Police find $20million under bed of ponzi Scheme operator

 A Ponzi scheme named TelexFree has collapsed and a huge sum of money discovered,About $20million in cash that was hidden inside a box spring in a Massachusetts The scheme had led to many losing millions of dollars.

Police find $20 million under bed of Ponzi scheme operator

About $20million in cash has been found, hidden inside a box spring in a Massachusetts apartment, USA. The apartment is part of an investigation into an internet telecom company that was actually a massive international pyramid scheme.

The money was found on Wednesday, January 18, inside a Westborough apartment by investigators. The detectives had been tailing a Brazilian man from New York.

The man is Cleber Rene Rizerio Rocha, a 28-year-old man was charged with conspiring to commit money laundering. He could spend up to 20 years in prison and be fined twice the gross gain or loss.

The investigation into TelexFree, a Marlborough, Massachusetts-based company that purportedly sold VOIP telephone service has led to several arrests.

According to the New York Post, TelexFree had few customers and made most of its revenue from people buying into the company with a promise of payouts for posting online ads for it, prosecutors have said.

They were paid with money from new recruits, often friends and family of earlier investors just like a Ponzi scheme.

Police find $20 million under bed

The massive pyramid scheme and filed for bankruptcy in 2014, its assets were frozen, and its two principals were indicted on federal charges of wire fraud and conspiracy.

The man at whose apartment the money was found, was part of a scheme to transfer millions of dollars of hidden TelexFree assets to Brazil by laundering the cash through Hong Kong, prosecutors said.

Documents from the court reveal that Rocha, acting as a courier for Wanzeler’s nephew, flew from Brazil to New York City a few days ago. Rocha then met with a cooperating witness at a restaurant in Hudson, Massachusetts, and gave him a suitcase containing $2.2million.

Meanwhile in Nigeria, the pressure over the malfunctioning of the popular Ponzi scheme MMM is getting to a very troubling state in which prayers have become another tool for members of the guild.