Telexfree, Giambrone Law Comments On Important Update From Stephen Darr

In 2014, Stephen Darr was appointed TelexFree’s trustee in order to manage business operations for the consortium. TelexFree is believed to have allegedly operated a Ponzi scheme, defrauding almost two million investors for hundreds of thousands of dollars.

Earlier this month, Mr Darr had announced significant developments in the management of the process to reimburse defrauded investors. On April 11^th Stephen Darr and his legal representants had communicated the setting up of an ePOC (electronic proof of claim) portal, which had been under construction since January 2016, after Bankruptcy court had requested the setting up of an electronic portal for reimbursement request submission. The portal has been developed in collaboration with BMC group.

The need for an electronic POC portal stems from the impossibility of manually checking millions of proof of claims. TelexFree would be, as a matter of fact, unable to bear the costs of manually handling the process.

On April 14^th, Mr Darr announced the launch of an ePOC portal prototype, which will be operational from April 24^th. Stephen Darr and his TelexFree advisors maintain further testing will be required to verify the portal meets the necessary specification. Again, the portal is believed to be operational next week.

TelexFree’s Trustee declared that, according to the experts’ forecasts, the portal should be fully operational in May 2016.

Giambrone International Law Practice has an excellent record of success in legal disputes and litigation against banks, financial institutions and online Forex brokers. In the past, our legal practice has successfully managed to retrieve as much as $2.5 millions taken away from victims of frauds perpetrated by online Forex trading platforms. Giambrone Law International Practice is in charge of representing the victims of the Ponzi scheme TelexFree scam.

Ambra Glorioso from the Forex department at Giambrone, commented: “ The setting of an electronic portal for the reimbursement request submission will significantly help victims retrieve the investment they had made. Lawyers at Giambrone Law will be able to provide the best advice in relation to the submission of the reimbursement request, in consideration of their successful experience in Forex litigation and their close relationship with American authorities, including TelexFree Trustee Mr Stephen Darr”.

Stephen Darr ordered TelexFree’s affiliates, as soon as the portal will be full operational, to allow defrauded investors a time window of 90 days to submit their reimbursement request.

Thanks to a database of 1.5 million e-mail addresses, the notification of the 90-day deadline will be forwarded in English, Spanish and Portuguese, considering many investors are Dominican and Brazilian citizens. Should the notification not be received, investor may be eligibel for partial refund, in the case the courts accepts the exception of the case.

Despite the fact that Mr Darr had foreseen a total transaction value of $3 billion dollars for TelexFree, the total amount of the reimbursement will exceed $5 billion.

Nevertheless, it is yet to be determined how much of their investment investors will be able to retrieve.

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