Promoter of Cryptocurrency Ponzi Scheme Sentenced to 20 Years in Prison

Key Points:

• Juan Tacuri, a major promoter of a cryptocurrency Ponzi scheme, was sentenced to 240 months in prison.
• Over 20 victims testified in court about the emotional and financial toll of the scheme.

Juan Tacuri was sentenced to 240 months in prison by United States District Judge Analisa Torres on October 15 for his role as one of the major promoters of the international cryptocurrency Ponzi scheme Forcount, which later rebranded as Weltsys.

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Promoter Sentenced to 20 Years in Cryptocurrency Ponzi Scheme

Tacuri, 46, had been convicted of his role in the fraudulent scheme, which falsely purported to invest in cryptocurrency trading and mining. According to prosecutors, Forcount fraudulently promised investors guaranteed returns every day, with the possibility of doubling their investments in six months. In reality, the fraud used money from new victims to pay off earlier investors and to enrich those promoting the scheme.

While working for Forcount, the promoter used to hold pompous real events all over the country, talking about investment opportunities and showing off his riches. He promised investors attending his seminars that this was a sure way of gaining financial freedom, often being seen in designer clothes and living it large.

Victims Describe the Impact of Forcount Fraud in Court Testimonies

Victims were told to invest in various products through different means of payment, including in cash, by check, and with cryptocurrency. Victims were then provided with an online portal that reflected large increases in profits. However, most were unable to withdraw any money.

People started having problems with withdrawal as early as April 2018, finding excuses and hidden commissions upon withdrawal. Despite the rising chorus of complaints, Tacuri and other promoters continued to solicit investments, eventually introducing almost worthless proprietary tokens called “Mindexcoin” to pump liquidity into the failing scheme.

More than 20 victims spoke in court with impact statements detailing the losses and the emotional toll the deceit of the cryptocurrency Ponzi scheme had caused. For sentencing, he was ordered to forfeit over $3 million and to relinquish his rights to a Florida home.