MLM Rankings gives you a crystal clear perspective into the world of MLM and Home Based Business Opportunities by compiling an MLM directory based purely on public interest. MLM Rankings updates occur monthly and are reflected as soon as new metrics and data become available. Apr 15, · The other point of interest in Costa’s video is the assertion that TelexFree had to file for bankruptcy in the US, due to assets being frozen in Brazil since June If I may shed some further light on the matter, according to TelexFree’s profit and loss statement that was recently made public, TelexFree walked away with a net. Apr 14, · Filed on the 13th of April , TelexFree’s Chapter 11 bankruptcy application is for TelexFree Inc., TelexFree LLC and TelexFree Financial Inc. Checked on the application is an estimation of between $0-$50, owed in liabilities, which I can only describe as a gross underestimation.
It looks like this may be a potentially expensive and complicated one to administrate. The assets of a US company are frozen in Brazil pending trial etc etc. I am a top leader in lucrazon but changes occurred and I am revisiting my decision.
I am going to become a top performer in Changes Worldwide. I am familiar with most deals out there. No more rev shares. I have enough in my portfolio.
Absolutely no traditional mlm lotions and potions. No hong kong companies. No brazilian companies. If someone was so much money to receive, he has so much money to spend with telex, right? Many thanks! I will be reading the info. If I had the time I would go through international commercial law to check the chances of filing a lawsuit.
Surely if people got together they would be able to claim for credits and damages. SOL : The reason they would freeze assets is to make sure any money that is left does not disappear into the telexfree blackhole. I understand the reason, but someone has to motion and show cause why a freeze is appropriate. Nobody has done that. This was my favorite post today. The reasons for this is that the skill set desired for interim CEOs is generally unique, as they are often required to manage a crisis situation, as opposed to the day-to-day operations of the company.
T Santos : Surely if people got together they would be able to claim for credits and damages. Generally the estate reserves causes of action to itself.
You will never get a shot at the perps, or if by some chance you do, you will just be acting as a collection agent for the estate. You will probably have to wait a few years to find out. He does not look good!! Why is the Bankruptcy filing in Nevada if the company is located in MA? Why would anyone take over as CEO of the company at this horrible juncture? That just has to be the toughest job in the world.
Or did the CEO get suckered into joining just like all the affiliates? Did you know that the ad generating tool has a tab that allows you to donate money? Donate to whom? Dorothy : Time to fire the lawyers already? The attorneys may have filed this ASAP for a reason.
My guess is that the reason is to establish a record and hope that the imposition of an automatic stay relates back to the date of initial filing.
Just a guess. These firms are not inept. How can we get united to make a claim. So are TelexFree affiliates besieging their offices again? Bankruptcy Code. Carlos Costa has already released a video saying that everything is ok. Remember the Island of Madeira in Portugal?
The flag was waved by Carlos Costa not so long ago ib on of his videos. I know how Portuguese people think. This will not end with just a few words. It will get ugly for these promoters. Logic does not apply when you are angry because you trusted someones advice and lost all. I am a telexfree promotor, never really cared to recruit anyone because I was skeptical from the beginning.
Going in I knew there was a chance they could be shut down but this is life and you take chances. Never invest money that will hurt you financially if you lose it, the the biggest No No is borrowing money for investments, which is what some people did.
The next step is confirmation. The debtor will propose a plan of reorganization to the creditors. The creditors then vote on the plan. In order for a plan to be confirmed, the judge must approve it and every impaired class of creditors must approve the plan.
An impaired class is a class of creditors that will receive less than what they are owed usually most creditors are impaired. Steve Labriola probably stayed out of the office today to take advantage of a personal day.
Wonder if that guy is going to pay up, eh? You are miles and miles from this happening. There may never be a plan of reorganization if the court is convinced the company should be liquidated for the benefit of the creditors. IF there is a Proposed Plan, voting is open for several months, and then Confirmation may take place or not.
Just a bump in the road. We have an exciting app coming up and many more awsome products. For instance a lovely coffee scented proctologist tested gel???? The forum realscam.
