{"id":1694,"date":"2015-08-18T21:15:41","date_gmt":"2015-08-18T21:15:41","guid":{"rendered":"https:\/\/www.stockbrokerfraudblog.com\/2015\/08\/over_14000_massachusetts_inves"},"modified":"2022-03-22T14:26:32","modified_gmt":"2022-03-22T19:26:32","slug":"over-14000-massachusetts-inves","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/over-14000-massachusetts-inves\/","title":{"rendered":"Over 14,000 Massachusetts Investors Receive Checks for Losses in $1B TelexFree Ponzi Scam"},"content":{"rendered":"

\t\t\t\tThe first checks for compensation in the $1 billion global Ponzi scam<\/a> involving TelexFree Inc. have gone out to over 14,000 investors in Massachusetts. Victims received $2.9 million in total as part of a settlement with Fidelity Cooperative Bank. This is only a small portion of the alleged losses.<\/p>\n

About 1.9 million investors are still waiting to get any financial relief in the case, which affected not just people in the US as the scam spread globally and virally online and by word of mouth. The alleged Ponzi scam involved fraudsters selling inexpensive Internet phone service for long distance calls. They were recruited as members for $1,400 increments. Big financial returns were promised to investors for bringing in other investors and using Internet ads to market the business. While early investors made money, many others suffered substantial losses.<\/p>\n

Telex-Free was shut down in Brazil in 2013, but the Ponzi operation continued in Massachusetts where it was headed up by James Merrill and Carlos Wanzeler. Both deny the criminal and civil charges.
\n Continue Reading \u203a<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The first checks for compensation in the $1 billion global Ponzi scam involving TelexFree Inc. have gone out to over 14,000 investors in Massachusetts. Victims received $2.9 million in total as part of a settlement with Fidelity Cooperative Bank. This is only a small portion of the alleged losses. About 1.9 million investors are still […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3792,3741],"tags":[],"class_list":["post-1694","post","type-post","status-publish","format-standard","hentry","category-ponzi-scams","category-securities-fraud"],"yoast_head":"\nOver 14,000 Massachusetts Investors Receive Checks for Losses in $1B TelexFree Ponzi Scam — Investor Lawyers Blog — August 18, 2015<\/title>\n<meta name=\"description\" content=\"The first checks for compensation in the $1 billion global Ponzi scam involving TelexFree Inc. have gone out to over 14,000 investors in Massachusetts. — August 18, 2015\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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