Juan Tacuri, a 46-year-old resident of Greenacres, Florida, pleaded guilty to conspiracy to commit wire fraud in connection with the Forcount cryptocurrency Ponzi scheme. The announcement came from the U. S. Attorney's Office for the Southern District of New York on Wednesday.
Forcount, which later rebranded as Weltsys, defrauded investors around the world, with a particular focus on Spanish-speaking communities in the United States. Tacuri was identified as a key promoter in the scheme, allegedly reaping millions of dollars through his participation.
According to court documents, Tacuri enticed investors with promises of achieving "financial freedom" and flaunted a lavish lifestyle funded by the scheme. He is believed to have played a significant role in attracting new investors through promotional events and online marketing.
The Forcount scheme functioned like a typical Ponzi scheme. Early investors were paid returns using funds from new investors, creating the illusion of profitability. This unsustainable model eventually collapsed, leaving many victims with significant financial losses. The total amount of money swindled by Forcount remains under investigation, but estimates suggest it could be in the tens of millions of dollars.
Tacuri's guilty plea is part of an ongoing investigation into the Forcount scheme by the U. S. Attorney's Office for the Southern District of New York. As part of the plea deal, Tacuri agreed to forfeit nearly $4 million in stolen funds and real estate acquired with those funds. He faces a maximum sentence of 20 years in prison, though the final sentencing will be determined by the court at a later date.
The case serves as a cautionary tale for investors considering cryptocurrency ventures. Authorities advise exercising skepticism regarding investment opportunities that promise high returns with minimal risk. Investors should thoroughly research any cryptocurrency company before investing and be wary of promoters who boast about extravagant lifestyles.
The Securities and Exchange Commission (SEC) also filed civil charges against Tacuri and other members of the Forcount scheme in 2022 for violating securities laws. These charges are ongoing and could result in additional penalties.
With Tacuri's admission of guilt, investigators continue to unravel the network of individuals involved in the Forcount scheme. The case highlights the ongoing efforts by U. S. law enforcement agencies to crack down on fraudulent activities within the cryptocurrency space.