BREAKING NEWS: Holy ****! Homeland Security Raided TelexFree office!

Imagine what I woke up to this morning:

In case you can't read the jacket it says "Police: HSI"

HSI = Homeland Security Investigations... which is the investigative arm of Department of Homeland Security.

And the caption reads:

Homeland Xecurity Investigation agents raid TelexFree in Marlborough (Daily News Staff Photos / Allan Jung)

I really have no further comment than for you to read the truth.

http://www.metrowestdailynews.com/article/20140415/NEWS/140417784/11514/NEWS

BREAKING NEWS: Rwandan TelexFree members in full panic, petition government to talk to US Embassy

According to NewTimes of Rwanda, TelexFree members there are in a panic when they learned that TelexFree (US) have declared bankruptcy. They are petitioning the government to talk to to the US Embassy Commercial liaison about recovering their money.

The problem here is TelexFree has no Rwanda presence, according to TelexFree itself. It claimed that "it [Rwanda declaring TelexFree to be a fraud] has nothing to do with us [TelexFree]"

This is a common tactic by fraudulent companies: "encourage" local member to register a company in the name of the "parent" company. If it's good, claim it's a new branch. If it's NOT good, it'd be like Mission Impossible... We will disavow any and all of your action.

Which is exactly what happened.

Now Rwandans who put in money are royally f***ed.

BREAKING NEWS: WCM777 receiver caught participant "losing" $200000 cashiers check, and more

As MLM Skeptic have said before, the more we dig, the more strange things we find about WCM777. We found links to immigration investment (i.e. residency visa for fixed prices), links to churches and controversial entities, sound-alike entities to schools, and more.

It appears that the WCM receiver appointed by court to close this ponzi scheme has found even more, with entities like WCM Art, and Immigrant Investment

What's interesting is the "inhouse legal counsel" Vincent Messina apparently got a 5 million loan a month before the SEC freeze hit and he had already spent half of it. Messina apparently refused to return the money and the receiver had to summon help to force the proceeds into an escrow account, but there's 200000 missing. Messina claimed the check was "lost".  Judge has ordered a hearing.

Please read details at PatrickPretty.com, and the update, also on PatrickPretty.com

BREAKING NEWS: TelexFree being investigated as financial fraud by Dominican Republic

Dominican News "Listin Diario" report that Dominican Republic's Securities Division has launched an investigation against TelexFree as a money laundering fraud

http://translate.google.com/translate?hl=en&sl=es&tl=en&u=http%3A%2F%2Fwww.listindiario.com.do%2Fla-republica%2F2014%2F4%2F15%2F318457%2FFiscalia-abre-investigacion-sobre-empresa-Telexfree-acusada-de-lavado-de

BREAKING NEWS: Uganda called TelexFree "unregulated and unlicensed financial scheme"

Bank of Uganda at a conference named TelexFree and some fraudulent Forex operators as "unregulated and unlicensed financial schemes" that prey upon the poor and the uneducated.

http://pctechmag.com/2014/04/telexfree-not-regulated-by-government-says-bank-of-uganda/

BREAKING NEWS: Massachusetts formally charged TelexFree with being a 1 BILLION dollar fraud (UPDATED)

It's now official: US Government has acted on TelexFree, a long suspected fraud. Commonwealth (state) of Massachusetts, home of TelexFree, has charged TelexFree of being a 1.2 billion dollar fraud (90 million in Massachusetts alone), and also stated that the company is declaring a bankruptcy to PREVENT the authorities from securing victim's money.

“They clearly are responding to the fact that an investigation was underway,’’ Galvin said in an interview. “Now the thing is to act promptly and get whatever we can for these people.’’

http://www.bostonglobe.com/business/2014/04/15/secretary-galvin-charges-marlborough-phone-service-company-with-million-fraud/RSaSTWvJpnOjo8Ryh8stpN/story.html

Jordon "Ponzitracker" Maglich has covered this in Forbes:

http://www.forbes.com/sites/jordanmaglich/2014/04/15/massachusetts-regulators-allege-telexfree-is-1-billion-ponzi-scheme/

Expect Massachusetts lawyers filing complaint with Nevada to stop the bankruptcy filing at once, and a more formal cease, desist, and account freeze put in its place instead.

Stay tuned, folks. This will get ugly FAST. Expect the Feds to jump in any second.

P.S. News has already reached Brazil

http://translate.google.com/translate?hl=en&sl=auto&tl=en&u=http%3A%2F%2Feconomia.ig.com.br%2F2014-04-15%2Ftelexfree-e-piramide-diz-autoridade-dos-eua.html

Editor's note: Updated with the correct figure, previously the newspaper quoted only 90 million.

BREAKING NEWS: TelexFree Declares Bankruptcy, then was REJECTED

Bankrupt (Photo credit: LendingMemo)

Yes, you heard right: TelexFree (US) tried to declare Chapter 11 bankruptcy and reorganization.

Then was rejected for filing an incomplete application.

On Sunday, 13-APR-2014, Press Release started appearing all of the US through PRNewsWire, which linked to this document :

http://www.kccllc.net/telexfree/document/1412524140413000000000001

Appears to be official, and contains a list of creditors owned money to.

According to some comments, (unverified) the top creditors to the bankrupt TelexFree are Carlos Costa's wife and nephew (1.34 mil and 0.96 mil USD respectively). Carlos Costas is head of TelexFree in Brazil.

Document only lists the top 30 creditors, there are obviously much much more.