In a 25 March 2025 session, the Brazil Securities Commission’s board ruled on four administrative sanctioning proceedings, convicting Miner Ltda. EPP and several individuals for unlicensed securities portfolio management, fraudulent securities-market operations and creating artificial market conditions, and fining Jorge Saraiva Neto for failures related to disclosure of a court decision. The board also unanimously acquitted BDO RCS Auditores Independentes SS and its responsible technical partner in an audit standards case, and suspended judgment in a separate proceeding alleging fraudulent operations involving a private equity fund after a request for review. Miner was fined BRL 11.5 million for acting as a portfolio manager without CVM authorisation and BRL 180 million for a fraudulent operation; Geraldo Alves Vieira and Rene Antônio da Silva were each fined BRL 5.75 million for unlicensed portfolio management and BRL 90 million for a fraudulent operation. Five individuals, Murilo Bittencourt Souza, Mayara Ribeiro dos Santos, Marcelo Alves Teles, Cláudio Ewerton Porto Lopes and Gabriel Freitas Vieira, received 60-month bans from acting directly or indirectly in any type of operation in the Brazilian securities market for creating artificial conditions of demand, supply or price. In the disclosure case, Jorge Saraiva Neto was fined BRL 170,000 for failing to adopt timely measures and disclose a material fact about a judicial decision, and a further BRL 170,000 for a separate breach under CVM Resolution 44. Sanctioned parties may appeal, with suspensive effect where applicable, to the Council of Appeals of the National Financial System.

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