Telexfree
Telexfree Logo
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| Private | |
| Industry | Ponzi Scheme, MLM |
| Founded | February 2, 2012 |
| Founder | Carlos Roberto Costa, Carlos Nataniel Wanzeler and James Matthew Merrill |
| Headquarters | Marlborough, Massachusetts, United States |
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Area served
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Worldwide |
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Key people
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List
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| Products | 99TelexFREE (VoIP Service) |
| Revenue | did not disclose |
| did not disclose | |
| did not disclose | |
| Total assets | did not disclose |
| Total equity | did not disclose |
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Number of employees
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7 |
| Divisions |
Sister Companies
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| Website | Telexfree.com |
Coordinates: 42°19′12″N 71°35′10″W / 42.320065°N 71.585991°W
Telexfree (stylized as TelexFREE) is a trade name owned by Telexfree Inc, was a multibillion-dollar Ponzi scheme disguised as a internet phone service company. Prosecutors have described it as the largest fraud of all time in terms of the number of people affected - more than 1 million, with victims in various countries. The brand became best known for its operations in Brazil held by after it was involved in an ongoing investigation and trial for operating a Ponzi scheme, and later for having its operations suspended in USA by SEC under the charges of operating a multibillion dollar Ponzi and Pyramid schemes.
Telexfree Inc. owns the rights to the Telexfree brand worldwide. The company was created by Carlos Roberto Costa, Carlos Nataniel Wanzeler and James Matthew Merrill after the change of its former corporate name Common Cents Communications Inc., which was incorporated in Massachusetts. According to the Company Registration Office of Massachusetts, Telexfree Inc. started to use this corporate name on February 15, 2012.
Telexfree Inc. is a sister company of many other companies that operates TelexFree Marketing Plan, which belongs to the same founders and also share the same website. It includes a Brazilian company named "Ympactus Comercial Ltda", which was suspended in that country on June 13, 2013, by order of the court of Acre State.
Telexfree's Brazilian operations were regarded as one of the largest financial frauds in Brazil's history, according to Brazil's Ministry of Justice and the Federal Public Ministry. The number of investors (labelled as "promoters" by Telexfree) has not yet been determined; by the end of August 2013, just after companies' suspension, Company Director Carlos Roberto Costa said that the company had 1,049,619 active promoters in Brazil. The company is currently under investigation by Brazilian authorities, which led the Court to freeze the company's and its owners' assets in Brazil and maintain, despite numerous appeals, the suspension of its operations in Brazil. Telexfree Brazil (Ympactus Comercial Ltda) denies the accusations, saying that it operates under the multi-level marketing structure, commercializing VoIP services. The final trial and judgement will likely be held in 2014, and the company assets will probably remain frozen before that, according to the Public Ministry of Acre State.
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Wikipedia