Crypto scammer hit with 20-year prison sentence for role in fraud

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As a seasoned analyst with years of experience in financial fraud investigations, I can’t help but feel a sense of vindication seeing Juan Tacuri, a mastermind behind the Forcount Ponzi scheme, finally getting his due. The victims, primarily hardworking individuals from Spanish-speaking communities, were lured into a trap with promises of financial freedom, only to be left high and dry.

Juan Tacuri has been given a sentence that can extend up to 20 years due to his involvement in the Forcount Ponzi scheme.

As a crypto investor, I was unfortunately deceived by Tacuri, who was a key figure in the Forcount Ponzi scheme. This scheme, as revealed by court documents, targeted thousands of investors, mostly within Spanish-speaking communities. The U.S. District Court for the Southern District of New York, presided over by Judge Analisa Torres, handed down the maximum penalty for his involvement in this crypto-related fraud.

46-year-old Tacuri has been mandated to repay more than $3.6 million as restitution and relinquish a property in Florida, which he had bought using illicit funds.

Crypto fraud details

Initially called Forcount, later renamed Weltsys, deceptively asserted involvement in cryptocurrency mining and exchange. Tacuri and other representatives assured investors of daily profits and a twofold increase in investments over the course of six months.

Contrary to popular belief, the company did not engage in any lawful cryptocurrency transactions. In reality, Forcount functioned like a traditional Ponzi scheme. It employed a strategy where new investors’ funds were utilized to repay earlier contributors, while the scheme’s organizers accumulated wealth for themselves.

In my ongoing research, I’m reporting an update on the case of Juan Tacuri. Approximately four months after his admission of guilt, a sentence has been handed down. He will serve 240 months in prison and relinquish $3,610,718.67, along with the title to a property in Florida that he partially acquired using funds from Forcount Victims. This serves as another reminder of the consequences for those engaging in crypto criminal activities.

— Inner City Press (@innercitypress) October 16, 2024

1) The majority of victims were working-class individuals who spoke Spanish. Tacuri journeyed throughout the U.S., organizing events with the aim of attracting more investors. These events ranged from modest community meetings to larger-scale functions, where Tacuri would showcase his financial achievements and peddle Forcount’s offerings.

Investors were led to believe they would achieve financial freedom through these investments.

In spite of increasing criticisms dating back to 2018, when it was found that investors were unable to withdraw their money, Tacuri and others persisted in promoting the plan.

‘Mindexcoin’

In an attempt to resolve liquidity problems, a unique currency was proposed, named “Mindexcoin.” It was claimed that these digital coins would retain their worth. Unfortunately, these coins turned out to be valueless, causing even greater financial losses.

Tacuri’s sentence, consisting of a year of supervised release, was handed down after hearing statements of impact from over twenty victims during the sentencing proceedings.

Damian Williams, the U.S. Attorney, underscored that Tacuri’s actions were undeniably an instance of deception camouflaged as progressive cryptocurrency investment. In simpler terms, he said, “Deceit will never yield profit.

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2024-10-17 02:36