A Florida man described by authorities as a key promoter of a massive pyramid scheme that cheated nearly 1 million people worldwide out of nearly $1.8 billion has been ordered to pay more than $1.8 million.
The Securities and Exchange Commission announced Friday that a federal judge in Boston entered a final judgment against Sanderley Rodrigues de Vasconcelos of Davenport, Florida.
Authorities say he was a promoter of TelexFree, appearing at company-sponsored recruitment events and in company promotional videos.
Prosecutors say Massachusetts-based TelexFree Inc. billed itself as a telecom company, but had few customers and made most of its revenue from people buying into the company with a promise of payouts for posting online ads for it. They were paid with money from new recruits.
TelexFree shut down in 2014.