Legal Opinion
Sec. & Exch. Comm'n v. Telexfree, Inc.
District Court, District of Columbia
Decided March 16, 2018No. Civil Action No. 14–11858–NMGPublishedCited by 1 opinion
1Opinion of the Court
Nathaniel M. Gorton, United States District Judge
In this civil enforcement action, the Securities and Exchange Commission ("SEC" or "the Commission") alleges that TelexFree, Inc. and TelexFree, LLC (collectively, "TelexFree") and eight individual defendants operated and promoted an illegal pyramid and Ponzi scheme, raising more than $300 million through a fraudulent and unregistered offering of securities since at least November, 2012. TelexFree allegedly received more than $340 million from hundreds of thousands of investors and promised to pay those investors more than $1.1 billion, even…
2Cases cited11 opinions
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- Bell Atlantic Corp. v. TwomblySupreme Court of the United States · 2007
- Securities and Exchange Commission v. W. J. Howey Co.Supreme Court of the United States · 1946
- Securities & Exchange Commission v. TamboneCourt of Appeals for the First Circuit · 2010
- Greebel v. FTP Software, Inc.Court of Appeals for the First Circuit · 1999
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3Cited by1 opinion
- Securities and Exchange Commission v. Jonathan L. WilcoxDistrict Court, D. Massachusetts · 2023