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Author Topic: 2012-07-25 various - (regulator hits 'brazillian bitcoin investment group')  (Read 7280 times)
julz
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July 25, 2012, 10:39:58 PM
 #1

It was only a matter of time before one of the many 'investment schemes' in the bitcoin community got some regulator's attention.

Quote
CVM determina suspensão de veiculação de oferta de fundos de investimento por Leandro Marciano César  

CVM determines suspension of placement offering of investment funds by Marciano Caesar Leandro


2012-07-25

http://www.ultimoinstante.com.br/empresas/fatos-relevantes/77212-CVM-determina-suspenso-veiculao-oferta-fundos-investimento-por-Leandro-Marciano-Csar.html

...
July 25, 2012-The Board of the Securities Commission (CVM) on Tuesday ordered the immediate suspension of transmission in Brazil of any offer to invest in mutual fund or other security by Leandro Marciano Caesar.
...

The Authority found that Leandro Marciano Caesar, through the "Investment Group Bitcoin", had been using the Internet address https://bitcointalk.org/index.php?topic=46721.0; all. application to offer public funds and other investment vehicles.
...


Judging by the machine translation, this report fails to distinguish between Bitcoin - and the scheme run by 'Leandro César' (bitcointalk username)
Quote
CVM proíbe Marciano de vender Bitcoin pela Internet

2012-07-25

http://monitormercantil.com.br/2012/index.php?pagina=Noticias&Noticia=116704&Categoria=ACREDITE

...
The funny thing is that during all this time was to allow the sale of such Bitcoin with the claim "that became a great tool for investment and speculation."
...



Quote
CVM suspende atividades de Leandro Marciano César

CVM suspends Leandro Marciano Caesar
Authority determined that the investment fund does not meet the requirements of regulations

Felix Edilaine
2012-07-25

http://www.infomoney.com.br/mercados/acoes-e-indices/noticia/2506295/CVM-suspende-atividades-Leandro-Marciano-Cesar

SAO PAULO - CVM (Securities Commission) ordered the immediate suspension of transmission in Brazil of any offer for the investment fund or other security Leandro Marciano Caesar, through the Investment Group Bitcoin.
...


Leandro's response is quite enlightening: http://www.bitcoinbrasil.com.br/?p=464

He makes a fair point about the investments and returns all being in BTC - so it is a little strange that the CVM should see this as falling within their jurisdiction - unless they have determined that bitcoin is a 'currency' ?
Also regarding jurisdiction - the offers were made on a non-Brazilian website, in portuguese, not aimed specifically at Brazilians.

Perhaps this is undesirable attention for bitcoin - but an interesting case for sure.

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Leandro César
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July 25, 2012, 11:21:54 PM
 #2

Hi friends.

Any questions, I am here!

L.

Leandro César
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July 26, 2012, 12:32:16 AM
 #3

I know several people who would be interested in a Brazilian investment for the residency visa. If you could help facilitate this then I bet we could get a great Bitcoin based business started down there.

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July 26, 2012, 02:23:37 AM
 #4

How did they suspend your investment?  Huh

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July 26, 2012, 02:55:19 AM
 #5

How did they suspend your investment?  Huh


Quote from: Brazilian CVM
Stop that! Or we'll say stop again!!

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July 26, 2012, 05:49:06 AM
 #6

This is probably going to be considered "a big deal"


"CVM suspende oferta irregular de investimento em moeda virtual‎"
 - http://br.noticias.yahoo.com/cvm-suspende-oferta-irregular-investimento-moeda-virtual-201946365.html
 - http://oglobo.globo.com/economia/cvm-suspende-oferta-irregular-de-investimento-em-moeda-virtual-5585121


"CVM suspende veiculação de oferta de fundos por Leandro Marciano César"
 - http://monitormercantil.com.br/2012/index.php?pagina=Noticias&Noticia=116667

And the thread for the business:
 - http://bitcointalk.org/index.php?topic=46721.0

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July 26, 2012, 05:49:39 AM
 #7

This is probably going to be considered "a big deal"


"CVM suspende oferta irregular de investimento em moeda virtual‎"
 - http://br.noticias.yahoo.com/cvm-suspende-oferta-irregular-investimento-moeda-virtual-201946365.html
 - http://oglobo.globo.com/economia/cvm-suspende-oferta-irregular-de-investimento-em-moeda-virtual-5585121


"CVM suspende veiculação de oferta de fundos por Leandro Marciano César"
 - http://monitormercantil.com.br/2012/index.php?pagina=Noticias&Noticia=116667

Big deal? It's all moonspeak to me.

