A bankruptcy judge on Friday approved the appointment of a chapter 11 trustee to take control of TelexFree LLC, the company behind an alleged pyramid scheme that promised more than $1 billion in returns to investors around the world, Dow Jones Daily Bankruptcy Review reported today. After reviewing a group of applicants, a Department of Justice representative who oversees bankruptcy cases appointed Stephen Darr, senior managing director at Mesirow Financial Consulting LLC to the position on Thursday, meaning he will make the day-to-day administrative decisions that will determine TelexFree's next steps in the bankruptcy process.
