The Securities and Exchange Commission (CVM) fined a company that issued three cryptocurrency funds with a fixed rate of return of 5% to 10% per month, in the amount of 4,394,739.36, following the verdict of the peer .
PAS CVM 19957.007433/2020-77 was introduced by the Securities Registration Superintendence (SRE) and investigated fraudulent behavior in the market.
Named in the lawsuit are Frederico Almeida Saleme do Valle, Maico Buge Kautsky, Skoben Capital Participações Ltda and Soluções Exponentials Importação e Administração Ltda.
According to the CVM, the alleged execution of irregular offers of securities without registration and without renunciation (infringement of art. 19, caput and paragraph 5, I, of law 6.385, with articles 2 and 4 of CVM instruction 400) was finally analyzed by chairman João Pedro Nascimento, rapporteur of the trial.
After a vote and report, the collegiate CVM unanimously decided to fine the suspects.
Understand what the investment fund offered to clients who thought they were investing in cryptocurrencies
The CVM initiated the administrative sanctions process against Skoben, a company from Espírito Santo, following a complaint through SAC in 2018.
In the complaint, the person responsible, who is not identified by the CVM, claims to have received advertising material offering investment funds in cryptocurrencies, with a fixed return per month.
“I received the attached document in which there is an offer from 3 investment funds in cryptocurrencies, with the promise of guaranteed returns of 5%, 7% and 10%. We know it is impossible to guarantee an income of this magnitude and I am concerned that honest but innocent people pour their savings into these types of offers.”
In a preliminary analysis, the CVM’s GOI-2 division understood it to be a collective investment practiced by the company. Searched by the council in 2019, the company said it had stopped making investment offers on its website when it discontinued the products in May of that year.
The CVM warned the company that it could no longer continue to offer its products without permission and ended the PAS at the time.
MPF warned that the company continued to operate even after the CVM alarm
As early as 2020, the Federal Government Ministry (MPF) sent a warning to the CVM, warning that the company continued to execute its public investment offers. Once again associated with high earnings from cryptocurrencies, the operation continued to operate without the use of websites, but with funding through WhatsApp. The federal police cooperated with the investigation.
In defense, Skoben and his leaders tried to claim that they did not offer securities investment products and tried to close the CVM’s new PAS, suggesting the payment of R$50 thousand in 10 installments.
However, the CVM understood that it could not easily close the case and decided on the following fines:
- Exponential Solutions Training and Administration Ltda: à fine of BRL 852,640.00.
- Skoben Capital Participações Ltda.: fine of BRL 2,219,292.90.
- Maico Buge Kautsky: fine of BRL 767,983.23.
- Frederico Almeida Saleme do Valle: fine of BRL 554,823.23.
After the publication of the case, the president of the CVM requested a copy to the Federal Prosecutor’s Office of Espírito Santo. Finally, the decision allows the body to take further appropriate measures.
Source: Live Coins
Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.
