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Fidelity Bank, headquartered in Leominster, as well as its former president, John Merrill, have agreed to a $22.5-million settlement as part of a larger class action lawsuit related to the TelexFREE Ponzi scheme, although a significant portion of those costs will be covered by the bank s insurance. TelexFREE, a Marlborough-based Ponzi scheme which also had offices in Brazil, was co-owned by Merrill’s brother, James Merrill, and, according to settlement documents, maintained deposit accounts at Fidelity Bank from August 2013 to January 2014. The settlement was approved by the judge in the case on Friday. Since TelexFREE was formally charged in April 2014, John Merrill and Fidelity denied knowing about the Ponzi scheme nature of the business, a stance reiterated in settlement documents.

United statesDerek beahnCarlos wanzelerJames merrillJohn merrillDepartment of justiceFidelity bankDeposit insurance corpMarlborough based ponziCentral massachusettsFederal deposit insurance corpஒன்றுபட்டது மாநிலங்களில்டெரெக் பேச்ன்ஜேம்ஸ் மெரில்ஜான் மெரில்துறை ஆஃப் நீதி