Massachusetts-Based TelexFree President Sentenced to 6 Years Imprisonment for Operating Pyramid Scheme
March 24, 2017
March 24, 2017
WASHINGTON, March 24 -- The Securities and Exchange Commission issued the following litigation release:
On March 22, 2017, James M. Merrill, of Ashland, Massachusetts, the former president of TelexFree, Inc. and TelexFree, LLC, was sentenced to 6 years in federal prison and 3 years of supervised release for his role in operating a pyramid scheme through TelexFree.
On May 9, 2014, Merrill and another defendant, Carlos N. Wanzeler, who is a fugitive located in Brazil, . . .
On March 22, 2017, James M. Merrill, of Ashland, Massachusetts, the former president of TelexFree, Inc. and TelexFree, LLC, was sentenced to 6 years in federal prison and 3 years of supervised release for his role in operating a pyramid scheme through TelexFree.
On May 9, 2014, Merrill and another defendant, Carlos N. Wanzeler, who is a fugitive located in Brazil, . . .