D9 Clube classified as Ponzi scheme by CVM

Brazil’s regulator Comissão de Valores Mobiliários (CVM Brasil) utterly sustains D9 Clube, a “company” managed by Mr. Danilo Vunjão Santana Gouvêia is a pyramid, known as “Ponzi scheme”, and says it is about to fall apart. The regulator claims it has no jurisdiction on this case, but recommends a fast action from those associates who invested in the scheme to hold back their positions before losses are higher.

D9 CLUBE is a financial pyramid with “no doubt”, Comissão de Valores Mobiliários (CVM Brasileira) said, after receiving a number of complaints from customers who have invested on it using Bitcoins and even properties. CVM utterly recommends that no one shall be investing in D9 Clube, and advices all associates to hold back “before losses are higher”.

The company claims to offer a guaranteed profit plus bonuses through a sports trading system, which has actually proved to be a fraud. According to Fabrizio Garbi, from Brazilian Federal Police, everything began right after an awards ceremony in which many associates haven’t been properly paid and felt aggrieved. Even after that, a much higher number of people have not received the transfers, while just a few got the money back. All of that indicates the company relies on capturing new associates to manage the payments to existent associates (which clearly configures a Ponzi scheme). Based on the interval between payments, there is no doubt the case actually comprises a pyramid, and D9 Clube is then rapidly collapsing.

After receiving many complaints, CVM – together with the country’s public attorney’s office and the Federal Police – communicated SEC in United States, asking for measures to be taken in partnership with FBI, blocking Bitcoins (digital currency used for payments), the main source of D9’s revenues. Contrary to the common sense, Bitcoins can be tracked. Actually, FBI detains the larger position in Bitcoins in the whole world, due to its constant action against swindlers.

Federal Reserve in Brazil, Federal Police and the Public Attorney’s Office united in order to investigate further the alleged pyramid scheme involving D9 Clube. Company’s owner, Mr. Danilo Vunjão Santana Gouvêia,  together with other 78 associates (including the IT and development team), is being charged with crimes against the financial order and the economy, denying CVM’s position and sustaining D9 Clube is a “guaranteed” fixed income investment.

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