Juan Tacuri has been sentenced to a maximum of 240 months for his role in the Forcount Ponzi scheme.

Tacuri was a senior promoter in the Forcount Ponzi scheme that defrauded thousands of investors, primarily in Spanish-speaking communities, according to court documents. The U.S. District Court for the Southern District of New York, under Judge Analisa Torres, delivered the maximum sentence for his role in the crypto-based fraud. 

Tacuri, 46, was ordered to pay over $3.6 million in restitution and forfeit a home in Florida that was purchased with stolen funds.

Crypto fraud details

Forcount, later known as Weltsys, falsely claimed to engage in crypto mining and trading. Tacuri and other promoters told investors they could guarantee daily returns and double their investments within six months. 

However, the company was not involved in any legitimate crypto activities. Instead, Forcount operated as a classic Ponzi scheme, using new investments to pay off earlier participants while its promoters enriched themselves.

Victims were primarily working-class, Spanish-speaking individuals. Tacuri traveled across the United States, hosting events to attract more investors. These expos, ranging from small community gatherings to larger-scale events, featured Tacuri boasting about his financial success and promoting Forcount’s products.

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

Despite mounting complaints as early as 2018, when investors discovered they could not withdraw funds, Tacuri and other promoters continued to push the scheme.

‘Mindexcoin’

To address liquidity issues, the scheme introduced proprietary tokens called “Mindexcoin,” claiming they would hold value. These tokens ultimately became worthless, leading to further losses.

Tacuri’s sentence, which includes one year of supervised release, follows impact statements from more than 20 victims during the sentencing. 

U.S. Attorney Damian Williams emphasized that Tacuri’s actions were a clear case of fraud disguised as cutting-edge crypto investing. “Fraud does not pay,” Williams stated.

A German man, Horst Jicha, is now a fugitive after skipping a $150 million cryptocurrency fraud hearing in New York.

Jicha, 64, was under house arrest and out on a $5 million bond, but authorities suspect he tampered with his ankle monitor and disappeared earlier this month, according to CNBC.

His trial was scheduled for March 31, where he faced multiple charges related to overseeing a crypto scheme that defrauded investors through USI Tech, a multi-level marketing platform.

Jicha’s case revolves around USI Tech, a platform that claimed to offer cryptocurrency investments with guaranteed high returns. According to prosecutors, USI Tech was a pyramid scheme disguised as a legitimate crypto investment operation.

Jicha: 140% returns in 140 days 

Investors were told they could earn 140% returns in 140 days through bitcoin mining, trading, and referring others to invest, according to CNBC. In reality, the platform collapsed, leaving investors with losses while Jicha allegedly pocketed millions.

USI Tech ceased operations in the U.S. in early 2018 after regulators began investigating the company. The scam reportedly left investors unable to withdraw funds, with much of the stolen money held in ether and bitcoin addresses controlled by Jicha.

After fleeing, CNBC reports that Jicha’s $5 million bond, guaranteed by his partner, children, and associates in Germany, has been forfeited.

Prosecutors are actively working to locate Jicha, but as of now, his whereabouts remain unknown. Jicha had lived in various countries, including Brazil and Spain, before being arrested in Florida last year. He was released on bond in January 2024, with strict conditions limiting his movements, but now faces an uncertain fate as authorities continue their search.

Four cryptocurrency companies and 14 individuals have been charged in what U.S. prosecutors describe as the first criminal prosecution targeting market manipulation and sham trading in the crypto industry.

The companies involved — Gotbit, ZM Quant, CLS Global, and MyTrade — are accused of engaging in fraudulent practices designed to manipulate crypto markets, according to Reuters.

The U.S. Department of Justice in Boston announced the charges following an extensive investigation that led to arrests overseas. Five people have either pleaded guilty or agreed to do so, per Reuters.

Some of the individuals listed in the indictment resided in Hong Kong and the United Kingdom, while others lived in the United States.

Illicit crypto activities

The accused behaviors included conspiracy to defraud investors through illegitimate advertising, market manipulation, manipulative trades, the use of multiple wallets, online marketing, messaging applications, and artificially inflating crypto prices, according to the indictment document.

Gotbit, one of the key firms implicated, has faced multiple allegations of unethical behavior in the past. The company, previously linked to several “rug pull” scams where developers vanished with investor funds, is no stranger to controversy.

Gotbit had previously acknowledged engaging in questionable business practices, further cementing its notorious reputation in the crypto space.

Based in the United States, ZM Quant offered what appeared to be market-making services. However, according to court documents, these services allegedly involved manipulative tactics such as wash trading, creating fake volume to inflate token prices, and misleading investors.

These charges highlight concerns over market integrity in the crypto space, as federal prosecutors indicated that crypto firms are subject to scrutiny similar to traditional financial institutions. This case marks one of the first criminal actions against firms like ZM Quant for such behavior.