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…

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Sloan & De La Rosa’s TelexFree motions to dismiss denied (SEC)

The road to holding two of TelexFree’s biggest promoters accountable has been a long one, but the SEC is one step closer following a dismissal of two motions to dismiss.Faith Sloan and Santiago De La Rosa were two of TelexFree biggest earners. This earned them a place in the SEC’s TelexFree lawsuit as named net-winner defendants.The SEC allege Sloan stole $160,400 from TelexFree victims and received $51,000 from the company itself. De La Rosa is alleged to have stolen over $2.2 million.Unfortunately parallel criminal proceedings against TelexFree’s owners saw the SEC’s civil case stayed until resolution.The DOJ’s criminal case against Carlos…

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Carlos Wanzeler stripped of Brazilian citizenship (extradition finally?)

Breaking news on US efforts to extradite TelexFree owner Carlos Wanzeler on criminal charges, following a decision to strip Wanzeler of his Brazlian citizenship.Can’t say I saw this one coming…After the SEC shut down the $3 billion dollar Ponzi scheme, it emerged TelexFree co-owner Carlos Wanzeler had fled to Brazil.This was later confirmed to be a calculated move, as Brazil has no extradition treaty with the US for Brazilian citizens.Wanzeler has remained a fugitive hiding out in Brazil since his 2014 indictment for fraud and conspiracy.On Thursday February 15th, the Brazilian Ministry of Justice formally cancelled Carlos Wanzeler’s Brazilian citizenship.Details have been…

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TelexFree mattress money mule sentenced to 33 months in prison

Cleber Rene Rizerio Rocha, better known as the TelexFree mattress money mule, was busted earlier this year trying to launder $20 million in stolen Ponzi funds.Following a guilty plea in October, Rocha was scheduled to be sentenced on December 20th.The sentencing was delayed, following Rocha’s comical attempt to credit himself with the recovery of the $19.2 million in stolen TelexFree investors funds he was caught with.Following a rescheduled sentencing hearing that took place yesterday, Rocha was sentenced to 33 months in prison.Rocha’s case ultimately boiled down to his role in assisting TelexFree owner and wanted fugitive, Carlos Wanzeler, with laundering millions of dollars in…

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TelexFree disputed victim claims resolution approved

Back in October the TelexFree Trustee filed a proposal to resolve some 19,530 disallowed victim claims.Concerned that they might be potentially held accountable for more than they stole, net-winners objected to the Trustee’s proposal.The Trustee responded to these objections, asserting that net-winners had no say or standing in the victim claims process.On December 26th the Trustee’s proposals were signed off on, paving the way for claim resolution.As per the order, the Trustee is nowauthorized to send Participants who filed claims through the Portal established by the Trustee (the “Participant Claimants”) a Proposed Claim Allowance.This means that sometime in early 2018, TelexFree…

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TelexFree mattress money mule sentencing delayed to February, 2018

Cleber Rene Rizerio Rocha, better known as the TelexFree mattress money mule, was busted earlier this year trying to launder $20 million in stolen Ponzi funds.Following a guilty plea in October, Rocha was scheduled to be sentenced on December 20th.On December 18th Rocha filed a motion requesting his sentencing hearing be continued. The motion was denied.On December 19th Rocha filed a supplemental motion in support of his original motion, which was granted on December 20th.Rocha’s supplemental motion claims his attorneys needmore time to address questions and concerns raised by Mr. Rocha and members of his family in Brazil.Given the language and…