In another blow to TelexFree’s Brazilian based Ympactus, the company has been fined $1.5 million for “crimes against the economy”.
The fine stems from a National Bureau of Consumer Law (Senacon) investigation, which found Ympactus operated as a “Ponzi pyramid scheme”.
Senacon, a department of Brazil’s Ministry of Justice,
claimed
Ympactus operated
as a Ponzi pyramid scheme, breached the principle of goof faith and transparency, violated the confidence of consumer protection relations and conducted misleading and abusive promotion of the scheme.
The $1.5 million dollar fine was imposed on April 20th, with Ympactus given 30 days to pay up.
TelexFree’s lawyers in Brazil did not respond to Brazilian media requests for comment.
Late last year the Brazilian state of Acre
fined TelexFree
$782,512 after ruling it operated a Ponzi scheme. Last month Brazil’s IRS also slugged the scheme with a whopping
$130 million dollar tax penalty
.
🤖 Quick Answer
What fine did TelexFree's Brazilian subsidiary Ympactus receive from Senacon?Ympactus received a $1.5 million fine from Brazil's National Bureau of Consumer Law (Senacon) on April 20th for operating as a Ponzi pyramid scheme. The investigation found the company violated consumer protection principles, breached good faith and transparency standards, and engaged in misleading promotional practices.
What violations did Senacon identify in Ympactus's operations?
Senacon determined that Ympactus operated as a Ponzi pyramid scheme, violated principles of good faith and transparency, breached consumer protection relations, and conducted misleading and abusive promotion of its scheme, collectively categorized as crimes against the economy.
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