The company raised funds without CVM authorization while promising substantial payments through cryptocurrency operations
The Federal Court reduced the sentence of three partners of Fiji Solutions, a company from Campina Grande (PB) investigated for operating a pyramid scheme and considered a rival of Braiscompany. The decision was issued on Wednesday (2) by judges of the 5th Regional Federal Court (TRF-F).
The partners had been convicted in October of last year for fraud against the financial system for offering collective investment contracts without registration with the Securities and Exchange Commission (CVM), while Fiji Solutions was raising funds from clients, promising substantial payments through buying and selling operations of cryptocurrencies. It is estimated that the scheme moved up to R$ 600 million.
According to G1, businessman Buenos Aires de Souza had his sentence reduced from 25 years and 2 months to 10 years and 1 month. The couple Breno de Vasconcelos Azevedo and Emilene Marília Lima had their punishments reduced from 14 years and 8 months each to 7 years and 11 months each. The decision is still subject to appeal.
For Rede Paraíba, the defense of the accused denied the involvement of the convicted individuals with the irregularities pointed out.
The investigation conducted against the partners considers that the companies Fiji Holding Participações, Fiji Solutions Participações, and Fiji Tech are part of the 'Fiji group' and moved around R$ 301 million.
The Justice also ordered the restitution of R$ 34 million, based on what was investigated by the Federal Police.
The case files reveal that the funds raised were not employed in operations with cryptocurrencies with the aim of obtaining profit, as the business promised. The judge who issued the condemnation sentence in October 2024 stated that the amount received was used for the payment of previous investors.
After the investigation ended, the reports revealed that there are no records of buying and selling operations of crypto assets with the aim of profit (trading) in volumes that correspond to the invested amounts, nor commitments that the results obtained approach those publicly announced.
Recall the pyramid scheme case
The three partners of Fiji Solutions, a company from Campina Grande (PB), were convicted of financial fraud involving investments in cryptocurrencies without registration with the CVM. The company, a rival of Braiscompany, operated as a pyramid scheme, raising funds from investors with promises of profits that never materialized.
The founder Bueno Aires José Soares de Souza had been sentenced to 25 years and 2 months in prison. He moved R$ 53 million in crypto assets, declared R$ 48 million in assets, and received R$ 10 million in earnings.
Partners Breno de Vasconcelos Azevedo and Emilene Marília Lima do Nascimento, his wife, had each been sentenced to 14 years and 8 months in prison. Breno, identified as the controller of the group, moved R$ 190 million, while Emilene, the executive director, moved R$ 10 million. Both presented million-dollar assets and earnings.
According to the Justice, the crimes involve financial operations without authorization, irregular investment offerings, and fraudulent management. The companies of the Fiji group are said to have moved R$ 301 million, with an order for restitution of R$ 34 million to the harmed.
The fraud was revealed in June 2023, during the Federal Police's operation 'Ilha da Fantasia', which also affected Softbank Softwares, responsible for developing systems for Fiji. It is estimated that the scheme moved up to R$ 600 million. At the time, the defenses of those involved stated they would appeal the decision.