Montana Banned TelexFree, citing lies about no operating in that state
On April 23rd, 2014 Montana issued a "cease and desist" to TelexFree, after asking it for many months to provide a list of members in Montana, how much had they paid in, and how much had they been paid. Montana requires all MLM companies to register with the state, and TelexFree submitted an old form. When informed they need to submit the right form, the company kept on submitting incomplete information. In October 2013, TelexFree replied that they are gathering information, and have stopped operating in Montana, and in February 2014, claimed that they are no longer seeking to operate in Montana. However, when TelexFree got raided in Massachusetts, Montana has identified at least 34 participants in Montana, totalling over 70000 dollars.
See PatrickPretty.com for details, and thanks to them for spotting it first.
Interim CEO fired Wanzeler, then Merrill and Craft resigned
According to documents on the TelexFree bankruptcy website maintained by KCC, interim CEO MacMillan has fired Wanzeler, when Wanzeler refused to resign, on the day after the HSI/FBI raid. Merrill then resigned as well. The CFO Joe Craft also was asked to resign and accepted. MacMillan apparently is the only one with control of TelexFree bank accounts (or what's left of them).
MacMillan also stated that TelexFree Dominicana, to which a 10 million cashier's check was made out to and CFO Craft attempted to remove from the office during the HSI/FBI raid, was owned by Merrill and Wanzeler.
MacMillan claimed that the cashier's checks was a result of warning from Wells Fargo that due to suspicious activity, their account is going to be closed, back in March 2014.
Experts who have watched the end of other Ponzi schemes, such as Ad Surf Daily and Zeek Rewards, pointing out that this sort of "bank shuffling" where the company was busy scrambling to move funds from bank to bank as one bank after another closed their accounts for suspicious activities, is common among Ponzi schemes.
See PatrickPretty.com for details, and also thanks to them for spotting it first.
In other news, TelexFree apparently has a branch in Canada... or some affiliate there haven't gotten the word. (See below) It's rather interesting that they are pretending to offer analysis of the happenings.
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