Juan Tacri, one of the masterminds behind the global cryptocurrency Ponzi scheme ForCount, has been sentenced to 20 years in prison by a New York federal court. Tuesday's sentence is the maximum penalty provided by law for Tacri's involvement in the scam known as Four Count (later renamed Wellsis).
In a statement released Wednesday, the U. S. Attorney's Office for the Southern District of New York said Tacri, who actively targeted the Hispanic community, played a key role in defrauding thousands of victims around the world. The scheme promised guaranteed income from trading and #mining #cryptocurrencies , but instead, victims' funds were transferred to promoters.
Juan Tacri may have claimed to be involved in cutting-edge #cryptocurrency investments, but he was actually using one of the classic Ponzi scheme methods, U. S. Attorney Damian Williams said in a statement.
Williams added: Takri was one of the most prolific organizers of the Four Count Ponzi scheme, receiving millions of dollars from working class victims. Instead of spending the victims' funds as he promised, he used them for himself. Today's sentencing is a reminder that fraud does not pay off in the long run.
On Wednesday, federal authorities filed criminal charges against 14 people and four cryptocurrency companies for market manipulation and "wash trades" in the digital asset industry. According to the U. S. Department of Justice (DOJ), more than $25 million in cryptocurrency was seized as part of the case, and police officers even created fake digital tokens to catch suspects in the operation. The U. S. Department of Justice has filed charges against Gotbit, ZM #Quant , CLS Global, and MyTrade. The companies .... . . . are charged with fraud.
The foreclosure scheme operated from at least 2018 through 2021, luring investors with the promise of guaranteed profits and returns. Victims were encouraged to buy Four Count investment products at fairs, community events and fashion presentations. Takri, who lives in Florida, flaunted his wealth in designer clothes and presented the scheme as a path to financial freedom, prosecutors allege.
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