Brazil’s federal court has sentenced three members of the collapsed crypto scheme Braiscompany to a combined 171 years in prison, marking one of the country’s harshest penalties in a financial fraud case.

Joel Ferreira de Souza, identified as the main operator of the pyramid scheme, was sentenced to 128 years, 5 months, and 28 days in prison after being convicted on 11 counts of money laundering, according to local reporting.  

He was found to have managed illegal financial operations through shell companies and informal cryptocurrency transactions, promising investors high returns.

Gesana Rayane Silva, a broker for the company, received a 27-year sentence for her role in transporting cash and facilitating illicit financial transactions.

Victor Augusto Veronez de Souza, Joel’s son, was sentenced to 15 years for participating in companies that helped launder funds.

$220 million in funds

The federal judge, Vinicius Costa Vidor, ruled that the three defendants had participated in a highly structured operation that raised more than R$1.11 billion (approximately $220 million) from nearly 20,000 investors. 

The court described Braiscompany as a parallel financial system designed to hide the origins of investor funds. 

Two other individuals named in the case were acquitted due to a lack of evidence.

Assets worth R$36 million seized during the investigation were ordered to be transferred to the Brazilian government.

The decision comes a year after Braiscompany’s owner, Antonio Inacio da Silva Neto, and his partner, Fabricia Farias Campos, were extradited from Argentina. They were previously sentenced to a combined 150 years in prison.