On October 15, 2024, Juan Tacuri, a senior promoter of the cryptocurrency Ponzi scheme Forcount, was sentenced to 20 years in federal prison and one year of supervised release. The Florida resident was also ordered to forfeit a home, $3.6 million in assets, and pay equivalent restitution to victims.

Details of the Scam

Court documents revealed that Forcount operated globally, defrauding thousands of victims, primarily targeting Spanish-speaking communities in the United States. Rebranded as Weltsys, the scam lured investors with false promises of guaranteed profits from cryptocurrency trading and mining. In reality, no trading or mining took place. Funds from new investors were used to pay earlier ones, enriching the promoters at the expense of victims.

Excuses and Fake Token

Victims could track their supposed profits through a fake online portal, but most could not withdraw their funds. Complaints began surfacing as early as 2018, but promoters responded with excuses and hidden fees. To prolong the scheme, Forcount began offering worthless proprietary crypto-tokens, asserting they would gain value, which only led to further financial losses for investors.

Legal Proceedings

The U.S. Department of Justice charged the 47-year-old Tacuri and his associates with financial crimes, including money laundering and fraud. In June 2024, Tacuri pleaded guilty before U.S. District Judge Annalisa Torres, known for her earlier rulings on cryptocurrency cases.

The sentencing of Tacuri highlights the stringent approach of the U.S. legal system towards cryptocurrency fraud. Victims who provided impact statements during the trial are now given the opportunity to receive compensation totaling $3.6 million.