TelexFree co-owner Carlos Costa saw his company's twelfth appeal denied by Brazil's Superior Court on August 28th. The latest legal challenge follows eleven previous rejections in lower courts, all aimed at overturning a business-halting injunction issued against the alleged Ponzi scheme.

TelexFree management maintained that paying affiliates a guaranteed $20 a week return, funded by new investor money, did not constitute a Ponzi scheme. The company continued its legal fight in Brazilian courts after the Civil Court of Acre denied its final interlocutory appeal in June.

This eleventh denial prompted Carlos Costa and his legal team to escalate their efforts to the Superior Court. The new appeal sought a restraining order against Acre's Public Prosecutors, the same entity that secured the original injunction against TelexFree.

If granted, the restraining order would have potentially cancelled the existing injunction and prohibited the Public Prosecutors from pursuing their criminal investigation into TelexFree. The appeal was filed on August 21st and rejected just seven days later, on August 28th.

Despite these repeated court setbacks, Carlos Costa signaled no intention of joining co-owners Carlos Wanzeler and James Merril, who remain at large in the United States. Costa instead announced further legal action on TelexFree's Facebook page.

"Dear affiliates, Please be advised that due to the decision of the Supreme Court today, a new appeal is being filed with appropriate adjustments," Costa wrote. "It's important to note that there was no judgement on the merit (of the company) yet, which is why we remain confident that when the company's merit is effectively analysed in the Superior Courts, we will win."