"While the harm and damage James Merrill caused by stealing more than $3 billion from innocent investors can never be repaired, his victims in more than 240 countries around the world can take some small measure of satisfaction that he is now looking at six years in federal prison and a substantial forfeiture as repayment for his crimes," Matthew Etre, special agent in charge of homeland security investigations in Boston said in a statement released by the U.S.
Attorney's Office said that participants paid $1,425 or $339 to sign up with TelexFree.
"Beginning in August 2013, Merrill began to take steps to change how the company did business, but Merrill never alerted the public, even though over a million people signed up for TelexFree between that month and TelexFree's collapse." "At that point, approximately 1,855,000 participants worldwide lost money in the scheme, with total losses of about $3,045,000,000," the statement said.
"For the hundreds of thousands of investors, here and around the world, who were taken in by the lies promoted by Mr.
Merrill's greed damaged the livelihoods of thousands of people who were simply struggling to make ends meet." You are now signed up for our Breaking News newsletter.