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- 1 A former footballer Ronaldinho has been prosecuted for his involvement in an alleged crypto pyramid scheme.
- 2 Reportedly, Ronaldinho did not attend a congressional hearing related to the inquiry.
Sports and scandals are natural attention-pullers. A former football legend is being prosecuted for his involvement in an alleged crypto pyramid scheme. The instance is nothing less than a show for the spectators. In a recent development, the football player missed a court hearing and it strengthened the possibility of his detainment.
Brazilian football legend Ronaldinho Gaúcho reportedly missed the hearing which could mean not cooperating in the crypto fraud investigation in Brazil. So there’s a possibility that he could be taken into custody by authorities for questioning in connection with a cryptocurrency fraud.
As per local media sources, Ronaldinho reportedly did not attend a congressional hearing related to a pyramid scheme inquiry that is said to have ties to one of his businesses.
Ronaldinho disregarded a second subpoena on August 24, 2023, and did not appear for testimony at a congressional hearing, citing unfavorable weather conditions as the reason for his absence.
Congressman Aureo Ribeiro has indicated that Ronaldinho will be given another chance to provide testimony on August 31, 2023. In case, Ronaldinho does not appear again, law enforcement authorities might bring him before the committee.
In accordance with Brazil’s law, individuals who are subpoenaed to appear before Congress are obligated to do so. Failure to adhere to a subpoena could result in fines, and the police may be authorized to compel non-compliant witnesses to appear before Congress forcibly.
As outlined in a recent local report, Ronaldinho supposedly missed his court hearing in Brazil due to inclement weather. This situation prompted airlines to cancel flights to Porto Alegre, Brazil’s capital, where the hearing was scheduled to take place.
The report further mentioned that Ronaldinho was scheduled to attend court and provide testimony alongside his brother Assis and business associate Marcelo Lara. Their testimony was related to the Parliamentary Commission of Inquiry.
Ronaldinho Accused of Involvement in Crypto Pyramid
The accusations suggest that 18K, a company owned by Ronaldinho, his brother, and their business partner, was involved in running a cryptocurrency pyramid scheme.
“After the breakup, the former player was involved in a pyramid and, taking advantage of his image, his credibility and popularity, encouraged thousands of people to fraudulently invest, causing them losses,” the prosecutor said.
As per the authorities, Ronaldinho’s company purportedly engaged in cryptocurrency trading and arbitrage, offering customers the possibility of earning up to 2% daily. These earnings were supposedly linked to activities involving digital currencies. This raised suspicions that the commitments of elevated and rapid returns were indicative of a financial pyramid scheme.
However, the legal representatives of the former F.C. Barcelona star contend that he held the role of the company’s “ambassador” and consequently was also a target of the purported scam.
The legal team asserts that his image and name were improperly exploited to mislead potential clients without appropriate authorization. In addition to this controversy, Ronaldinho’s involvement in the cryptocurrency realm encompasses a nonfungible token (NFT) collection introduced in collaboration with INFLUXO in 2021.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
