TelexFree under investigation in Oregon
In a recently filed memo, as found by PatrickPretty.com, Oregon joined Nevada and Minnesota in their slow-move to deny the TelexFree telecom license applications, which was previously started by Joe Isaacs of ISG Telecom when he was helping TelexFree. When the ruse by TelexFree was discovered, Joe Isaacs quickly sent letter explaining he was duped, and he's no longer involved, and all the numbers he filed for TelexFree may have been lies.
http://patrickpretty.com/2014/05/27/telexfree-faces-prospect-of-regulatory-probe-in-oregon/
Judge Signals Quick Approval for Trustee Takeover of TelexFree
(Wall Street Journal) In the first bankruptcy court session in Massachusetts, Judge Holman said he will appoint a trustee to take over the company from the existing management as soon as all the paperwork are in. All parties, including the SEC, US Trustee, DOJ, and TelexFree have no objection or approve of the trustee takeover.
http://online.wsj.com/news/articles/SB10001424052702303403604579588452063956192
Editor's note: This news was passed around by TelexFree affiliates as a "great victory". It is NOT a victory.
Facts are
- Trustee has not yet been appointed yet (soon)
- Appointment of trustee does NOT stop the criminal and civil investigation by DOJ and SEC
- Appointment of trustee does NOT stop the class action lawsuit
- Trustee takeover means EVERYBODY in the company is FIRED. It's be like a receiver (like the one for ZeekRewards) who, under supervision of the judge, can SUE people to see return of assets to pay the creditors (i.e. all of you who are owed money).
Whoever told you that the bankruptcy has been "granted" is false, and obviously this does NOT prove or disprove that TelexFree is a pyramid scheme. Company is DEAD.
For a look at what a bankruptcy trustee can do, look up "Irving Picard", who's the trustee for Bernie Madoff's ponzi scheme.
SEC details where did TelexFree 8 spent money
According to an amended complaint by the SEC, it appears that Carlos Wanzeler had bought 34 different properties in Massachusetts and Florida (for at least 6.2 million), as well as a 40 ft yacht (300K), 2 Ferraris (193K), 1 Porsche (57K), 3 BMWs (more than 110K?), and a Toyota Highlander SUV (40-50K), through various companies created with help of Joe Craft, former CFO of TelexFree. Apparently all were paid for with cash.
At least one of the companies was incorporated in Nevis, a Caribbean island off Florida. One of the companies even listed Carlos Wanzeler's 65-yr old mother as manager. Several listed his wife, Katia Wanzeler (currently not allowed to leave the US).
SEC stated that during TelexFree's life, Wanzeler and his family have received more than 13.7 MILLION USD from TelexFree.
There are similar accounting for the remainder of the TelexFree 8. Every one of them either received over 100K or was able to pay cash for one or more luxury autos worth 50K to 100K each.
You can read the amended SEC complaint on ASDUpdates file website. Read "Doc 128 Amended Complaint "
https://sites.google.com/a/asdupdates.com/files-website/sec-v-telexfree-inc
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