Justice has finally being served to James Merrill, the founder of Telexfree, one of the largest Ponzi scheme to have ever being perpetrated in the world.
For his role in the Ponzi fraud, James Merrill has finally being sentenced to six year in jail.
Telexfree was disguised as a conference call and or VoIP platform that allows its investors and affiliates to make calls and also earn income from referring other people into the scheme with a promise of high returns on investment.
Prosecutors from the US Department of Justice, DOJ were looking at getting 10 years, but the Judge gave him six years for his role in the USD3 billion fraud.
According to BostonGlobe, Merrill, 54, whose wife, children, and friends were in court, apologized to his victims before he was sentenced. “It’s awful and I don’t have words I can give these people for what they’ve suffered,” he said. “I’m sorry for this whole disaster.”
Carlos Wanzeler, his accomplice and associate in Telexfree fraud is currently a fugitive in Brazil where he his wanted for conspiracy and fraud.
About 20 other associates and promoters of Telexfree in Brazil have been arrested in the last five months with their trial currently on-going.
See their names below:
- Carlos Wanzeler (co-owner of TelexFree in Brazil, currently a fugitive and wanted by US authorities)
- Lyvia Mara Campista Wanzeler (Carlos Wanzeler’s daughter)
- Febe Vanzeler de Almeida e Souza (Carlos Wanzeler’s sister)
- Marisa Machado Wanzeler Salgado (Carlos Wanzeler’s sister)
- Carlos Costa (co-owner of TelexFree in Brazil)
- Jozelia Miriam Sangali (Carlos Costa’s wife)
- Priscila Freitas Costa (Carlos Costa’s daughter)
- Esdras Maria Freitas Costa (Priscila Costa’s mother)
- Top TelexFree affiliates indicted include:
- Pele Reis
- Nathana Santos Reis (daughter of Pele Reis)
- Thiessa Santos Reis (daughter of Pele Reis)
- Sanderly Rodrigues (also facing a civil lawsuit in the US filed by the SEC)
- Renato de Carvalho Alves
- Fabio de Arraz Crispim
- Flavio Arraz Crispim
- Rhalff Junio de Almeida Coutinho
- Leonardo Casula Francisco
- Thiago Scardini Marques
- Lelio Celso Ramires Farias
- Sandra Maria Teixeira Araujo
- Bruno Rangel Cardozo and
- Vagner Macson Manhaes da Roza
