TelexFree Investors Seek Nod for Deal with Attorney’s Estate

A former TelexFree attorney’s estate and investors who lost money in the company’s multibillion-dollar Ponzi scheme are seeking preliminary approval for a $3.45 million settlement.

The settlement between Anthony Cellucci—along with four other named plaintiffs—and the estate of Jeffrey A. Babener, a late corporate attorney of TelexFree, has been reached, according to the joint filing in the US District Court for the District of Massachusetts.

The TelexFree scam, which involved about 2 million people, ran from 2012 to 2014. Half of those who lost their investments later sued TelexFree and dozens of defendants, including banks where the scam kept ...