A key promoter in a fraudulent cryptocurrency Ponzi scheme, Juan Tacuri, has been sentenced to 20 years in prison for defrauding thousands of investors, mainly targeting Spanish-speaking communities in the U.S. Tacuri’s sentencing was handed down by U.S. District Judge Analisa Torres.

Ponzi Scheme Disguised as Crypto Investment

Forcount, later rebranded as Weltsys, was marketed as a legitimate cryptocurrency mining and trading operation, promising investors high returns. The company falsely claimed that it could double investments within six months. Tacuri promoted the scheme through glamorous expos and events, using promises of financial freedom to entice victims.

Victims Unable to Access Funds

Though investors saw what appeared to be rising profits on their online accounts, they were unable to withdraw their funds. Meanwhile, Tacuri and other promoters were living lavishly, spending millions on personal luxuries, including real estate in Florida.

Many of the victims who invested in Forcount were from working-class backgrounds, losing significant portions of their savings. During Tacuri’s sentencing, over 20 victims shared statements about the devastating losses they experienced. U.S. Attorney Damian Williams criticized Tacuri’s exploitation, calling his actions “one of the oldest tricks in the book.”

Sentencing and Penalties

In addition to his 240-month prison sentence, Tacuri, 46, from Greenacres, Florida, was ordered to forfeit more than $3.6 million, including his Florida home. He was also sentenced to one year of supervised release and must pay $3.6 million in restitution to the victims of his scheme.

This case serves as a stark reminder of the dangers of crypto-related fraud, and officials have reiterated that “fraud does not pay.”