Crypto Ponzi 190 million dollar leaders, Braiscompany, has been sentenced to more than 170 years in prison

A Brazilian court sentenced three CEOs behind the Braiscompany collapsed code for 171 years in prison, as it has concluded one of the largest coding cases in the country so far.

Federal judge Vinicius Costa Fedor found Joel Ferrera de Souza, the mastermind of the scheme, guilty of operating an unlicensed financial institution and washing millions through shell companies and unorganized encryption portfolios, according to Local media.

De Souza received the harshest sentence: 128 years behind bars. Two others – Gigana Ryan Silva and Victor Verones – seized 27 and 15 years in a row, respectively, for their roles in managing criticism and work as mediators in the scheme.

This ruling comes after the Brazilian Federal Prosecutor’s Office (MPF) was accused of five individuals of organizing a hierarchical structure of $ 1.11 billion ($ 190 million) from about 20,000 investors.

Braiscompany promised large returns through the encryption trade, but it was claimed that he was running a parallel financial system using informal transport and high gains.

The court also ordered the seizure of $ 36 million, although it is unclear how clear the victims are. According to Artêmio Picanço, a lawyer who represents many victims, the affected people must submit civil claims shortly before the state is absorbed by the state.

Two defendants have been acquitted because there was no evidence. The judge, the rest, spent “acted to hide the illegitimate asset” for money, as he operated the operations that simulate legitimate investment practices, but worked to enrich the insiders.