While state and federal prosecutors in Massachusetts have secured more than $150 million of the $1 billion raised by alleged investment fraud, known as “TelexFree”, victims’ claims for restitution have yet to be processed. Authorities have said that these funds will not be available until the conclusion of the U.S.…
October 31, 2014 – In April 2014, Massachusetts Secretary of State, William Galvin, filed a complaint against Carlos Wanzeler and James Merrill, alleging that their company, TelexFree, Inc., was operated as a Ponzi scheme. The company operated out of Marlborough and raised almost $1 billion worldwide, which includes over $90…
September 24, 2014 – Fidelity Bank in Fitchburg, Massachusetts, has agreed to pay $3.5 million dollars to the Massachusetts Secretary of State’s Office to settle claims that it allegedly allowed TelexFree Inc. to open bank accounts, without properly screening the company. TelexFree was an alleged investment fraud, which purported to…