The Brazil Securities Commission (CVM) published the outcomes of three enforcement proceedings decided at a Sept. 8 hearing, imposing more than BRL 203 million in fines. The principal case concerned the issuance and distribution of Brazil Realty FII units, which the CVM found constituted a fraudulent capital markets transaction involving 16 defendants. Fraud related fines totaled BRL 201.5 million, with additional penalties for disclosure, fiduciary and operational violations and for obstructing supervision. Sefer Investimentos received a further BRL 1.3 million in fines for failures involving offering information, centralized custody, regulatory communications, shareholder approval and financial statement disclosure. Four defendants were fined a combined BRL 480,000 for obstructing supervision, while three individuals were acquitted of the fraud allegation. In a separate proceeding, the CVM acquitted Milo Investimentos and Pedro Junqueira Moll of creating artificial conditions of demand, supply or securities prices. The CVM also fined Carolina Pestana Coelho, former investor relations director of Ybyrá Capital, BRL 65,000 and issued a warning for failures involving shareholder meeting information, board minutes and the reference form. Sanctioned parties in the Brazil Realty FII and Ybyrá Capital cases may appeal with suspensive effect to the National Financial System Appeals Council.
2026-09-16Brazil Securities Commission (CVM)
Brazil Securities Commission imposes more than BRL 203 million in fines, chiefly over fraudulent Brazil Realty FII offering
The Brazil Securities Commission imposed more than BRL 203 million in fines across three enforcement cases, chiefly for the fraudulent issuance and distribution of Brazil Realty FII units. It also penalized related disclosure and supervisory obstruction violations, sanctioned a former Ybyrá Capital director and acquitted two defendants in a separate market manipulation case.