The right type of report can give them exactly that, but controlled by others than themselves. Did you guys check the address provided for Renato Alves, one of Brazil top promoters, listed at number 4?
Renato Alves claims more than thousand dollars from TelexFree. A pretty rich guy, right? Who are you going to call? Maybe you should… Pool together and pay one attorney in the US, and have him file a formal bankruptcy court complaint against TelexFree claiming this is a fraudulent bankruptcy. Macmillan doing?
He was in telecom Excel Communications so TelexFree want to borrow his name a bit. Chang : for any one not in the US Brazil, madeira, etc. One of the functions of Federal Court of which BK courts are part is that they can adjudicate foreign claims.
Chang : Maybe you should… Pool together and pay one attorney in the US, and have him file a formal bankruptcy court complaint against TelexFree claiming this is a fraudulent bankruptcy.
I will usually first look for methods people can use directly without professional assistance. You are confused. Hell Telexfree has not even filed a single schedule with the court yet.
How then can they have committed Bankruptcy Fraud? They are now more happy than ever, did your read how they announce all this as a good thing for Telexfree? Silly people. The chapter 11 proceeding is just beginning. They didnt file all supporting material. Until that is done The Chapter 11 filing will not be approved.
Telexfree Management is just buying time until they have to become accountable for their actions. If their is any real money some official agency needs to step and freeze the money before it vanishes. Slightly off topic. Where are Ponzi Jumpers are going next since this play is in its forth act? This is a brilliant delaying and confusing move. Since two countries are involved, it makes transfer money from one country to another to pay victims really difficult.
Each country will want to hoard money to pay its own victims. I predict this is going to be one of the most difficult investigation in Ponzi history up to date. You are suggesting people report bankruptcy fraud. There is no evidence of that. No schedules have been filed, no false testimony given, no documents falsified…. A foreign national can file a proof of claim in US Bankruptcy Court and if it is approved may receive distributions from the estate just like any other creditor.
It need cost no more than a stamp to do this. Practically speaking this is all that can or needs to be done. Boris : Slightly off topic. This is an offshore company based on Madeira Island. They think that this will be safe from SEC… which is not true, because they accept U. What is interesting, they were making six figures monthly in TelexFree… Do you know how much they are making now? Not really… it took them a month to get the same in Wings… sad, but true.
This country is almost always 1 traffic source for these programs, without Russian promoters they could not exist so long.
Unetenet and Vizinova for the spanish speakers, Emgoldex keeps going around, Wings networks for Brasilians and Portugueses, Wishclub, etc …. Or you may as usual have focused on a specific part of it out of context? That was your own idea. It had MANY signs of fraud, e. I am sure people now will think more than twice before joining in.. Oz, I think the site is going 2 go down whit amount of online traffic, and I need more popcorn for all the drama, news, inside information and comments coming out today, once again congrats on your insite and input on this scheme.
NO affiliate of Telexfree is in a position to know, report or document any of the foregoing. You do not need to make up any reasons that they would. To much money lost and people affected for this to go away. The state and feds are are still going to get them. More than likely you will hear this week about how they will proceed.
NO you did not. YOu missed that point entirely. Why would anyone report bankruptcy fraud without any proof? Just for the fun of it? Just because you said to? Telexfree may yet be proven to be a Ponzi, but nothing that they have done to date even sniffs of bankruptcy fraud. We are trying to get all the 30 names from the list to know exatly who they are.
Everyone that want to see and help, see this file. Why he uses your daughters?? I shouldnt think it would take twice to think about it. The next product offered by telex willl be…. What does the preliminary list of creditors have to do with anything.
Nobody conceals potential creditors! The whole point of bankruptcy is to list them all so that their claims are dealt with and forever extinguished.
Did you think that this short list is supposed to be all of them?????? There will be thousands more creditors once proofs of claims are filed. You give bad advice I call you on it. Plain and simple. Hi Oz, thanks for the very informative updates on this ponzi nonsense that has unprecedentedly taken my country Uganda by storm.
