State SEC Charges TelexFREE
4/15/2014
On Tuesday, April 15th, Massachusetts Secretary of State William F. Galvin charged phone service marketer TelexFree with running a billion-dollar pyramid scheme that primarily targets Brazilian immigrants.
The charges claim that TelexFREE Inc has been offering unregistered securities in Massachusetts through its multilevel marketing efforts in the state, taking in over $90 million dollars in the state alone.
According to the TelexFREE website, the company filed for federal bankruptcy protection in Nevada on Monday.
Last summer, the company was ordered shut down in Brazil after a judge ruled it a pyramid scheme.