back to article CEO of VoIP biz admits in court: It was all a $1.8bn Ponzi scheme

The CEO of VoIP telephone service TelexFree has confessed that his company was a front for a $1.8bn pyramid scam. In a Massachusetts district court on Monday, James Merrill pled guilty [PDF] to nine charges of conspiracy and wire fraud for his role overseeing the US branch of TelexFree – a VoIP phone service that American …

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