Mining Capital Coin’ Luiz Carlos Capuci is in a little bit of a pickle.
Attributable to parallel felony proceedings kicking off in Brazil, Capuci claims he’s unable to pay US attorneys representing him in an SEC fraud case.
Capuci’s lack of ability to fund illustration prompted the agency Wellman & Warren LLP to withdraw on August 2nd.
On August twenty second, native counsel Gregg S. Lerman, P.A. additionally moved to withdraw.
Counsel has spoken with Defendant and he’s not able to rent counsel as he’s at present in Brazil dealing with felony fees associated to this litigation.
Trial in that matter started in Brazil on August 21, 2024.
The court docket permitted Lerman’s withdrawal on August twenty third.
The SEC filed go well with towards Mining Capital Coin in 2022. Capuci (proper) and Emerson Pires, of their capability as operators of the Ponzi scheme, are named defendants within the SEC’s civil lawsuit.
Concurrently, Capuci and Pires have been additionally indicted. The DOJ has pegged Mining Capital Coin investor losses at round $62 million. The SEC pegs the quantity at “the very least $8 million”.
Pires can also be needed over his involvement within the EmpiresX, one other ~$40 million MLM crypto Ponzi.
Each Capuci and Pires (proper) fled to Brazil earlier than they could possibly be arrested.
Presumably unbeknownst to them nonetheless, Brazilian authorities had opened their very own Mining Capital Coin felony case.
The investigation started in August 2022 and investigates acts of cash laundering that would attain R$300 million, obtained from monetary crimes dedicated in South Korea, the USA of America, Brazil and different international locations.
Brazilian authorities arrested Capuci and Emires on or round September thirteenth, 2023. R$300 million ($55 million USD) held in financial institution accounts and 52 properties have been additionally seized.
Discover of the Mining Capital Coin trial kicking off on August twenty first is the primary information we’ve had out of Brazil because the arrests and seizures final yr.
I’ve no manner of dependable monitoring felony instances in Brazil, so I don’t know the present standing and/or consequence of the Mining Capital Coin trial.
Native media don’t seem to have reported something so I presume the end result of the case remains to be pending.