- Brazilian authorities sentence three Braiscompany executives to a combined 171 years in prison for operating an illegal crypto scheme that defrauded about 20,000 investors of R$1.11 billion.
- Joel Ferreira de Souza, the main figure behind the scam, received the longest sentence, while two other suspects were cleared due to lack of evidence.
Brazil has sentenced three people linked to the failed crypto firm, Braiscompany, to a total of 171 years combined behind bars. The ruling came from a top court and has been considered as one of the toughest punishments for financial crime in the country.
Federal Judge Vinicius Costa Vidor was the one who gave the sentences after proving the three ran an illegal money business and moved cash using fake firms and unsafe crypto wallets.
How They Carried out the Crypto Scam
The company was under investigation for wrongly collecting R$1.11 billion from about 20,000 people and offering huge returns through cryptocurrency. The court said the guilty parties took part in eleven actions so they could hide where the money really came from.
They used common methods like middlemen, cash handling, and unofficial crypto deals, which made following the funds harder. All these steps were part of a planned setup that worked like an underground banking system. The court described the company as an illegal money network that was built to cover up where investors’ funds came from.
Sentence Given to Key Figures in the Crypto Fraud
The names of the five suspects include Gesana Rayane Silva, Joel Ferreira de Souza, and Victor Augusto Veronez de Souza.
Joel, who was seen as the brain behind the scam, got a 128-year, 5-month, and 28-day sentence for running fake money channels and tricking people with big profit offers. Gesana, who was in charge of moving cash and carrying out illegal money deals, was given 27 years, 10 months, and 10 days. Victor, Joel’s son, was also jailed for 15 years for helping with the company setups used to clean the stolen money.
Altogether, the prison terms for the three suspects add up to more than 170 years. Two others, Mizael Moreira Silva and Clelio Fernando Cabral do O., who were initially investigated, were cleared, as there was no proof of their link to the fraud.
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