The Securities and Exchange Commission (SEC) of the United States announced that on Tuesday it has filed charges against the Massachusetts-based operators of a large pyramid scheme that mainly targeted Dominican and Brazilian immigrants in the United States. In the Dominican Republic, an estimated 150,000 persons fell for the pyramid scheme that is said to have cost them US$100 million.
The SEC alleges that TelexFree, Inc. and TelexFree, LLC claim to run a multilevel marketing company that sells telephone service based on “voice over Internet” (VoIP) technology but actually are operating an elaborate pyramid scheme
http://www.sec.gov/News/PressRelease/Detail/PressRelease/1370541520559#.U1ZZ01zN5g0
http://www.forbes.com/sites/jordanmaglich/2014/04/17/sec-halts-telexfree-pyramid-scheme/
http://www.bostonglobe.com/business/2014/04/21/long-telexfree-probe-followed-fraud-charge-brazil/qVrMsi833hvFslPt02V94N/story.html
http://online.wsj.com/news/articles/SB10001424052702304626304579510074043438100