Brazil hands down the largest sentence for cryptocurrency fraud
Three citizens were convicted in Brazil for a cryptocurrency Ponzi scheme totaling $190 million
Brazil has marked a milestone in the judicial system by finding three citizens guilty of cryptocurrency fraud through a Ponzi scheme, which affected approximately seven thousand investors and amounted to $190 million.
Federal judge José Guimarães sentenced those involved: Antônio Inácio da Silva Neto, Luiz Carlos de Souza, and Fabrícia Campos Silva. The citizens are “linked to the company Braiscompany, which promised returns of up to 15 % per month thanks to alleged automated trading software.”
The sentence amounts to a total of 170 years in prison for those involved, in addition to the obligation to “repair the economic damages caused and seize assets acquired with illicit funds.”
The ruling by the Brazilian judicial system sets a precedent throughout the region, as it is the most severe known related to the cryptocurrency ecosystem.
M.Pino
Source: cripto247
(Reference image source: Kanchanara on Unsplash)
Visit our news channel on Google News and follow us to get accurate, interesting information and stay up to date with everything. You can also see our daily content on X/Twitter and Instagram
