A Brazilian court has sentenced three men to a combined total of 170 years for their involvement in the Braiscompany Ponzi scheme, which defrauded about 20,000 investors out of $190 million. Prosecutors claimed that Braiscompany lured investors with promises of false returns. Joel Ferreira de Souza, alleged to be the mastermind, received the heaviest sentence of 128 years. Authorities started investigating Braiscompany as early as 2021, and by 2023, Brazilian police had fully exposed the scheme. The court also ordered the defendants to repay R$36.5 million ($6.2 million) back to investors, with certain assets seized by authorities. This incident is noted as the largest cryptocurrency fraud in Brazil's history, highlighting the country’s status as a prominent market for cryptocurrency investments.

Source 🔗