Originally Syndicated on May 30, 2024 @ 6:31 am
TelexFree executive Steven Labriola has settled with the TelexFree class-action.
As per the terms of Labriola’s settlement, no money will change hands but Labriola has committed to full cooperation.
Labriola’s settlement excluding a monetary component is based on Labriola
unequivocally represent[ing] that, other than fees for services performed from 2012 through 2014, he directly and indirectly has not received, has not secreted, is not entitled to and has no claim to funds, benefit or value that is attributable to TelexFree’s unlawful pyramid scheme or related business operations.
In other words, Labriola insists he didn’t receive stolen investor funds beyond what he was paid in his role as TelexFree’s International Marketing Manager (and/or Director of Business Development).
Back in 2017, a settlement with the SEC saw Labriola agree to return $98,963 to TelexFree victims.
With respect to cooperation, Labriola has pledged to provide his
full, truthful, complete, and ongoing cooperation … until the last TelexFree related Final Judgement with no further appeal has
been entered.
Cooperation rendered by Labriola so far is access to gigabytes of data from his computer and a laptop seized by the DOJ.
Steven Labriola has now produced ali electronic files he possesses relating to TelexFree’s operational systems, has produced his laptop and has no cell phones used during the term of his employment at Telexfree in his possession, custody or control.
As at time of publication, court approval of Labriola’s TelexFree class-action settlement remains pending.
