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TELEXFREE SECURITIES LITIGATION This Document Relates To

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TELEXFREE SECURITIES LITIGATION This Document Relates To Case 4:14-md-02566-TSH Document 790 Filed 12/04/19 Page 1 of 430 UNITED STATES DISTRICT COURT DISTRICT OF MASSACHUSETTS IN RE: TELEXFREE SECURITIES LITIGATION This Document Relates To: MDL No. 4:14-md-2566-TSH All Cases CELIO DA SILVA, RITA DOS SANTOS, PUTATIVE CLASS REPRESENTATIVES AND CLASS ACTION THOSE SIMILARLY SITUATED, Plaintiffs, v. FIFTH CONSOLIDATED AMENDED COMPLAINT TELEXELECTRIC, LLLP; et al., (CORRECTED) Defendants. DEMAND FOR TRIAL BY JURY Case 4:14-md-02566-TSH Document 790 Filed 12/04/19 Page 2 of 430 TABLE OF CONTENTS TABLE OF CONTENTS .............................................................................................................. i I. JURISDICTION AND VENUE .......................................................................................... 12 II. THE PARTIES ..................................................................................................................... 12 A. PLAINTIFFS ................................................................................................................ 12 B. DEFENDANTS ............................................................................................................. 14 1. TELEXFREE DEFENDANTS ........................................................................ 14 a. Third-Party TelexFree Bankrupt Entities ...................................................... 14 b. Electric and Mobile ........................................................................................... 15 2. OTHER OPERATIONAL DEFENDANTS ................................................... 15 a. Founders and Principals, Executive Office, Top Level Promoters and Associated Individuals ...................................................................................... 15 b. Licensed Professionals including Attorneys and Other Professional Services Providers ............................................................ 19 c. The Accountant Defendants ............................................................................. 23 3. FINANCIAL SERVICES PROVIDERS ........................................................ 24 a. The Bank Defendants ....................................................................................... 24 b. Payment Processing Service Companies ......................................................... 26 4. INVESTMENT SERVICES PROVIDERS .................................................... 29 III. FACTS AND ALLEGATIONS ........................................................................................... 30 A. Chronological Overview ............................................................................................... 30 B. TelexFree’s History, Formation and its Brazilian Links .......................................... 39 C. Ympactus, TelexFree’s Brazilian-Based Operations ................................................ 40 D. The Bankrupt TelexFree Companies .......................................................................... 43 E. TelexFree, Inc. ............................................................................................................... 43 F. TelexFree, LLC ............................................................................................................. 44 i Case 4:14-md-02566-TSH Document 790 Filed 12/04/19 Page 3 of 430 G. TelexFree Financial, Inc. .............................................................................................. 45 H. Relationship of the Bankrupt TelexFree Companies ................................................ 46 I. Defendants Electric and Mobile .................................................................................. 47 J. TelexFree’s Founders and Principals, Executive Officers and Top Level Promoters .................................................................................................... 48 K. TelexFree’s Unlawful, Unfair and Deceptive Pyramid Scheme ............................... 55 L. Gallery of Rogues Assembled ...................................................................................... 71 1. The Seasoned Scam Artists ....................................................................................... 71 2. The Professional Legitimizers’ Roles ....................................................................... 75 M. TelexFree’s Fraudulent and Deceptive Use of Best Western Hotel ......................... 80 N. Investigation of, and Injunctions against, TelexFree’s Brazilian Operations in Brazil ..................................................................................................... 81 O. TelexFree’s Continued United States’ Operations .................................................... 84 P. Collapse of TelexFree’s United States Operations .................................................... 85 Q. TelexFree’s Belated Efforts to Legitimize Its Scheme .............................................. 86 R. Events Since TelexFree’s Bankruptcy Filing ............................................................. 87 S. TelexFree’s Principals, Founders and Executive Office Controlled TelexFree, Knowingly Perpetrated the Unlawful, Unfair, and Deceptive Pyramid Scheme and Made False Representations about TelexFree ............................................................................................................ 89 T. TelexFree’s Top Level Promoters Played an Integral, Essential and Primary Role and also Aided and Abetted the Pyramid Scheme ..................... 96 U. TelexFree’s Attorneys Played an Integral Role in and Aided and Abetted the Unlawful, Unfair, and Deceptive Pyramid Scheme .............................. 97 V. Attorney Babener Assembled A Team of Legal and Business Professionals Who All Agreed to Assist TelexFree and its Founders Merrill and Wanzeler To Continue to Operate the Unlawful Scheme After the Brazilian Shutdown In Summer 2013. ..................................................... 106 1. The MLM A Team Defendants knew that TelexFree was operating a pyramid/Ponzi scheme prior to providing services or upon otherwise working on TelexFree-related tasks yet joined the TelexFree team. ................................................................................................... 120 2. Despite knowing that TelexFree was continually operating as an illegal Scheme, the MLM A Team provided essential services that enabled TelexFree to continue and expand its daily operations and ii Case 4:14-md-02566-TSH Document 790 Filed 12/04/19 Page 4 of 430 to remove its ill-gotten funds from the reach of its victims and U.S. authorities until the Scheme’s collapse. ............................................................ 130 a. The MLM A Team substantially assisted TelexFree’s business operations’ continuation and expansion in the United States after August 2013. ................................................................... 131 i. The MLM A Team secured banking and payment processing outlets to continue and expand TelexFree’s illegal operations after August 2013. ..................................................................................... 133 ii. Babener and Garvey Schubert assisted TelexFree to keep banked $20 million from its TD Bank account upon its closure for fraud issues. ..................................................................................................................... 139 iii. The MLM A Team provided legal and business services and consulting that kept TelexFree’s operations running. ............................ 141 iv. PwC assisted TelexFree in issuing false tax forms. ................................... 146 b. The MLM A Team devised and implemented a plan for TelexFree to use international outlets through which to operate the Scheme and through which TelexFree safeguarded its cache of victims’ funds. ................................................................................................................ 147 c. The MLM A Team Substantially Assisted TelexFree and Its Founders In Hiding The Illegality Of TelexFree’s Operations From Authorities. ............................................................................................ 158 3. The MLM A Team Massively Profited From Their Services That Enabled TelexFree’s Continued Operation As A Pyramid Scheme And Safeguarded Wrongfully Obtained Funds From Victims. ............................. 161 a. The Babener Defendants Billed Hundreds of Thousands Of Dollars In Fees For Their Substantial Assistance Of The TelexFree Scheme ........ 161 b. The Sheffield Group Received Over $100,000 In Fees For Their Substantial Assistance Of The TelexFree Scheme ................................. 164 c. The Garvey Schubert Defendants Received Over $600,000 In Fees For Their Substantial Assistance Of The TelexFree .................................. 165 d. The PwC Defendants Received $65,000 In Fees For Their Substantial Assistance Of The TelexFree Scheme. ...................................... 166 W. TelexFree’s Accountants and Professional Services Providers Played an Integral Role in and Aided and Abetted the Unlawful, Unfair, and Deceptive Pyramid Scheme ................................................................... 166 X. The Financial Services Providers Were Required to Comply With Various Statutory and Regulatory Investigation and Monitoring Obligations .............................................................................................. 180 Y. TelexFree’s Suspicious, Tortious and Unlawful Operation iii Case 4:14-md-02566-TSH Document 790 Filed 12/04/19 Page 5 of 430 Displayed
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