Emre Yumlu 
A Brazilian court has sentenced three executives behind the collapsed crypto scheme Braiscompany to a combined 171 years in prison. This ruling concludes one of the country’s largest crypto fraud cases.
Brazilian Federal Judge Vinicius Costa Vidor found Joel Ferreira de Souza, the alleged mastermind of the scheme, guilty of operating an unlicensed financial institution and laundering millions through shell companies and unregulated crypto wallets. According to local media sources, de Souza was accused of laundering millions of dollars.
How Long Are the Sentences?
De Souza received the highest sentence: 128 years in prison. Two other defendants, Gesana Rayane Silva and Victor Veronez, were sentenced to 27 and 15 years in prison, respectively, for managing cash and facilitating transactions in the scheme.
This ruling follows accusations by Brazil’s Federal Prosecutor’s Office (MPF) that five individuals orchestrated a pyramid scheme, raising R$1.11 billion (about $190 million) from approximately 20,000 investors.
Braiscompany promised high returns through crypto trading but allegedly ran a parallel financial system using informal transfers and high-commission operations.
The court also ordered the seizure of R$36 million (around $6.5 million). However, it remains unclear how much the victims will recover. Many of the affected victims’ lawyer, Artêmio Picanço, stated that they need to file civil claims soon before the funds are absorbed by the state.
Two defendants were acquitted due to lack of evidence. The court ruled that the remaining defendants “acted to disguise the illicit origin” of the money, running operations that mimicked legitimate investment practices but actually served to enrich insiders.
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