money laundering

money laundering

FBI and Homeland Security Raid TelexFree Headquarters

9h ago
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FEDERAL AGENTS RAID TELEXFREE HEADQUARTERS I have read with concern, misleading posts on social media, especially Facebook pages (names of such pages withheld for now) encouraging gullible people to send money to sign up for new TelexFree accounts, due to a misunderstood court order granting TelexFree certain injunctions. One of such Facebook pages, referring to the court order, had blatantly announced yesterday, "VICTORY FOR TELEXFREE SO FAR!! More is coming! TELEXFREE 100%". Despite these incredible delusions, and apparent blindness to recent events against TelexFree, the company's troubles appear to have multiplied many times over and compounded by raids from United States federal agents. TELEXFREE HEADQUARTERS RAIDED Following accusations against Telexfree two days ago, of a $90 million fraud in the Commonwealth of Massachusetts and $1 billion fraud around the world, agents from the Federal Bureau of Investigation, FBI, and Homeland Security have raided the Marlborough headquarters of TelexFree Inc. Federal agents from FBI and Homeland Security raid Marlborough headquarters of TelexFree Inc. Federal agents from FBI and Homeland Security raid Marlborough headquarters of TelexFree Inc. (Photo: Allan Jung/MetroWest Daily News) As reported in this news article: Federal agents from the FBI and Homeland Security have raided the Marlborough headquarters of TelexFree Inc. in the intensifying investigation of an alleged billion-dollar scheme that has the potential to rank among the largest international financial frauds. Regulators accused the company, which sells Internet telephone services, of luring investors from immigrant communities who sometimes put in their life savings. Some distraught victims have threatened suicide. Federal agents acting on a search warrant combed the TelexFree office on Tuesday, the Department of Justice said. Authorities in other countries have reportedly been conducting fraud and money laundering investigations involving TelexFree. The charges against TelexFree are very serious indeed, and there is no doubt that the cascade of events we have seen recently against it are a direct reaction to the company's chapter 11 bankruptcy application. REAL REASONS FOR RECENT EVENTS TelexFree's application for protection under the U.S bankruptcy protection code is a brilliant legal strategy that would have seen all of Telexfree's top executives walking away free with monies gotten from its affiliates worldwide. Thus, the Securities Division of the State of Massachusetts had had no option, after TelexFree filed for Bankruptcy protection, other than to charge the company for fraud, despite a horde of risks and concerns it had harbored. First, there was the risk of jeopardizing investigations by other U.S. federal agencies who were also investigating TelexFree. Also, the concern for "asset protection" for affiliates and promoters was real. Despite these serious concerns, Massachusetts had to take action: TelexFREE became the subject of Galvin's investigation several months ago, he said, adding, "we've been suspicious from the beginning" that the company was a Ponzi scheme. During its investigation, the secretary's office became aware of the separate federal investigations of the company. Those agencies requested Galvin not file a complaint, he said, "because they were worried about asset protection." But when state investigators learned on Monday of the company's filing for Chapter 11 protection in the U.S. Bankruptcy Court for the District of Nevada, Galvin said "any concern about freezing the assets was gone." "We felt we had to act," he said, to begin securing any assets the company still had and try to stop more customers from signing up with the company. In addition to the aforementioned concerns, action had to be taken because if the application for bankruptcy protection had gone through, no United States federal agency would have been able to prosecute Telexfree. Finally, TelexFree had mentioned 30 promoter...