Cryptocurrency Promoter Sentenced to 20 Years in Global Ponzi Scheme

Juan Tacuri, promoter of the Forcount Ponzi scheme, sentenced to 20 years in prison for defrauding thousands of investors.Photo byArthur MazionUnsplash

Juan Tacuri, a senior promoter of the cryptocurrency Ponzi scheme Forcount, was sentenced Tuesday to 20 years in prison for defrauding thousands of investors worldwide, the U.S. Attorney's Office for the Southern District of New York announced today.

Tacuri, 46, of Greenacres, Florida, was also ordered to forfeit $3.6 million and pay an equal amount in restitution. He will serve one year of supervised release following his prison term, the departments says.

Forcount, later rebranded as Weltsys, was marketed as a cryptocurrency mining and trading company, falsely promising guaranteed daily returns and the doubling of investments within six months, according to the U.S. Attorney's Office.

According to the Indictment, the scheme primarily targeted Spanish-speaking communities in the United States.

Tacuri and other promoters claimed that profits from cryptocurrency trading would generate substantial returns, but in reality, Forcount operated as a Ponzi scheme, using new investor funds to pay earlier ones.

Tacuri traveled across the U.S., hosting events, including in the Southern District of New York, where he pitched Forcount’s investment products.

According to statements made in court, Tacuri flaunted his wealth at these events, wearing designer clothing and promoting Forcount as a path to financial freedom.

Investors contributed funds using cash, checks, wire transfers, and cryptocurrency, gaining access to an online portal that falsely showed profits accumulating.

However, most victims were unable to withdraw their funds and eventually lost their entire investments, according to the department.

Meanwhile, Tacuri and other promoters enriched themselves by siphoning off hundreds of thousands of dollars, using the funds for luxury items, real estate, and personal expenses.

By April 2018, some victims reported difficulties withdrawing funds from the portal. When complaints arose, Tacuri and other promoters offered excuses, imposed delays, and charged hidden fees.

Despite these complaints, the scheme continued, and Tacuri promoted a proprietary cryptocurrency token called "Mindexcoin," which he falsely claimed would increase in value, the department stated.

In reality, the tokens were worthless, leading to further losses for victims.

The U.S. Attorney’s Office emphasized the financial devastation caused by the scheme, with many victims losing their life savings.

“Juan Tacuri may have claimed to be involved in cutting- edge cryptocurrency investing, but, in reality, he was running one of the oldest tricks in the book: a Ponzi scheme.,” said Damian Williams, the United States Attorney for the Southern District of New York in a written statement.

“Tacuri was one of the most prolific promoters of the Forcount Ponzi scheme, taking in millions of dollars from working class victims. Instead of using victims’ funds as promised, he instead spent it on himself. Today’s sentence should serve as a stark reminder that, in the long run, fraud does not pay.”