Cryptocurrency Case Reaches Verdict: Three Executives Sentenced to a Total of 171 Years in Prison! - Coin Bulletin

In the major cryptocurrency fraud case of Braiscompany that took place in Brazil, three executives were sentenced to a total of 171 years in prison.

In the Braiscompany scandal, which has been recorded as one of the biggest crypto fraud cases in Brazil, the court has handed down heavy sentences against three executives. A federal judge sentenced Joel Ferreira de Souza, the company’s founder and alleged mastermind of the fraud, to 128 years in prison for running an unlicensed financial institution and money laundering. The other two executives named in the lawsuit, Gesana Rayane Silva were sentenced to 27 years in prison, while Victor Veronez was sentenced to 15 years.

An investigation conducted by the Federal Prosecutor’s Office (MPF) has revealed that the managers of Braiscompany collected a total of approximately 1.11 billion Brazilian reais, equivalent to about 190 million dollars, from around 20,000 investors. The company, which promised high returns to investors, allegedly created a massive pyramid scheme through off-the-books transfers and high-commission transactions, distancing itself from the official financial system.

The court has decided that approximately 36 million reais under the control of the fraudsters will also be confiscated, amounting to an average of 6.2 million dollars. However, it remains uncertain how much of this money the victims will be able to recover. Victim’s attorney Artêmio Picanço states that those harmed must urgently file a lawsuit before the state seizes this money.

The other two defendants in the case were acquitted due to insufficient evidence. According to the court’s decision, the names sentenced to punishment laundered the money they obtained by presenting the defrauded funds as legitimate investments and established a systematic structure aimed at enriching themselves from within.