The Brazil Securities Commission (CVM) will hold a judgment session from 14:00 on 25 March to decide four administrative sanctioning proceedings involving alleged misconduct by an audit firm and individuals linked to portfolio management, fund administration and issuer disclosure. The cases cover alleged irregularities in an independent audit of Vinci Infra Transmissão Fundo de Investimento em Participações em Infraestrutura financial statements as of 28 February 2020 (BDO RCS Auditores Independentes SS and Paulo Sérgio Barbosa); alleged unlicensed securities portfolio management and a fraudulent securities-market operation, alongside allegations of creating artificial conditions of demand, supply or price (Miner Ltda. EPP and individuals including Geraldo Alves Vieira and Rene Antônio da Silva); an alleged fraudulent operation in the administration and allocation of resources of Fundo de Investimento em Participações Cais Mauá do Brasil Infraestrutura (Finance Moinhos – Assessoria e Consultoria Empresarial Ltda., ICLA Consultoria Ltda. and individuals); and an alleged failure to take timely steps and disclose a Material Fact about a court decision (Jorge Saraiva Neto). The session is open to the public and will be held in person at CVM’s headquarters in Rio de Janeiro, with a videoconference option. If none of the accused or their counsel indicate an intention to participate, the judgment will be conducted in restricted form via electronic voting, and the published case reports may be amended after the session.
Brazil Securities Commission (CVM) 2025-03-24
Brazil Securities Commission schedules 25 March sanctioning judgment session covering audit work, unlicensed portfolio management and alleged market fraud
The Brazil Securities Commission (CVM) will hold a judgment session on 25 March to address four administrative proceedings involving alleged misconduct by an audit firm and individuals linked to portfolio management, fund administration, and issuer disclosure. Cases include irregularities in auditing Vinci Infra Transmissão financial statements, unlicensed securities portfolio management, fraudulent securities-market operations, and failure to disclose a Material Fact. The session will be at CVM’s headquarters in Rio de Janeiro, with public access and videoconference options.