Telexfree, Gabriele Giambrone Meets SEC Attorneys in Boston

Sanderley Rodrigues de Vasconcelos ("Rodrigues") of Davenport, Florida has been charged with promoting a pyramid scheme from the Securities and Exchange Commission and was jailed for civil contempt arising from his repeated violations of court orders obtained by the Commission in its civil action filed in 2014 against Rodrigues.

The Commission has filed an emergency civil action against TelexFree, Inc. (the company claimed to be selling telephone service based on VoIP technology, when In fact the company operated an elaborate pyramid scheme also known as a Ponzi scheme). Rodrigues and several other defendants obtained, from the U.S. District Court in Boston, certain preliminary relief. This included an order that froze the assets of Mr. Rodrigues.

Another court order, to which Rodrigues has consented, required Mr Rodrigues to list all assets and transactions over $500. He failed to do this and subsequently the Commission requested the court to hold Rodrigues in contempt.

Rodrigues is believed to have transferred or disposed of assets and to have thus failed to provide the aforementioned accounting. The judge in the SEC's civil case held Rodrigues in contempt for the following violations of the terms of the court's orders, as follows:

  1. Transferring $233,473 out of his bank accounts;
  2. Selling a Mercedes Benz CLS;
  3. Selling a Ferrari F340;
  4. Transferring three Florida condominiums; 
  5. Failing to provide the court-ordered accounting;

Rodrigues has been ordered, from the court, to return the assets that he had transferred or disposed, as the operation constituted a violation of the asset freeze. Rodrigues had also been warned that, in the case he had failed to comply with the court’s orders, he would have been incarcerated for the contempt. On January 15, 2016, the Commission notified the court that Rodrigues had failed to comply with the December 18, 2015 order. On January 15, 2016, the court ordered Rodrigues to be held in jail until he complies with the court's December 18, 2015, order.

Gabriele Giambrone, Managing Partner and Founder of Giambrone, met, on May 18 2016, two SEC attorneys that are currently supervising the Telexfree case, at the U.S. Securities and Exchange Commission Boston Regional Office, in Boston, MA, in the aim of protecting the interests of more than 1800 investors that have been defrauded by Telexfree and that Giambrone is currently representing in a class-action against the fraudulent company.

Giambrone has already been successful in ensuring funds have been returned to traders and clients defrauded while using online forex trading companies.

It is still possible for clients to instruct Giambrone in order to take part to the class-action against Telexfree.

If you believe to have been defrauded from Telexfree, please contact us on +39 02 892 50 644 or email us at:clientservices@giambronelaw.com.