Brazil jails crypto scheme operators to a combined 171 years

The Federal Court of Brazil sentenced three members of the collapsed cryptography program for Braiscompany to 171 years in prison combined, marking one of the most harsh sanctions in the country in a case of financial fraud.

Joel Ferreira de Souza, identified as the main operator of the pyramid program, was sentenced to 128, 5 months and 28 days in prison after being sentenced for 11 money laundering chiefs, according to the premises statement.

It was found that he had managed illegal financial operations through screen companies and informal cryptocurrency transactions, promising high investor returns.

Gesana Rayane Silva, company broker, was sentenced to 27 years for her role in cash transportation and the facilitation of illicit financial transactions.

Victor Augusto Veronez de Souza, Joel’s son, was sentenced to 15 years for participating in companies that helped to whiten the funds.

$ 220 million in funds

The federal judge, Vinicius Costa Vidor, judged that the three defendants had participated in a very structured operation which made it possible to collect more than 1.11 billion RS (approximately $ 220 million) of nearly 20,000 investors.

The court described Braiscompany as a parallel financial system designed to hide the origins of investor funds.

Two other people named in the case have been acquitted due to a lack of evidence.

Assets worth 36 million rands of randrs seized during the survey were sentenced to be transferred to the Brazilian government.

The decision occurs a year after the owner of Braiscompany, Antonio Inacio Da Silva Neto, and his partner, Fabricia Farias Campos, were extradited from Argentina. They have already been sentenced to 150 years in combined prison.