The Brazil Securities Commission (CVM) board has rejected proposed settlement agreements in two administrative sanctioning proceedings. One case involves All Bank Invest Investimentos e Serviços Ltda. and its managers Cláudio Luiz Ursini and Giolianno dos Prazeres Antonio over an alleged public offering of securities without CVM registration or an applicable exemption. The other involves Evandro Luiz de Sousa Jackson over alleged fraudulent options transactions and alleged unauthorized portfolio management, including an alleged undue gain of BRL 750,354.00 and losses of BRL 829,692.10 for one investor. In the All Bank Invest case, CVM's Specialized Federal Prosecutor's Office found no legal impediment to a settlement, but the Settlement Committee recommended rejection because of the alleged seriousness of the conduct, the technical area's position, the prosecutor's overall assessment, and the absence of a proposal to compensate diffuse damages. In the Jackson case, the prosecutor found a legal impediment because the proposal did not provide for compensation for diffuse damages or full redress of individualized losses. The committee also cited the alleged seriousness of the conduct, its classification in Group V of Annex A to CVM Resolution 45, and the gap between the offer submitted and what would be acceptable for a negotiated resolution. The underlying investigation covers options trades carried out between 16 May 2024 and 11 April 2025 and alleged portfolio management activity from 9 September 2022 to 3 April 2025.

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