In the aftermath of the Massachusetts company's collapse, TelexFree executives in Brazil allegedly plotted to retrieve money left behind. 'It make little or no money from selling VOIP, but took in millions of dollars from people signing up to receive financial bonuses from advertising and recruiting.'įederal authorities executed search warrants against the company in 2014 - and court records state that 'about 965,225 people lost money when TelexFree collapsed, their losses totaling about $1,755,927,755.' One of the founders fled to Brazil another pleaded guilty and admitted the company was a pyramid scheme. TelexFree, which sold voice-over-Internet phone service, 'was really a massive pyramid scheme,' according to court documents. to facilitate a money transfer to a founder of the company, court documents state. The 28-year-old admitted to federal agents that he was in the U.S. Photos show a box spring stuffed with bricks of cash that were seized during a Homeland Security investigation linked to a pyramid scheme involving a company called TelexFree.Īgents found the money after they arrested a Brazilian national named Cleber Rene Rizerio Rocha, who was charged with one count of conspiring to commit money laundering. In furtherance of this vision, the Commission sets strategic direction for policy, education, practice, research, and coordination so that all Americans make informed financial decisions. When federal authorities raided an apartment in Westborough, Mass., earlier this month, they found money hidden under the mattress - approximately $20 million. The Financial Literacy and Education Commissions vision is of sustained financial well-being for all individuals and families in the U.S. Photo of $20M seized in box spring following arrest of Brazilian national in scheme to launder proceeds of TelexFree /0MTHxjaVZL- U.S.

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