Brazil Sentences Crypto Scam Operators to 171 Years in Jail+ tite

Brazil Hands Out Heavy Jail Terms in $220M Crypto Scam Case

In a major crackdown on crypto fraud, Brazilian authorities have sentenced the main people behind the Braiscompany scam to a total of 171 years in prison.

The group’s leader, Joel Ferreira de Souza, was handed a massive sentence of 128 years after being found guilty of running a large-scale pyramid scheme. Reports say Joel used fake companies and shady crypto deals to attract investors, luring them in with promises of high returns.

His broker, Gesana Rayane Silva, who was responsible for moving cash and handling illegal financial transfers, was sentenced to 27 years behind bars.

Meanwhile, Joel’s son, Victor Augusto Veronez de Souza, was given 15 years for helping with money laundering through companies linked to the scam.

According to the court, the operation raised over R$1.11 billion (around $220 million) from about 20,000 investors. The judge called the whole setup a parallel financial system designed to hide where the investors’ money was really going.

Two other people linked to the case were released, as the court said there wasn’t enough evidence against them.