Brazilian Court Issues Record Sentences in Crypto Ponzi Scheme Case

According to Odaily, the Brazilian Federal Court has delivered a final verdict in the Braiscompany crypto Ponzi scheme case, sentencing three key individuals to a combined total of over 170 years in prison, marking a record for crypto crime penalties in the country. The main perpetrator, Joel Ferreira de Souza, received a 128-year sentence for operating an illegal financial institution and money laundering. Marketing director Gesana Rayane Silva was sentenced to 27 years for aiding in money laundering and false advertising, while technical director Victor Veronez received a 15-year sentence for falsifying transaction records. The scheme promised investors a 20% monthly return and used a tiered commission system to attract over 20,000 participants, resulting in losses totaling approximately 1 billion reais (around $190 million).