I know guys who have taken loans, sold their land, borrowed money and even signed up their entire clans! Have you heard about Adfast, Inc? It is now the biggest sensation here. You do not have to post any ads. All you have to do is login daily and logout to ensure you get your weekly pay. Do you think you can do a review on this company? So many of my friends have signed up and I am worried for them.
Thanks again Oz. What about money that was requested last Tuesday from telexfree backoffice, is it still going to go through or not anymore? Withdrawals from third party e-Wallets will work until they run out of money.
Roman : What about money that was requested last Tuesday from telexfree backoffice, is it still going to go through or not anymore? If people have money in e-Wallets or in debit cards connected to e-Wallets , they should probably try to withdraw it ASAP. Hi Ramos. You are right I hear that Police officers and politicians are in it. I suspect the local media is in it too as they have been reluctant to publish any bad news about telexfree.
Even after they had request for what has been happening in recent weeks to be published given the percentage of population involved in TF it was in the public interest. My comment as not allowed to be published when I challenged the local paper online today. However they have given in the inevitable this afternoon nearly 6pm when it has been news from early morning everywhere.
The language used on the news is limited to the typical language telex free wants you to listen. Nevada registered companies. The bankruptcy has certainly made a lot of noise.
Many of them are inactive, I picked the names from a list of 1, companies. If I recall correctly, the initial application for Bankruptcy that was filed by TelexFree had many missing elements and they were asked to complete this application.
It would be interesting to know if they ended up completed this application and if anything new was revealed. To me, it seemed that TelexFree intentionally left several elements out of the initial application as it would expose some of their problems. They have requested an extension until late June to file the schedules claiming extenuating circumstances. Specifically they cite the distraction of dealing with the State of Massachusetts and the SEC and the fact that their company records have been seized by law enforcement.
Specifically theycite the distraction of dealing with the State of Massachusetts and the SEC and the fact thattheir companyrecords have been seized by law enforcement.
Clearly a stall tactic. They are playing games at the expense of many people who have lost money in this scheme.
As time goes on, people with automatically begin to calm down and focus on other things in their lives. By the time this whole mess is over, few will even know what happened with the TelexFree and their management. If I well understood, the US Trustee asks for Telexfree to be handed to a trustee appointed by the court, and all links to the former owners to be severed.
This means that, if approved, the bankruptcy process would be ended or stalled, and all now is in the hands of the courts including keeping the VOIP service working and everything else.
Going through that new doc now. Will have an article up soon. Restelo's Old Man : US Trustee asks for Telexfree to be handed to a trustee appointed by the court, and all links to the former owners to be severed. According to the trustee, the former management cannot be trusted, and neither can any of the interim officers they brought in. KCC were originally given 2 weeks by Judge Landis to file the remaining paperwork, such as assets, liabilities, creditors, and so on, all of which should have been included in the initial application.
Restelo's Old Man : This means that, if approved, the bankruptcy process would be ended or stalled, and all now is in the hands of the courts including keeping the VOIP service working and everything else. This does not stall or end the bankruptcy. What this means If approved is that a Trustee will completely take over ALL business aspects and operations of Telexfree.
That might include defending lawsuits against the company, dealing with the SEC and Massachusetts, Filing schedules, Recovering funds, filing lawsuits on behalf of the company etc. All matters related to the company in other words. His obligation is to do what is in the best interest of the company AND its creditors. The Trustee has great autonomy but must keep the court informed and obtain consent for many specific actions.
I would guess that the SEC and Mass actions will continue as they have their own mandates. They may even file claims against the Bankruptcy estate in the future.
So, if I well understood, at the very minimum, once appointed a trustee if appointed the bankruptcy process will have to restart from scratch without the interference of the mentioned gang of crooks, and all company services VOIP, website, etc will be managed by the new trustee. Restelo's Old Man : bankruptcy process will have to restart from scratch. Now they want 6 weeks. Maybe for some time, at least, Telexfree will be acting as an honest company.
