TelexFree Class Action Update

February 4, 2015: the period for accepting instructions to be included in the class action is now closed and our lawyers are evaluating the various positions of our clients that intend to obtain a refund of their individual investments in Telexfree.

Currently we are representing over then 1500 clients: 1100 Italian, 250 Spanish and South American, 150 British and Americans, and others from 22 different nationalities.

We will provide updates on the matter every two months through our website. Should there be the need to integrate the documentation received, we will contact whoever is concerned.

At the moment, our lawyers are considering the possibility of:

• adhering to the procedure undertaken by the American Securities and Exchange Commission (SEC) to obtain a criminal conviction for those individuals who acted on behalf of Telexfree Inc and LLC (and companies linked to it), including James Merril and Carlos Wanzeler and to get a precautionary requisition of all corporate assets, which will be sold at a later stage. The proceeds of which will be used to refund all the investors legitimately recognised by the American court in Massachussets

• evaluating with our Brazilian colleagues the requirements to adhere to a monetary action to obtain a partial compensation in Brazil where TelexFree was operating under the name "Ympactus Comercial". Effective from 18/06/13, TelexFree has been forbidden to operate in Brazilian territories.  There are ongoing class actions being conducted by the national prosecutor to obtain compensation for all the investors involved. We have appointed Flavia Di Pilla (Italian-Brazilian lawyer) to collaborate on the Brazilian side and we have discovered that the Brazilian managers of the company underwent a process of seizure of their assets for about 60 million Reals (approximately €20m)

• undertaking further legal action against the Fidelity Bank of Fitchburg, already sued in America by the governor of Massachusetts, William Galvin, for violation of banking regulations on anti-money laundering offences. The president, John Merril has been fond out to be James Merril’s brother, co-funder of TelexFree and involved in the proceedings initiated by the SEC. According to the press’ information, Fidelity Bank has already paid $ 3.5m in favour of a trust fund for the protection of TelexFree’s victims (residents in Massachusetts)

Giambrone will continue to fight vigorously for the protection of customers and to ensure the wrongdoers are held accountable.

If you are a victimof online fraud / scam or have lost funds with Telexfree through no fault of your own, please contact our Client Relations Team to arrange a discussion with a lawyer in the Forex Trading Litigation team. Our international lawyers are able to provide assistance in English, French,  Italian, Spanish, German, Arabic and Chinese. 

Alternatively, please click here to file an enquiry online, call us on +44 (0)207 183 9482 or email us at: clientservices@giambronelaw.com.