The Wall Street Journal reported that a federal grand jury indicted (Formally and officially accused) TelexFree LLC co-founders and owners James Merrill and Carlos Wanzeler Wednesday on fraud charges tied to allegations that their company operated a massive pyramid scheme.
The indictment expands upon the original criminal case against Messrs. Merrill and Wanzeler, who in May were each charged with one count of conspiracy to commit wire fraud in connection with the alleged pyramid scheme, which prosecutors say caused total losses of more than $1 billion, including promised returns to investors.
In addition to the conspiracy charge, the indictment adds eight counts of wire fraud stemming from transfers of about $10 million in TelexFree funds to the two men’s personal accounts.
Each count carries a maximum sentence of 20 years.
“The defendants devised, and intended to devise, a scheme to defraud, the purpose of which was to obtain money and property by means of materially false and fraudulent pretenses, promises and omissions,” reads the indictment, filed in the U.S. District Court in Worcester, Mass.
Lawyers for Messrs. Merrill and Wanzeler couldn’t immediately be reached for comment Wednesday. However, the men have maintained their innocence since the original charges were filed. And in court papers, Mr. Merrill has
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Primerica Says New Canadian Licensing Program Can Hurt Its Business
by Tina Williams • • 0 Comments
Life insurance giant Primerica Inc. says proposed new Canadian regulations could hurt its business.
The Canadian government is proposing to implement a new life insurance licensing examination program across Canada in early 2016. Duluth, Ga.-based Primerica (NYSE: PRI) reported Monday that “If this new licensing program is implemented under the terms set forth in the agreements, we believe it would increase the cost, time and ability of applicants to obtain their life insurance licenses in Canada.”
“Primerica is supportive of reasonable and fair changes to Canada’s licensing program,” the company reported. “However, we believe the new licensing approach will create unnecessary barriers to becoming life-insurance licensed in Canada and will negatively affect access to life insurance products by middle income Canadians. The new testing program was developed by the regulators outside of normal processes and we believe without proper authority.
We are hopeful that the regulators will consider our concerns in good faith and make changes to the program that will ensure the new licensing program is appropriately designed to protect Canadian consumers and the ability to serve them.”
Primerica reported that last year, its Canadian operations represented approximately 7 percent of its new life-licensed representatives, approximately 10 percent of its total life-licensed representatives (at
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Limitless Worldwide Expands Into Asia
by Nicole Dunkley • • 0 Comments
Limitless Worldwide™ has been making a name for itself in the network marketing industry. Although it’s a relative newcomer, its line of science-backed products, partnerships with athletes and celebrities, patent-pending TriBrid Overlay Compensation Plan™ and NSF Certified for Sport® formulations have all helped set it apart. And now the company is expanding internationally with upcoming plans to begin making its products available in Asia.
The international expansion is building on all of the success Limitless Worldwide has experienced over the last year. Thousands of distributors and customers have recognized everything Limitless has to offer and have joined its ranks.
The company has introduced a number of exciting, highly researched products. And Limitless has even had the opportunity to partner with celebrities and athletes to help spread the message about its breakthrough, science-based product line and business opportunity!
The move into Asia will, however, lead to some changes for the Limitless product line. “We’ve conducted a huge amount of research to make sure we represent our company accurately to the Asian market,” says Melyn Campbell, who — along with her husband, Steve — cofounded Limitless Worldwide.
“We want to make sure our branding and messaging help Asian consumers and business owners understand just what it is
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Court throws out Chiquita terror payment claims
by Successful IBO • • 0 Comments
A divided federal appeals court has thrown out claims against produce giant Chiquita Brands International made by thousands of Colombians killed during years of bloody civil war.
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Across US job market, layoffs are becoming rare
by Successful IBO • • 0 Comments
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Bottle Upstart Gives Clean Water, Drop by Drop
by Successful IBO • • 0 Comments
People Water provides clean water access to people in need through its Drop for Drop initiative – with every bottle purchased, the social brand gives an equal amount of clean water back.
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Charles Schwab to add 1,200 jobs in Texas
by Successful IBO • • 0 Comments
Charles Schwab Corp. is getting nearly $6 million in incentives from Texas to open an El Paso operations center and increase its presence in Austin, creating more than 1,200 jobs.
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Bombardier restructuring cuts 1,800 jobs globally
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Airplane maker Bombardier Inc. is cutting 1,800 jobs across facilities worldwide as it restructures operations.
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NM lawmakers suggest revamping film-incentive cap
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Two Democratic lawmakers plan to ask the Legislature to revamp a $50 million annual cap on tax incentives for film and television production in New Mexico.
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Met Opera warns of lockout if no deal reached
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The Metropolitan Opera’s general manager is warning of a lockout if no contract agreement is reached with its union employees by next week.