A lot of developments regarding various closed ponzi schemes in recent months...
According to an expert tracking ponzi scheme, a new Ponzi scheme was discovered every 5 days in the US. That's right, every five days, just during the first 6 months in 2014, with over 1 BILLION dollars in potential losses.
But here's some news...
Court Approves Zeek Receiver to Sue International Winners
US Federal Judge overseeing the receivership of Zeek Rewards has approved the receiver's request to start suing "net winners" who do not reside in the United States. Previously, receiver have already sued most net winners in the US who has gained 1000 dollars or more from Zeek Rewards. Many have already settled for a lesser amount, though a few notable exceptions are the really top winners, who have gained anywhere from 500K to well over a million dollars from Zeek.
It is worth noting that several prior top promoters of Zeek has indeed fled the US to various countries, including the Dominican Republic and the Philippines.
Speaking of foreign countries...
Federal Prosecutors Allege Extremely Complex International Fraud Regarding TelexFree
According to documents filed with Federal court overseeing the TelexFree case, Federal prosecutors asked the judge to designate the case as "complex case" which will make it exempt from the "Speedy Trials Act" that requires the indicted defendant to be tried within 70 days, because there are significant portions of fraud linked to Brazil and will require foreign investigation / testimony, and subpoenas.
Prosecutors asserted that they have seized 400 TERAbytes of data spanning 46 servers, 26 separate computers from TelexFree and 3 more from grand jury subpoenas containing yet more records. There are total of 185 grand jury subpoenas issued for evidence related to TelexFree such as business records. They have not yet compiled catalog of existing evidence, and there are strong possibilities that they will need to travel to Brazil to interview yet more witnesses and/or gather more evidence there. Thus, there's no way this can be done in less than 70 days.
Judge has yet to rule on this motion.
In related TelexFree news:
Missouri Government Revoked TelexFree's telecom license
Missouri Public Service Commission back in March 2014, approved TelexFree's telecom license on the recommendation of ISG Telecom's Joe Isaacs, promising rosy financials to support operations, only to find eggs on their respective faces when TelexFree abruptly declared bankruptcy in April 2014, and then was raised by SEC and the rest for alleged operation of Ponzi scheme, and had one of the owners fled to Brazil. Joe Isaacs has since apologized to all telecom commissions across the country in an open letter and cut all ties to TelexFree, even called TelexFree "alleged crooks" and claimed he was deceived as well.
Missouri PSC has now formally cancelled TelexFree's telecom license effective August 1st, according to documents found by PPBlog.
Speaking of consultants...
WCM Receiver Says Lobbying firm took 750K and did nothing, wants it back
Court appoint receiver for "WCM / WCM777" ( a Ponzi scheme based in California headed by Phil Ming Xu that was closed by SEC earlier in 2014) stated that a lobbying firm called "Governmental Impact" based in California received 750000 from Phil Ming Xu and did no work, and wants the money back for the victims. The contract was signed in January 2014, days after it was issued a "desist and refrain" order by California Department of Business Oversight.
Two months later SEC closed WCM for good, and appointed a receiver to clean up the mess. And she's find more money paid out by PMX (Phil Ming Xu).
More Lawsuits Against TelexFree
A Brazilian Attorney Living in the US adds another racketeering / fraud lawsuit against TelexFree and all its officers, executives, accountants, consultants (legal or otherwise), AND financial vendors.