Good News for TelexFree Victims!
You can now file your Proof of claim!
It’s about time!
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Finally, on June 1, 2016, many victims of the TelexFree Ponzi scheme received an email from the Trustee of the Bankruptcy Court TelexFree case informing them that they can now file an electronic Proof of claim so they can be added to the list of victims who may receive a monetary compensation.
If you lost money with TelexFree,
you can now file your Proof of claim
It’s about time. If you have
received an email from the Trustee of the Bankruptcy Court TelexFree case
stating that you can now file your Proof of claim, then you can now file your claim
online. If you have not received an email, and you are a victim of the
TelexFree Ponzi scheme, then you can still try filing a Proof of claim online.
Everyone who lost money must file their electronic Proof of claim before the
deadline of September 26, 2016.
Where can I file my claim and what
do I need?
The only website where you can
file your Proof of Claim for the TelexFree Bankruptcy case is:
You can file your claim in
English, Spanish or Portuguese. Once you go to the https://telexfreeclaims.com/ website, you can select any
of these three languages (English, Spanish or Portuguese) to file your Proof of Claim. Then follow instructions.
Make sure to gather all information you have regarding your TelexFree account.
Try to gather your username, password, account information, payment receipts,
and any other information you have regarding your TelexFree account. If you don’t have all of this
information, don’t worry, you can still try applying. Filing your claim on the website https://telexfreeclaims.com/ is free so you have nothing to lose.
When can I file my claim?
Due to the fact that the
number of victims is more than 1 million worldwide, the Bankruptcy Court Trustee
recommends that the victims with last names beginning with the letters “A” through
“I” can file their claims after May 30, 2016. This is important to avoid
overloading the claims website.
Now the victims with last names
beginning with the letters “J” through “Q” can file their claims after June 6,
2016. And finally, the victims with last names beginning with the letters “R”
through “Z” can file their claims after June 13, 2016.
Only participants who lost
money in the TelexFree Ponzi scheme can file an electronic claim. If you earned
a profit from TelexFree, then you don’t qualify to file an electronic claim.
Also, you can only file a claim for money you lost, not for money promised by
TelexFree.
Who can file a claim?
For example, let’s say that
you invested $1,500 in TelexFree in 2014 and TelexFree promised to pay you
$5,000. However, a few weeks after you
joined TelexFree the Ponzi scheme collapsed and you lost all of your $1,500
investment. Not only did you not earn any money from the scheme, you also lost
all of your $1,500 investment.
In this example, you can only file an electronic
claim on the $1,500 that you lost. You can NOT file an electronic claim on the
$5,000 that you were promised by TelexFree. The Bankruptcy Court Trustee will
only compensate people on their losses, not on any promises or gains. So if you
lost money with TelexFree, then you can file an electronic claim with the
Bankruptcy Court Trustee.
How much money will I receive?
As you already probably know, the SEC
has confiscated around $150,000,000 from James Merrill, Carlos Wanzeler, and other
ex-leaders or top members of the now defunct TelexFree Ponzi scheme.
$150,000,000 is a lot of money, however, there are more than 1 million victims
worldwide, which means most likely people who lost money with TelexFree will
not recover all their losses.
However, if you can recover
10%, 20% or even 30% of your losses this is still better than nothing right? The good
news is that Stephen Darr, the Trustee of the TelexFree Bankruptcy case, is
suing 15,000 U.S. residents and 78,000 people abroad who reaped large profits
with TelexFree. If Stephen Darr is successful in his lawsuit, then the victims of
TelexFree can expect to get even more money back that they lost in the scheme.
According to the Boston Globe:
"The trustee in the TelexFree bankruptcy case has said the company pulled in nearly 2 million participants, from every country in the world. Those people will only be eligible to submit claims for the money they put in — not the estimated $3 billion they may believe they had in their accounts.
So far there is only $150 million to go around. Trustee Stephen Darr also is pursuing “net winners,” or people who reaped false profits from TelexFree that was really money brought in by other investors.
Darr is suing 15,000 US residents and 78,000 people abroad who reaped profits improperly in TelexFree."
Boston Globe
May 31, 2016
Original Source:
While James Merrill continues
to deny any wrongdoing and shows no remorse for having been responsible for causing so much harm to many families
who have suffered economic hardships due to the TelexFree scam, Stephen Darr
continues to fight to help the victims of the scam recover as much money as
possible. Let us hope that Stephen Darr is successful and this way more victims can
expect to receive more money back.
In the meantime, if you were a
victim of the TelexFree Ponzi scheme, then rest assured that at least now you
can file your Proof of Claim and thereby be added on the list of victims who
may receive some type of monetary compensation in the future. All though there
is no guarantee that you will receive any money, you have nothing to lose by
filing your Proof of Claim online since it is free to do so.
Hopefully, the victims will receive
some money back and at least this will help bring some closure to this case.
The lesson learned is that if something sounds too good to be true, this is
because it’s probably a scam.
Unfortunately, Ponzi schemes like TelexFree
continue to pop up all over the world. Please be careful and always exercise caution
before investing money in any multi-level marketing business.
Sincerely,
Justice Jeremiah
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