Brazil’s Securities Commission (CVM) ordered Santo Trader Treinamento Profissionais Ltda. and its legal representative, Oliver Augusto Moreno Spanghero, to immediately stop advertising or offering securities analysis services in Brazil after identifying indications the firm was acting without the required CVM authorization. The measure, issued through CVM Deliberation 905, targets offers disseminated via the websites santotrader.com and santotrader.me, as well as the firm’s YouTube channel and Instagram profile. Non-compliance can trigger a daily coercive fine of BRL 50,000, and the CVM noted it may still pursue liability for alleged prior breaches through an administrative sanctioning proceeding under Article 11 of Law 6,385. The CVM also invited investors who have received investment proposals from the firm to report details and the identities of those involved so the regulator can take prompt action.
Brazil Securities Commission (CVM) 2025-11-27
Brazil Securities Commission orders Santo Trader to immediately stop unlicensed securities analysis offers under threat of BRL 50,000 daily fine
The Brazil Securities Commission (CVM) has ordered Santo Trader Treinamento Profissionais Ltda. and its representative, Oliver Augusto Moreno Spanghero, to cease offering securities analysis services without CVM authorization. The enforcement action, under CVM Deliberation 905, applies to promotions on their websites and social media, with non-compliance risking a daily fine of BRL 50,000. The CVM also seeks information from investors on proposals received from the firm.