The Brazilian SEC has launched an investigation into the Investimento Bitcoin Ponzi scheme.

Although they’ve yet to make a formal statement, the Brazilian SEC (CVM) has confirmed to UOL it is investigating Investimento Bitcoin for suspected fraud.

CVM (Securities and Exchange Commission) says in a report that it has found “evidence of fraud in third-party fundraising with typical financial pyramid characteristics” and suggested to the Public Prosecutor to investigate the company’s activities.

A followup September 13th UOL report details Conar’s recommendation to suspend Investimento Bitcoin advertising.

Conar is a ‘Brazilian non-governmental organization that self-regulates the advertising sector in the country‘.

According to UOL’s report, Investimento Bitcoin advertising ran on Brazilian television and websites.

BehindMLM reviewed Investimento Bitcoin in July. Based on its business model, we concluded the company was a Ponzi scheme.

Based on heavy localized targeting, whoever is running Investimento Bitcoin is believed to be in Brazil or Brazilian living elsewhere.