Hot Business News Today

TelexFree Hearing Next Week

 
A hearing will be held in Boston next Tuesday to determine whether an Ashland man accused of running an international pyramid scheme can access $4 million of his money to help fund his defense.
TelexFREE co-owner James Merrill initially asked the U.S. District Court two weeks ago to release the funds, which he said are necessary to cover the exorbitant cost of defending himself against a charge of conspiracy to commit wire fraud.
But government prosecutors have resisted, telling the court Merrill has not shown the money didn’t come from TelexFREE, which several state and federal agencies have charged with being a pyramid scheme.
The hearing will be held before Magistrate Judge David H. Hennessy at 9:30 a.m., according to court records.
 
TelexFREE was ordered to shut down last summer in Brazil, after a judge ruled it a “financial pyramid” scheme, according to news reports.
Galvin’s complaint says the company has raised over $1 billion worldwide, “often from honest earnings and savings accounts of Brazilian-Americans and other minorities.’’
The scheme works by constantly bringing in new money, the state alleged. For instance, participants are recruited to invest either $289 or $1,375, and receive a number of advertising kits in return. By posting ads on web sites

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Sandra Bullock Tupperware Movie Acquired By Sony Pictures

 
“The Help” director Tate Taylor is attached to helm the project about the rise and fall of Tupperware marketing exec Brownie Wise.
Sony has signed a deal to acquire an untitled project detailing the rise of a Tupperware exec that hasSandra Bullock attached to star and Tate Taylor set to direct.
David Hoberman and Todd Lieberman of Mandeville Films and Television, whose credits range from The Fighter to The Muppets, packaged the project and are producing along with Tom Shelly. Taylor will also produce via his Wyolah Films shingle.
The project was picked up in a competitive environment and several studios, including Warners and Paramount, were bidding, according to sources. The movie marks the first official role Bullock has taken on since her Oscar nomination this year for her performance in Gravity.
Taylor wrote the script for the project, which is based on Tupperware Unsealed, the nonfiction book written by Bob Kealing about Tupperware marketing guru Brownie Wise.
Tupperware was originally developed by Earl Silas Tupper but took off in the 1950s when sales exec Wise came up with the idea of having Tupperware parties. Soon those gatherings were sweeping the nation, and Wise became as popular as the product she was selling. In 1954, she became the first woman to appear on the cover of Businessweek.
Wise, unfortunately, began clashing with Tupper, who eventually

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