Felipe Souza, 27, of Boca Raton, Florida, has been arrested and charged in connection with a bait-and-switch scheme that defrauded 16 investors out of more than $410,000 by promising high returns on fictitious real estate investments.
The Florida Office of Financial Regulation (OFR) launched an investigation in November 2022 after complaints were filed with the U.S. Securities and Exchange Commission (SEC) concerning Souza’s company, FAS Creative Concepts LLC.
Souza claimed to offer investors a “high-yield investment opportunity” with guaranteed returns between 200% and 338%, coupled with a 100% money-back guarantee. Presenting himself as a seasoned real estate expert, he sought funds to secure collateral for large loans intended to buy and flip properties.
However, when investors started raising concerns about missing returns, Souza provided various excuses about the status of their money. The OFR found that between February 2021 and January 2022, Souza collected $413,800 from sixteen investors by providing false information.
Of the total amount invested, Souza returned only $62,600, leaving an outstanding balance of $351,200. Bank records show that nearly half of the investor funds were transferred to Michael Campbell, who was introduced as a prominent businessman with strong connections.
Campbell, owner of Campbell Elite Consulting LLC and 700 Club Worldwide, was featured on some investment contracts to bolster credibility. Neither Souza nor Campbell held licenses to sell securities or real estate in Florida. Financial records also revealed that the funds were not used for legitimate business activities.
Campbell reportedly spent his share on personal expenses such as shopping, dining, and entertainment, while Souza used funds for utilities and travel.
Souza was arrested by the Palm Beach County Sheriff’s Office on Sunday and now faces sixteen counts of selling unregistered securities and one count of defrauding investors of property valued over $50,000.
