzi Schemes, Securities Fraud,