Joel Ferreira de Souza Gets 128 Years in Brazil Crypto Scam
Braiscompany defrauded over 20,000 investors of $190M
A federal court in Brazil has sentenced Joel Ferreira de Souza to 128 years in prison for orchestrating a massive crypto Ponzi scheme through the fraudulent firm Braiscompany. The decision was handed down by Judge Vinícius Costa Vidor of the 4th Federal Court of Campina Grande, who also ordered the confiscation of Souza’s assets worth R$36.59 million (~$6.3 million).
Souza was identified as the key financial operator behind Braiscompany, which posed as a legitimate crypto investment firm but functioned as a pyramid scheme. Over 20,000 investors were defrauded of R$1.11 billion (~$190 million). The company began operations in June 2018, but by December 2022, it stopped fulfilling investor payouts—completely halting them by January 2023.
Additional Sentences and Acquittals
Souza’s son, Victor Augusto Veronez de Souza, was sentenced to 15 years in prison, while Gesana Rayane Silva, another key member of the operation, received 27 years. All three were also fined and ordered to pay collective restitution to victims.
Meanwhile, Mizael Moreira Silva and Clélio Fernando Cabral do Ó were acquitted due to lack of evidence, according to the court.
Founders Await Extradition
Notably, the founders of Braiscompany, Antônio Neto Ais and Fabrícia Campos, are still in Argentina, awaiting extradition to Brazil. The couple fled the country in February 2024, just as authorities intensified investigations. Though arrested by Argentine authorities, they have since been released under various legal conditions.
Despite being outside Brazil, both founders have already been sentenced in absentia—Neto Ais to 88 years, and Campos to 61 years in prison.
Crypto Market Snapshot
In broader crypto news, the total global crypto market cap has risen by 0.67%, currently sitting at $2.64 trillion.
