Two Brazilian professional football players have filed a lawsuit against a fellow player’s consultancy and financial planning firm named WLJC, claiming they were victims of a crypto scam. Mayke, who plays for Palmeiras in São Paulo, Brazil, and Nottingham Forest midfielder Gustavo Scarpa, invested over $2 million in “crypto” on WLJC’s advice in May 2022. They claim they were promised monthly returns of 3.5% to 5% but did not receive their profits or their stakes back when they tried to withdraw their funds.
Mayke and Scarpa allege that Willian Bigode, who runs WLJC and plays for Fluminense in the Brazilian top division, introduced them to the fraudulent investment scheme. They are seeking to bring Bigode to court and retrieve their funds. However, Bigode’s legal team denies their client acted in bad faith and says he too was a victim of the scheme.
WLJC had recommended Mayke and Scarpa to invest in Xland Holding, a platform that was later identified by the Public Ministry of the Brazilian state of Acre as a possible financial pyramid scheme in October 2022. Indeal, a Brazilian company that allegedly orchestrated a $193 million crypto pyramid scheme, filed for bankruptcy last month.
Bigode’s legal team claims that he and his firm only recommended the project to Mayke and Scarpa after he had been introduced to it by “people he trusted implicitly.” They also argue that WLJC is not a brokerage and does not have the authority to make investments on behalf of its clients, as it solely operates in the field of financial planning.
The case of Mayke and Scarpa highlights the risks of investing in the cryptocurrency market and the importance of due diligence in such investments. While cryptocurrency investments can offer high returns, investors must exercise caution and thoroughly research the projects they are considering. In this case, Mayke and Scarpa are seeking legal recourse, but it is unclear if they will be able to recover their losses.
