![]() Lelling says TelexFree is the largest pyramid scheme ever prosecuted by the Justice Department. ![]() No pyramid scheme was bigger than TelexFree, which conned 1.8 million victims worldwide into shelling out $3 billion to get in on what was, essentially, a bogus business. In a pyramid scheme, the earlier participants recruit newer ones, and they are all ostensibly selling a product. ![]() attorney in Massachusetts, told CNBC's "American Greed." "It's just money going around in circles, which is basically a Ponzi scheme."Ī Ponzi scheme uses money from new investors to pay earlier investors. There's no real revenue coming in," Andrew Lelling, U.S.
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