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Source: Npros.com 8/16/2015

First Group of Claimants Receive TelexFree Settlement Checks

August 14, 2015 -- Thousands of former TelexFree customers have received checks from a $3.5 million fund set up by Fidelity Co-operative Bank of Fitchburg, MA as part of a settlement with the Securities Division of Massachusetts last year. The bank was accused of inadequate oversight and failure to detect suspicious activity in TelexFree's accounts. More than 14,000 Massachusetts residents were sent checks for $205.52 each.

This first group of claimants to receive restitution from the $3.5 million fund was derived from records subpoenaed from TelexFree and individuals who contacted the Securities Division. A statement from the Secretary of State said that a second group eligible for distribution will be those individuals who submitted claims but for whom additional information is needed to validate their claim.

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TelexFree President Sentenced

James Merrill, former president of TelexFree, was sentenced on March 22 to six years in prison and three years of probation. Merrill pleaded guilty last October to one count of wire fraud conspiracy and eight counts of wire fraud.

Merrill founded TelexFree with business partner Carlos Wanzel... Read More...

Agents Seize Approximately 20 Million in Scheme to Launder TelexFree Funds

January 26, 2017(Boston)--Approximately $20 million in cash hidden inside a box spring in a Westborough, Massachusetts, apartment was seized late yesterday, and a Brazilian man was arrested in connection with conspiring to launder proceeds of the massive TelexFree pyramid scheme.

Cleber Rene ... Read More...

TelexFree President Pleads Guilty

Worcester, MA - October 25, 2016 -- James Merrill, president of TelexFree, pleaded guilty to one count of wire fraud conspiracy and eight counts of wire fraud in U.S. District Court. Prosecutors called TelexFree one of the largest Ponzi schemes in history, with nearly 1 million people losing close ... Read More...

TelexFree Exec Requests Suppression of Evidence

An attorney for James Merrill has requested suppression of evidence seized during a raid of TelexFree's offices in April 2014. In a court filing, Robert Goldstein said the document seizure was "unconstitutionally overbroad" and that his client "respectfully submits that all evidence seized pursuant... Read More...