Juan Takuri was sentenced to up to 240 months in prison for his role in the four-count Ponzi scheme.
According to court documents, Mr. Takuri was a senior promoter of a four-count Ponzi scheme that defrauded thousands of investors, primarily in Spanish-speaking communities. The U.S. District Court for the Southern District of New York, led by Judge Annalisa Torres, handed down the maximum sentence for his role in the cryptocurrency-based fraud case.
Takuli, 46, was ordered to pay more than $3.6 million in restitution and forfeit the Florida home he bought with the stolen funds.
Cryptocurrency scam details
Forcount, later known as Weltsys, falsely claimed to be engaged in cryptocurrency mining and trading. Thakuri 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 cryptocurrency activity. Instead, FourCount operated as a classic Ponzi scheme, using new investments to pay off previous participants while the promoters enriched us all.
The victims were primarily Spanish-speaking, working-class people. Takuri traveled around the United States hosting events to attract more investors. These expositions ranged from small community gatherings to large-scale events, where Takuli boasted about his financial success and promoted Forcount's products.
Investors were led to believe that they could achieve financial freedom through these investments.
Takuri and other promoters continued to push forward with the plan despite growing complaints in 2018, when investors found themselves unable to withdraw their funds.
“Min Index Coin”
To address liquidity issues, the scheme introduced its own token called “Mindexcoin” and claimed to hold value. These tokens eventually became worthless, leading to further losses.
Takuli's sentence includes one year of supervised release and comes after more than 20 victims made shocking statements during his sentencing.
U.S. Attorney Damian Williams emphasized that Takuli's actions were a clear case of fraud disguised as a cutting-edge cryptocurrency investment. “Fraud doesn't make money,” Williams said.
