Braiscompany Cryptocurrency Ponzi Scheme Mastermind Gets 128-Year Prison Term According to Reports
In the realm of Brazilian crypto crime, the leaders of Braiscompany faced the music as they were handed record-breaking prison sentences for their role in a $190 million Ponzi scheme.
According to reports, the mastermind behind the operation, Joel Ferreira de Souza, was slapped with a staggering 128-year sentence. His accomplices, Gesana Rayane Silva and Victor Augusto Veronez de Souza, received sentences of 28 and 15 years, respectively.
The trio had lured unsuspecting investors with promises of exorbitant returns on their crypto investments. The modus operandi involved defrauding approximately 20,000 investors of a whopping 1.11 billion reais (around $190 million).
Authorities unmasked Ferreira de Souza controlling crypto portfolios through third parties and using shell companies for his illicit activities. He was convicted on 11 counts of money laundering, while Reyane Silva, the firm's broker, was found responsible for intermediating financial transactions and transporting funds. De Souza's son was also implicated in one of the shell companies involved in the illegal transactions.
In a twist of events, the judge in the case ordered the proceeds from the scam to go directly to the government. However, victims' lawyer Artêmio Picanço argued that the funds should be directed to the victims instead.
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Cryptocurrency stories continue to unfold in Brazil, with the mastermind behind a $190 million Ponzi scheme, Joel Ferreira de Souza, receiving a record-breaking 128-year sentence. His accomplices, Gesana Rayane Silva and Victor Augusto Veronez de Souza, were given sentences of 28 and 15 years, respectively. The trio had been defrauding investors through cryptocurrency investments, with an estimated 20,000 victims losing a combined 1.11 billion reais (around $190 million). In a twist, the judge ordered the funds to go directly to the government, but victims' lawyer Artêmio Picanço argued that they should be directed to the victims instead. Meanwhile, crypto investors may want to keep tabs on the latest developments in finance, as more and more assets are being tokenized, including Ethereum and various altcoins, as part of the broader blockchain revolution.
