Chief Justice Eva Evangelista denied TelexFree's injunction appeal last Friday, marking the company's third failed attempt to lift a business-crippling order. The decision came after a detailed review of the entire case and earlier court rulings.

TelexFree had presented its arguments last Tuesday. Lawyer Djacir Falcão told the court an injunction against the original order was necessary. He claimed TelexFree would be unable to pay existing investors if it could not recruit new ones for a few more days.

All three appeals filed by TelexFree against the initial Acre injunction have now been rejected. The company has not convinced any judge, despite multiple analyses of its business model, that it operates outside a Ponzi scheme structure. Brazilian regulatory agencies continue their investigation. Criminal charges from either Public Prosecutors in Acre or the Federal Police are expected against the company by the end of the month.

Separately, BBOM, another suspected Ponzi scheme, went on the defensive after its assets were frozen mid-last week. A judge ordered the freeze after examining federal prosecutors' evidence. The court agreed there was strong indication BBOM's business model operated as a Ponzi scheme.

BBOM Founder and President João Francisco de Paulo disputed the findings. He told TribunaHoje that prosecutors "did no work in this investigation, they instead worked with information from malicious people."

BBOM takes payments of $300, $900, or $1500 from affiliates. In return, it promises monthly payouts of $80, $240, or $400, respectively. The company claims these returns come from the sale of GPS tracker units. Affiliates supposedly "rent" these trackers upon investment. However, BBOM pays its monthly returns based on affiliate investment in the scheme, not on the actual sale of trackers to customers.