Giambrone is currently representing Ponzi victims of TelexFree Inc. and TelexFree LLC
Giambrone has already been successful in ensuring funds have been returned to traders and clients defrauded while using online forex trading companies.
Through lack of regulation in what is a developing sector without tight regulation, there will always be those who are looking to take advantage of genuine and sometimes naive investors looking to receive quick gains on their capital. Due to their complex and clever structure Ponzi scams can go undiscovered for years, however once discovered the fraudsters are brought to justice and victims reimbursed.
The SEC (U.S. Securities and Exchange Commission) has now been able to reveal that TelexFree, Inc. and TelexFree, LLC who claim to run a multilevel marketing company that sells telephone service based on “voice over Internet” (VoIP) technology are in fact operating an elaborate pyramid scheme also known in trading circles as a Ponzi.
Taken from the SEC website: “According to the SEC’s complaint, the defendants sold securities in the form of TelexFree “memberships” that promised annual returns of 200 percent or more for those who promoted TelexFree by recruiting new members and placing TelexFree advertisements on free Internet ad sites. The SEC complaint alleges that TelexFree’s VoIP sales revenues of approximately $1.3 million from August 2012 through March 2014 are barely one percent of the more than $1.1 billion needed to cover its promised payments to its promoters. As a result, in classic pyramid scheme fashion, TelexFree is paying earlier investors, not with revenue from selling its VoIP product but with money received from newer investors.”
"Contained within the complaint are also allegations that since December 2013, TelexFree has transferred $30 million or more of investor funds from TelexFree operating accounts to accounts controlled by TelexFree affiliates or the individual defendants.”
Given the order made by the court for seizure of the funds, it is Giambrone’s intention to work with the US government, as it has done so in the past, to ensure funds are rightly returned to investors who have been the subject of a massive fraud.
If you have previously invested in TelexFree and have experienced any difficultly in respect to your forex investment, which may not be limited to the issues outlined here, please contact us.
If you have been a victim of one of these scams a Ponzi scheme attorney will be available to advise you on how to proceed further.
Please contact our Ponzi scheme attorney today on 0800 772 0072 (from the UK) or 0039 091 743 4778 (from the rest of the world) or you can alternately complete the on-line enquiry form here or email us at: firstname.lastname@example.org.