TelexFree

Telexfree(stylized asTelexFREE), atrade nameowned by Telexfree Inc., was a multibillion-dollarPonzi schemedisguised as an internet phone service company. Prosecutors have described it as the largest fraud of all time in terms of the number of people affected - more than 1 million, with victims in various countries.[8][9]The brand became best known for its operations in Brazil held byYmpactus Comercial Ltdaafter it was involved in an ongoing investigation and trial for operating aPonzi scheme,[21]and later for having its operations suspended in the US bySECunder the charges of operating a multibillion-dollar Ponzi andpyramid scheme.[31] Telexfree Inc. owns the rights to theTelexfreebrand worldwide. The company was created by Carlos Roberto Costa, Carlos Nataniel Wanzeler and James Matthew Merrill after the change of its former corporate name Common Cents Communications Inc., which was incorporated inMassachusetts.[32]According to the Company Registration Office of Massachusetts, Telexfree Inc. started to use this corporate name on February 15, 2012. Telexfree Inc. is a sister company of many other companies that operates TelexFree Marketing Plan, which belongs to the same founders and also share the same website. It includes a Brazilian company named "Ympactus Comercial Ltda", which was suspended in that country on June 13, 2013, by order of the court ofAcre State.[33][34]