Cryptocurrency Promoter from Florida Pleads Guilty in Investment Fraud Case

On June 5th, 2024, the Securities and Exchange Commission (SEC) announced that Juan Tacuri—a 46-year-old man from Greenacres, Florida—has pleaded guilty to securities fraud charges in a cryptocurrency case. Mr. Tacuri pleaded guilty to wire fraud securities charges in relation to an alleged multi-million dollar fraud scheme. Within this blog post, our Miami investment fraud lawyer provides a more detailed overview of the case.

The Allegations: Tacuri Operated Cryptocurrency Ponzi Scheme 

In a criminal securities fraud case brought in the United States District Court for the Southern District of New York, the Department of Justice (DOJ) found South Florida resident Juan Tacuri was a key promoter of the Forcount cryptocurrency Ponzi scheme. Notably, the scheme was later renamed Weltsys. As determined by the DOJ, Mr. Tacuri and other promoters deceived investors through promises of guaranteed, above-market returns from cryptocurrency trading and mining. However, in reality, Forcount did not engage in legitimate trading or mining activities. Instead, Mr. Tacuri and his associates used new investment funds to pay earlier investors. A classic Ponzi scheme.

Distributions Were Delayed and Even Halted Starting in 2018 

Investors experienced increasing difficulties in withdrawing their purported profits from Forcount starting in and around April 2018. At the time the investors who attempted to access their funds faced delays, excuses, and hidden fees. Many of them were prevented from obtaining any of their money. As problems escalated, the scheme offered worthless proprietary crypto-tokens—called Mindexcoin—that they falsely claimed would gain substantial value in the future.

 Criminal Charges Filed: Guilty Plea to Wire Fraud Conspiracy 

Juan Tacuri pled guilty to conspiracy to commit wire fraud before U.S. District Judge Analisa Torres. The guilty plea involves a maximum sentence of 20 years in prison. Nr. Tacuri’s conviction is part of a broader effort by the U.S. Attorney’s Office to pursue individuals exploiting vulnerable investors. Notably, Spanish-speaking investors were primarily targeted in this case. As part of his plea deal with prosecutors, Mr. Tacuri agreed to forfeit nearly $4 million

 Ponzi Schemes are Destined to Fail When New Investor Money Runs Dry

 At its core a Ponzi scheme involves false claims of legitimate profits/gains. In reality, investor money is simply being shuffled around. Of course, by definition, this means that all ponzi schemes will inevitably collapse once they can no longer attract new investors. The schemes rely on fresh capital to pay returns to earlier participants. Without a consistent influx of new money, the scheme lacks the funds necessary to sustain the promised payouts. It will fail. Most often, when Ponzi schemes fail, it happens all at once. Sadly, many investors can be left with major financial losses.

 Get Help From Our Miami Investment Fraud Attorney Today

At ​Carlson & Associates, P.A., our Miami securities fraud attorney is standing by, ready to protect your rights. If you or your loved one suffered any type of investment losses in a cryptocurrency fraud case, we are here to help. Contact us today for a confidential consultation. From our Miami office, we fight for the rights of securities fraud victims in Florida and beyond.

Source:

justice.gov/usao-sdny/pr/senior-promoter-cryptocurrency-ponzi-scheme-pleads-guilty-wire-fraud-conspiracy