What is TelexFree?
TelexFree, a trade name owned by Telexfree Inc., was a multibillion-dollar Ponzi scheme disguised as an 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 Ympactus Comercial Ltda after it was involved in an ongoing investigation and trial for operating a Ponzi scheme, and later for having its operations suspended in the US by SEC under the charges of operating a multibillion-dollar Ponzi and pyramid scheme.
TelexFree bankruptcy judge approves $150 million
for pyramid scheme victims
Approved Settlement for TelexFree Victims
Thousands of fraud victims of the TelexFree worldwide multibillion-dollar Ponzi scheme have started to receive partial repayment. U.S. Bankruptcy Judge Melvin S. Hoffman this week approved the plan filed by Stephen Darr, the Chapter 11 trustee, to distribute more than $150 million to over 100,000 victims of the scheme. If you were a victim of fraud by TelexFree, you can check your claim status by clicking here.
TelexFree Lawsuit Sources:
TelexFree Participants & Claim Status