Key Takeaways:
- Forcount Ponzi scheme promoters have pleaded guilty to conspiracy defrauding investors of $8.4 million between 2017 and 2021.
- The promoters flaunted luxury lifestyles to lure investors, promising significant returns from cryptocurrency trading and mining
Two crypto promoters, Nestor Nunez and Antonia Perez Hernandez, have pleaded guilty to conspiracy to commit wire fraud in connection with the infamous Forcount Ponzi scheme. This fraudulent operation targeted primarily Spanish-speaking investors and resulted in an estimated loss of $8.4 million between 2017 and 2021.
Operating under the guise of a legitimate cryptocurrency trading and mining platform, Forcount lured investors with promises of significant returns and guaranteed daily profits. However, the reality was far from what was advertised.
The funds were not invested in cryptocurrency trading or mining but were instead used to pay off earlier investors and enrich the scheme’s promoters.
In addition to Nunez and Hernandez, another defendant, Juan Tacuri, has also pleaded guilty. Tacuri has agreed to forfeit roughly $4 million and properties purchased with victims’ funds. These guilty pleas represent significant progress in the case against the five defendants charged in 2022.
The promoters of Forcount flaunted a life of luxury, showcasing high-end clothes and expensive cars to attract more victims. They promised “financial freedom” and substantial returns on investments, only to leave investors with nothing.
According to a press release from the US Attorney’s Office for the Southern District of New York, the scheme’s founder and promoters used victim funds to promote the scheme further and to indulge in their lavish lifestyles.
Tacuri will be sentenced on September 24, with District Judge Analisa Torres presiding. Nunez’s sentencing is scheduled for November 11, while a sentencing date for Hernandez has yet to be set.
The Forcount guilty pleas are part of a broader crackdown by U.S. prosecutors on cryptocurrency fraud. Notable cases include the recent conviction of FTX founder Sam Bankman-Fried and former Binance CEO Changpeng Zhao, both of whom received substantial prison sentences for their fraudulent activities.
