Feds Seek Assets in TelexFree Case
8/3/2014
August 2, 2014 -- Criminal and bankruptcy authorities are going after nearly $97 million in assets in order to repay people claiming to be victims of the alleged pyramid scheme or to fund law enforcement activities. The assets include cash, checks, bank accounts, high-end automobiles, boats and real property in Massachusetts and Florida ranging from modest rental homes to a mansion.
The TelexFree case is moving forward in both criminal and bankruptcy court, raising the question of who would handle repayment of victims should prosecutors win their case against co-founders James Merrill and Carlos Wanzeler. The trustee in the bankruptcy case said he and the U.S. Attorney's office are cooperating, and that any assets attained by forteiture will be made available to victims.