TelexFree victims’ allowed claims between $500 to $700 million
As part of a filing pertaining to James Merrill’s restitution, the TelexFree Trustee has revealed
that the current estimate of the aggregate amount of allowed fraud victim claims is between $500 million and $700 million.
Unfortunately Merrill’s restitution order doesn’t name a specific amount, but rather consolidates his restitution with that of the Trustee’s efforts.
Through the Bankruptcy Case, with the authorization of the Bankruptcy Court, the Trustee will distribute the assets of the TelexFree bankruptcy estates to their creditors, including victims of the fraud charged in this criminal action.
In March Merrill was sentenced to six years in prison, which he is currently serving.