Court Hands Florida Man a 20-Year Jail Term Over Crypto Ponzi Scheme
Forcount Promoter to Serve a 20-Year Jail Term
A New York-based federal court sentenced to jail Juan Tacuri on Wednesday. The man, who had been living in Florida, is expected to serve a 20-year jail term after being found guilty of promoting a global crypto Ponzi scheme, Forcount.
Following the court’s ruling, the US Attorney’s Office for the Southern District of New York released a statement accusing Tacuri of defrauding thousands of Spanish-speaking people via Forcount, a scheme that promised high returns from crypto mining and trading but never kept its promises.
In the statement, US Attorney Damian Williams said Tacuri disguised himself as an experienced crypto trader, but in reality, he was a fraudster who spent investors’ money on expensive cars and houses. The Attorney added that the latest court’s ruling should serve as a reminder that fraud doesn’t pay.
The Forcount Ponzi Scheme
Tacuri operated his Ponzi scheme from 2018 to 2021. During this time, he lured investors with a promise of guaranteed monthly profits while touting Forcount as the path to achieving financial freedom. Those who agreed to invest in the scheme were asked to subscribe to any of Forcount’s investment plans.
Although investors could see accumulated profits in their accounts, they couldn’t make withdrawals. As complaints grew, Tacuri airdropped Mindexcoin to the affected investors, claiming that the token would become highly valuable when the companies he had allegedly partnered with accepted it as a payment method.
However, none of Tacuri’s promises materialized. In mid-2021, he and his anonymous team stopped responding to questions raised by investors and disappeared. He was arrested a few months later.
Besides the 20-year jail term, the court has included a 1-year supervised release and ordered Tacuri to forfeit nearly $3.5 million in illegally obtained gains, which include a Florida-based property acquired with investors’ money.
Ponzi Schemes on the Rise
Crypto Ponzi schemes have been on the rise over the past few years. Early this year, the US Securities and Exchange Commission charged several individuals for defrauding over 40,000 investors via a scheme called CryptoFX. Other notable Ponzi Schemes include PlusToken, which robbed investors of nearly $3.5 billion in 2019, and NovaTech, which collapsed last year after defrauding investors of $650 million.
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