The financial market is structured and regulated by the competent authorities and consists of various financial institutions, including banks, brokerage firms, asset management companies, and payment service providers. However, scammers and fraudsters take advantage of the trust of unsuspecting investors and set up parallel structures that constitute frauds and scams, posing a significant threat to the popular economy.
Who has never heard of financial pyramids, false promises, financial companies without the approval of the Central Bank, and scammers promising easy money?
In mid-month, a fake agent operating in Espírito Santo was convicted of fraud and money laundering, capturing investors irregularly, without authorization from any financial institution.
The conviction of the prisoner reignited the debate on fraudulent schemes and pyramids. According to Lélio Monteiro, founding partner and investment advisor at Pedra Azul Investimentos, stories of Boi Gordo, Avestruz Master, and TelexFree are well-known in Brazil. But those who think the problem stops there are mistaken. “The number of fraudulent schemes in Brazil, inspired by financial pyramids, amounts to hundreds, perhaps thousands of events,” says the advisor.
The CVM (Securities and Exchange Commission) has increased its surveillance and actions on the subject and has a specific website to guide the general population on irregular offers and actions. “There is progress in the discussion of updating legislation, and there have been some convictions in court that shed more light on a crime that is still difficult to typify,” says Monteiro.
Lélio reminds us that financial pyramids will always exist, along with incredibly profitable investments that always use the premise of appropriating a product. “Today, these fake products can be cryptocurrencies, trading, sports betting, and recently, solar plants,” he emphasizes.
So what can you do to avoid falling for this type of scam? Mainly, look for investment companies, advisory firms, banks, and quality information. According to the investment advisor, it is important not to let emotion override reason: “Be careful with promises of unmissable opportunities, false entrepreneurship, instant wealth. Don’t believe in false promises, don’t deposit your money anywhere, and seek help from a licensed professional. Ask questions, clarify doubts, and question before acting impulsively,” points out Monteiro.
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