Author: Jesse Coghlan, Cointelegraph; Translated by: Song Xue, Golden Finance
Retired professional soccer star Ronaldinho Gaucho has testified at a Brazilian congressional hearing, denying any involvement in a $61 million cryptocurrency pyramid scheme that bears his name.
On August 31, Ronaldinho appeared before a parliamentary committee and refuted any role in a scheme called “18kRonaldinho” that promised 2% daily returns on cryptocurrency. A lawsuit was filed against the company for $61 million.
Ronaldinho claimed that he had never worked with the company and that it used his name and image without his authorization, and claimed that he was also a victim of the alleged scheme.
During the hearing, 18k Ronaldinho marketing images were shown which depicted Ronaldinho.
He said the photos were part of a contract he signed in July 2019 with a subsidiary of the company that sold watches, but that the contract was terminated later that October and never executed.
Asked by the investigative chairman, Oreo Ribeiro, whether Ronaldinho intended to repay those who had invested in the company, Ronaldinho said he would remain silent.
He also did not respond when asked about the $61 million lawsuit.
Ronaldinho has failed to appear twice before in connection with the investigation, most recently on August 24. He said weather conditions prevented him from attending.
The latest hearing on August 31 is his last chance to appear before Congress - if he fails to do so, Ronaldinho could face a fine or arrest, and authorities could forcibly bring him to the hearing.
The investigation was launched in June to look into alleged cryptocurrency pyramid schemes and is being conducted by Brazil’s lower house of parliament, the Chamber of Deputies.
It is investigating a total of 11 companies that have been charged by the SEC with using cryptocurrencies to falsely promise high returns.