Brazil Securities Commission schedules 19 August sanctions judgments on alleged FIP fraud, front running and audit irregularities

The Brazil Securities Commission (CVM) will hold a sanctions judgment session at 15:00 on 19 August 2025 to decide three administrative sanctioning proceedings, with the session open to the public and available via videoconference. The docket includes a case against Finance Moinhos – Assessoria e Consultoria Empresarial Ltda. and other respondents concerning an alleged fraudulent operation involving the management and allocation of resources of the Fundo de Investimento em Participações (FIP) Cais Mauá do Brasil Infraestrutura. It also includes a case against Marcelo Costa da Cruz, Maurício Costa da Cruz and Noemi Mitsiko Nagasawa concerning an alleged non-equitable market practice in the form of front running. A third case involves BDO RCS Auditores Independentes SS and Alfredo Ferreira Marques Filho concerning alleged irregularities in the independent audit of the financial statements of the Osasco Properties FIP Multiestratégia. The judgments in the FIP Cais Mauá and Osasco Properties audit cases were previously started (on 26 March 2025 and 3 June 2025, respectively) and later suspended following requests for review by directors. If none of the accused or their counsel indicate an intention to participate, the session will be conducted in restricted form via electronic voting, and the published case reports may be amended after the judgment session.