Douver Torres Braga, 48, has been indicted on Commerce Coin Membership associated legal costs.
Braga owned Commerce Coin Membership however hid possession by posing as its Grasp Distributor.
Commerce Coin Membership, or TCC, was an MLM crypto Ponzi that launched in late 2016.
Following initiation of a “TCoin” exit-scam in late 2017, Commerce Coin Membership went on to break down in early 2018.
Whereas TCC was energetic Braga, a Brazilian nationwide, resided in Florida. After TCC collapsed Braga is believed to have fled to Brazil.
The SEC filed a civil fraud swimsuit towards Braga and three co-conspirators in November 2022. The SEC’s TCC lawsuit alleged theft of virtually $300 million from shoppers.
Braga stands accused of siphoning off $50 million in TCC investor funds “for his personal profit”.
A month earlier, on October fifth, 2022, Braga was indicted beneath seal by a Grand Jury in Washington. A bench warrant was issued later the identical day.
On February eighth, authorities in Switzerland arrested Braga whereas travelling outdoors of Brazil. Following his arrest, Braga was promptly extradited to the US.
Braga made his preliminary look and arraignment in Seattle, Washington on February twenty first.
As per Braga’s indictment, he has been charged with twelve counts of wire fraud and one rely of conspiracy to commit wire fraud.
If convicted, Braga faces as much as twenty years on every rely. At his arraignment, Braga pled not responsible.
Trying ahead, the court docket has scheduled a detention listening to for February twenty eighth. On February twenty first the DOJ moved to detain Braga, citing issues he would flee, impede justice and/or intimidate witnesses.
As at time of publication there isn’t any indication Braga’s co-conspirators have been indicted. Specifically Joff Paradise, a US nationwide hiding out in Panama.
To date solely one of many defendants within the SEC’s TCC case has settled. Judgment towards the remaining three defendants, together with Braga, stays pending.
Keep tuned for updates as BehindMLM continues to trace Braga’s TCC legal case.