SEC
Whistleblower
Advocates

May 25, 2017

SEC v. TelexFree, Inc., TelexFree, LLC, James M. Merrill, Carlos N. Wanzeler, Steven M. Labriola, Joseph H. Craft, Sanderley Rodrigues de Vasconcelos, Santiago De La Rosa, Randy N. Crosby and Faith R. Sloan

Offering Fraud

SANCTION AMOUNT: Approximately $1.83 million

Defendants: TelexFree, Inc., TelexFree, LLC
James M. Merrill, Carlos N. Wanzeler, Steven M. Labriola, Joseph H. Craft, Sanderley Rodrigues de Vasconcelos, Santiago De La Rosa, Randy N. Crosby and Faith R. Sloan

Defendant Sanderley Rodrigues de Vasconcelos consented to judgment in which he admitted he was a promoter for TelexFree, an international pyramid scheme targeting Latino communities in the U.S. The case remained pending against the remaining defendants (top-of-the-pyramid entities, four officers, and three additional promoters) at the time of writing of this summary.

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