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July 26, 2012, 05:51:29 AM
 #8

lol @ those silly regulators.

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July 26, 2012, 06:52:45 AM
 #9

This is just showing that Brazil is not going to be the place to do bitcoin related business, I don't believe that other first world countries will be following suit. This seems like a lazy decision by some official "what? bitcoin, Reals whatever, you need a 'licence' to continue".

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July 26, 2012, 07:47:03 AM
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This is just showing that Brazil is not going to be the place to do bitcoin related business, I don't believe that other first world countries will be following suit. This seems like a lazy decision by some official "what? bitcoin, Reals whatever, you need a 'licence' to continue".

Why? What are they doing besides linking to his thread? I can't figure it out, maybe they are doing something.

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July 26, 2012, 08:02:59 AM
 #11

Hi friends.

Any questions, I am here!

L.

A few questions:

1.) Had there been any prior contact from any agency in Brazil related to Bitcoin or this investment fund?

2.) Will the investment fund be closing?
If not, will it be closed to all investors from Brazil (current and in the future)?
Also, if not, will you continue to administer it?

3.) How large is the fund currently (bitcoins invested) and how many investors are there for that amount?
Round 8 shows 500 BTC, is that correct as the total investment currently from all investors?
What is the largest amount by any one investor?

4.) How much of this current round was carried over from the previous round?
How much of earnings are re-invested (e.g., from the last round into this round?)

5.) Have there ever been any rounds where there were losses?

6.) Has there ever been a claim by an investor that access to funds wasn't granted?

7.) Do the balances of wallets, EWallets and exchange accounts (valued in terms of BTCs) currently either equal or exceed the total amount invested?
i.e., can every bit of the invested funds be accounted for?  Has an audit ever been performed by another party?

8.) Are there any ties with other Bitcoin or financial-related organizations?
(e.g., own, are employed by, or receive compensation from any exchange?)

unclescrooge
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July 26, 2012, 08:38:25 AM
 #12

Hi friends.

Any questions, I am here!

L.

I'm sorry to hear that. It was bound to happen. I guess we'll have to hide more to invest in bitcoin.

First question: they can't now to details of your investments and the size of the fund, since this is in bitcoins? Right?

Also, what happens to the fund? Are the bitcoins returned to us, or what?

Thanks

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July 26, 2012, 08:58:25 AM
 #13

I hate this fascit pigs, these parasites, and above all I hate how passive we the peoples are. Democracy? Social justice? What a joke...

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July 26, 2012, 11:29:16 AM
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Someone noted in a article, that CVM (the regulator) now has two choices:

Admit that bitcoin is currency (the first country in the world doing that!)

or say that bitcoin is NOT currency (and thus they cannot punish Leonardo)

I wonder what will happen next =D

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July 26, 2012, 11:33:24 AM
 #15

damn interesting...
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July 26, 2012, 11:42:27 AM
 #16

I don't believe that other first world countries will be following suit.

Instead I am scared as hell of a GLBSE crackdown. I hope that you have contingency plans in case of a SHTF event of this kind, at least to protect the assets of investors.

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July 26, 2012, 11:44:18 AM
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I don't believe that other first world countries will be following suit.

Instead I am scared as hell of a GLBSE crackdown. I hope that you have contingency plans in case of a SHTF event of this kind, at least to protect the assets of investors.

Nefario seemed to have taken good measures to protect our investments, I'm not too worried.

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July 26, 2012, 12:11:55 PM
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Someone noted in a article, that CVM (the regulator) now has two choices:

Admit that bitcoin is currency (the first country in the world doing that!)

or say that bitcoin is NOT currency (and thus they cannot punish Leonardo)

Third choice: threat Leandro. Him not being insane, closes his fund. CVM doesn't bother to say anything more.

Plus, them officially recognizing bitcoin as a form of money would not be good at all, IMHO.
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July 26, 2012, 12:25:58 PM
 #19

@ Leandro:

What was the official reason given for closing your operation down?
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July 26, 2012, 01:11:53 PM
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@ Leandro:

What was the official reason given for closing your operation down?

He had no authorization to operate investment funds, basically. At least that's what I've seen.

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