Braiscompany Execs Hit With 171-Year Sentence Over $190M Crypto Fraud

A Brazilian court has sentenced three former executives of the now-defunct crypto firm Braiscompany to a combined 171 years in prison, one of the harshest rulings in the country’s history against a cryptocurrency scam.

Joel Ferreira de Souza, identified as the ringleader, received a sentence of 128 years. Two others—Gesana Rayane Silva and Victor Veronez—were given 27 and 15 years, respectively, for managing client funds and serving as key intermediaries in the scheme.

Joao Felipe Costa was revealed by local media to be Antonio Inacio Da Silva Neto, one of the founders of Braiscompany, which he claimed it was created to “empower financial freedom for thousands of people through information.” The woman, his partner, was named Fabricia Farias Campos.

Da Silva Neto had an active Interpol warrant issued in March 2023, charging him with offenses against the Brazilian financial system, money laundering, and crimes against the capital market. In 2024, both fraudsters were sentenced to lengthy prison terms—88 years and 7 months for Da Silva Neto and 61 years and 11 months for Farias Campos.

The latest ruling was issued by Federal Judge Vinicius Costa Vidor, who found the trio guilty of operating without a license and laundering millions through shell companies and unregulated crypto wallets.

Prosecutors said Braiscompany ran a pyramid operation that raised around R$1.11 billion ($190 million) from nearly 20,000 investors, offering inflated returns through purported crypto trading strategies. In reality, the company operated an off-the-books financial network relying on high-commission payments and informal money transfers.

Authorities ordered the seizure of R$36 million, though it remains uncertain how much, if any, will be returned to victims. Artêmio Picanço, a lawyer representing several investors, urged clients to act quickly and file civil claims before the funds are absorbed by the state.

Two additional defendants were acquitted due to insufficient evidence. The court concluded the remaining participants helped conceal the true origin of investor funds, mimicking legitimate investment activity while funneling profits internally.