Tagged: TelexFree

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$2.5M default judgment sought against Telex Mobile & TelexElectric

According to records prepared by disgraced accountant Joseph Craft, TelexFree transferred $500,870 to Telex Mobile and $2.02 million to TelexElectric between 2012 to 2014.For all intents and purposes Telex Mobile and TelexElectric were shell companies owned by Carlos Wanzeler and James Merrill.
Arguing that neither company provided any services to TelexFree in exchange for the transfer of funds, the SEC has filed for default judgment.
TelexFree Mobile and TelexElectric are relief defendants in the SEC’s 2014 TelexFree lawsuit.
As of August 2018 neither TelexMobile or TelexElectric had opted to defend the SEC’s action.
This prompted the regulator to file for an entry of default on…

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Faith Sloan’s TelexFree trial date set, Wanzeler proceedings stayed

Over four years since the SEC filed suit against Faith Sloan, a trial date has now been set.Back in 2014 the SEC shut down TelexFree, a $1.8 billion Ponzi scheme. Sloan, as one of TelexFree’s top-earners, is a named defendant in the SEC’s suit.
Of the eight individual defendants the SEC targeted, only Sloan and TelexFree owner Carlos Wanzeler have refused to return stolen investor funds.
A month after the SEC filed its civil suit, the DOJ filed a criminal complaint against Wanzeler and co-owner James Merrill (left and right respectively).
Anticipating his arrest, Wanzeler fled to Brazil and has remained a fugitive in…

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Santiago De La Rosa settles with SEC and TelexFree Trustee

Following denial of his motion to dismiss, Santiago De La Rosa entered settlement negotiations with the SEC and TelexFree Trustee.Those negotiations lead to a proposed settlement, which was approved by the court on July 31st.
Specific details of De La Rosa’s settlement haven’t been made public.
From court filings we know De La Rosa and his wife’s net winnings from TelexFree were calculated to be $585,731.
The SEC’s claims against De La Rosa for $1.7 million, including prejudgment interest.
As part of the approved settlement, De La Rosa will surrender balances in three bank accounts,  two in his name and one held by Magica Media…

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Randy Crosby enters into settlement with TelexFree Trustee

Following on from the news that Randy Crosby had entered into settlement negotiations with the SEC late last year, a stipulated settlement with the TelexFree Trustee has been filed.The Stipulated Settlement is dated March 21st and covers both Randy Crosby and his wife Sonya. The SEC have also signed off on the agreement.As per TelexFree’s records, Randy Crosby’s TelexFree accounts netted him $487,620. Sonya Crosby’s accounts netted $541,450.The settlement agreement will see Randy and Sonya Crosby surrendertwo bank accounts (an SMC Management account holds $50,000, the amount in the other SunTrust Bank account is not specified)a 2014 Porsche Cayenne Diesel SUV…