The Brazil Securities Commission (CVM) published decisions in three administrative sanctioning proceedings. It unanimously prohibited investment adviser Américo Maciel de Souza from acting in that capacity for 30 months and imposed two fines of BRL 150,000 each for using clients’ login credentials to conduct transactions and sending false reports and statements to conceal losses. In a separate case, the CVM acquitted former IRB executives Fernando Passos and José Carlos Cardoso of charges concerning disclosures, share repurchases and remuneration payments. Passos was acquitted by majority vote and Cardoso unanimously. The commission also acquitted all defendants in a case concerning alleged use of undisclosed material information in Banco PanAmericano shares, including Décio Goldfarb by majority vote and Banco J. Safra, two Safra funds and Valmir Rendolh Celestino unanimously. Américo Maciel de Souza may appeal to the National Financial System Appeals Council with suspensive effect.
Brazil Securities Commission (CVM)2026-08-03
Brazil Securities Commission imposes 30-month adviser ban and two BRL 150,000 fines, acquits defendants in two other cases
The Brazil Securities Commission imposed a 30-month ban and two BRL 150,000 fines on investment adviser Américo Maciel de Souza for using client credentials and issuing false records to conceal losses. In two other proceedings, the commission acquitted former IRB executives and all defendants accused of insider trading in Banco PanAmericano shares.