Federal agents burst into TelexFree's Massachusetts head office, finding Joe Craft at his laptop. He had been deleting files and preparing to flee with a black sports bag full of cashier's checks. The April 15th raid thwarted what authorities later called an exit strategy for the alleged $300 million Ponzi scheme.

Craft had kept his laptop running day and night, hoping to erase the extensive digital footprint before any intervention. He slammed the computer shut when agents entered. He then began stuffing checks into a black sports bag from under his desk.

As agents secured the premises, Craft calmly walked towards the exit. A guard stopped him at the door. "Who are you?" the guard asked. Craft, sweating, claimed to be a consultant helping with bankruptcy applications. He said the bag held gym clothes.

The guard demanded the bag. Craft placed it on a table and surrendered. Inside, agents found his laptop and $37.9 million in cashier's checks. Authorities later identified him as Joseph Craft, TelexFree's Chief Financial Officer.

The checks, written in the preceding week, named James Merril, Carlos Wanzeler, Katia Wanzeler, and TelexFree LLC as payees. Merril and Wanzeler were TelexFree's 50% owners. Another check, for $10.3 million, was made out to TelexFree Dominicana SRL. This check represented part of a planned escape, with owners intending to rendezvous in the Dominican Republic.

Days before the raid, James Merril began liquidating personal assets. On April 15th at 7:30 AM, he submitted an unsolicited order to sell $1,150,000 of his mutual fund holdings at Waddel & Reed. He intended to transfer these funds to a Middlesex Savings Bank account.

TelexFree investors worldwide now grapple with losses as hundreds of millions of dollars remain unaccounted for. Federal agencies continue their efforts to recover remaining assets from the TelexFree Ponzi scheme.