Friday, April 18, 2014

BREAKING NEWS: TelexFree bankruptcy hearing delayed until April 21st

When Zeek Rewards ponzi was shut down there was a TON of crap info online released by people who have absolutely no idea what they are talking about, most of them fantasies like "it's just temporary", "Zeek is moving to Europe", "SEC doesn't have a case", "SEC lawyers admit in private they have no case", "Paul Burks was railroaded and his attorney is weak", and so on and so forth. People are simply in denial about reality.

And now the SAME THING is happening with TelexFree pyramid scheme (or Ponzi, depending on how you count). People in Brazil, who barely reads English, are releasing fake news or misinterpreted news, all of them 'good' news for TelexFree, of course. Items such as "they're just protecting our money", "evil government", "they are just allegations", "3 judges have signed off approving bankruptcy", "FIVE judges liked the bankruptcy plan"... and so on and so forth.

Don't believe crap info passed on by other people. GO TO THE SOURCE (remember "The Matrix"?)

The source says the proceedings have been "continued" (delayed) until April 21st, 2014.

One judge: August B. Landis.

Everybody else named on the credits are lawyers.

Bankruptcy has NOT been approved. And given the raid conducted by Massachusetts, SEC, FBI, HSI, ICE, and who knows what else, and charges filed, including temporary restraining order filed by SEC, IMHO, chances of bankruptcy being approved will be ZERO. Even if it was approved, it will be IMMEDIATELY appealed by SEC and rescinded by another judge.

So don't pass around bad info, esp. the ones you *want* to be true. You will be embarrassed when it turned out to be fake.
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  1. It appears as if TelexFREE is done. The fat lady or Joe Craft is about to sing really loud! All of the regulatory work that was done by the consulting firm they brought in to make them compliant turned out to be a total wast of time. Not only did Merrill, Wanzeller, Costas and Craft know what they were doing but they tried to steal 37 Million right before they filed bankruptcy. Isn't that a diversion of assets which in itself is fraud? Merrill is in complete and total denial. It wouldn't surprise me if they try to make Gerald Nehra a patsy. Who will actually go to jail or will they let Jimbo go back to scrubbing toilets to support his family????

  2. Personally, I think SEC is going to "flip" Joe Craft so he'll nail Wanzeler and and Merrill. The checks were all purchased by Wanzeler and Merrill any way. Craft can't even cash the checks as he has no ownership interest in the other entities or even listed as officer.

    If you want to make sure these perps see jail time, gather up your evidence (presentations, videos, etc.) print them out, organize them, then document every penny you put in, videos of meetings (Sann Rodrigues and the rest) burn them to DVD and more, and ask all of your friends who are victims to do the same (though if there's same video, don't repeat them) then make a big news splash by calling the news stations, that you're planning a very quiet march (everybody wear black T-shirts and black arm bands), and plan a quiet walk to Bill Galvin's office where you hand over everything, and hopefully the news camera will come and let you speak your piece.

  3. My question is: what will be the fate of those telexfree victims (so-called associates & promoters) around the world? Is U.S govt not going to speak and fight for them may be by reimbursing them?

    1. The reclamation process will be open to all (in or out of the US), but there is a limit to the reach of a US court. If the money went out of the country, there will not be much the US court can do to compel the non-US recipients to give back their money. And judging by the way TelexFree was shuffling money in the last 6 months, it has less than 100 million, maybe less than 50 million, out of the 300+ million it had received.

      My pessimistic prediction is the victims will get back less than 15% of what they put in.