One of the first steps will be to get rid of the smoke and mirrors. One thing I do not understand here is why Telexfree allowed apparently, ordered KCC to publish all court documents, which evidently incriminate them a lot, and even bring KCC itself to the mud. Might be due to the large number of affected creditors or some such definitely not a bankruptcy lawyer here! Restelo's Old Man : One thing I do not understand here is why Telexfree allowed apparently, ordered KCC to publish all court documents, which evidently incriminate them a lot, and even bring KCC itself to the mud.
I personally do not yet see that KCC is tarred with the same brush as the insiders at Telexfree. They file schedules based on the information they have access to. If Merrill tries to hide assets or writes self serving press releases how is KCC to know? This does not prove that KCC is clean but it provides no basis for suspicion either. Thisdoes not prove that KCC is clean but it provides no basis for suspicion either. Yes, but they have been mentioned in the former DoJ objection which apparently was mostly about them, indeed.
Is this court document publication mandatory in the US? Yes it is mandatory. These are schedules of assets and liabilities, Profit and Loss, List of creditors, leases etc. They are Basic accounting reports without a lot of detail.
The purpose is full disclosure and transparency. The creditors are entitled to know the true and entire picture and so is the Court, for it is the court that is empowered to modify and cancel obligations of the debtor.
By law the court may not use this power until it is satisfied that available information has been taken into account. The creditors are entitled to know the true and entire picture and so is the Court. Amazing legal system! Thank you so much, Merrill and Wanzeler, for establishing the main headquarters of Telexfree in the United States and not anywhere else.
From heart. Restelo's Old Man : Yes, but they have been mentioned in the former DoJ objection which apparently was mostly about them, indeed. The point was well taken. The rest of it appeared to be objections to various terms of the engagement. Perfectly normal stuff in my mind since DOJ has noticing capabilities of its own and there had been no chance for comment before KCC went to work.
In the end the estate ends up paying for KCCs services so the contract is subject to and should be reviewed by the parties and by the court. Name required. Email will not be published required. Website not required. DoJ file objection in TelexFree bankruptcy application Apr. Independent contractors of each other? Uh, what? The arguments the DoJ present are largely based on what first day orders in bankruptcy cases are supposed to be restricted to: First, the requested relief should be limited to that which is minimally necessary to maintain the existence of the debtor, until such time as the debtor can affect appropriate notice to creditors and parties in interest.
In conclusion, Because Application seeks Court approval to employ KCC pursuant to, inter alia, the terms of the Engagement Agreement, the Application should not be approved until Debtors file a legible copy of the Engagement Agreement. The Application should not be approved until Debtors provide this information. The regulators are all over it. All that is in the comments section of the page I gave in my last comment here.
Chang Q. SEC MA. Boston Herald. The Wall Street Journal. Retrieved March 5, IG News Portal Brazil. Retrieved March 20, Retrieved March 28, Retrieved December 21, MLM Skeptic. Retrieved December 7, BK2 Economia in Portuguese. June 24, Retrieved December 16, Archived from the original on December 5, G1 Portal.
UOL Portal. Patricpretty MLM. UOL News Portal. Retrieved December 15, Retrieved December 14, UOL Website. IG News Portal Website. EBC Website. Gazeta newspaper. Veja Magazine.
Exame Magazine. IG Economia. Retrieved December 9, Behind MLM website. Patrick Pretty Website. GGN in Portuguese. Luis Nassif Online. IG Economy. Portal Rondonia. Gazeta Newspaper. Correio do Estado Newspaper. Archived from the original on December 17, Olhar Juridico Website. Cenario MT Website. A Gazeta Newspaper in Portuguese. December 18, Boston Globe. Retrieved June 18, May 15, Diario Libre Newspaper.
Semana Magazine. Business Home Magazine. Agencia Peruana de Noticias. Peru 21 News Portal and Newspaper. Veja Abril Magazine. Gazeta On-Line Newspaper. Securities and Exchange Commission. Vixmais and Telexfree. Multi-level marketing companies. List of multi-level marketing companies Direct selling. Categories : Pyramid and Ponzi schemes Financial crimes Privately held companies based in Massachusetts Defunct multi-level marketing companies.