The Brazil Securities Commission published decisions in two administrative sanctioning proceedings, imposing a BRL 255,000 fine on Thiago Yabrudi Brimana for irregularly carrying out securities portfolio management and fining six directors of TBM-Têxtil Bezerra de Menezes S.A. for failures in periodic reporting and the timely holding of the annual general meeting. In the first case, the charge concerned a breach of the rules on securities portfolio management under CVM Resolution 21 and Law 6,385/76. In the TBM case, Ivan Rodrigues Bezerra was fined BRL 91,000, Ivan José Bezerra de Menezes, Marcelo Meneghessi and Ricardo Jucá Machado BRL 70,000 each, and Davi Bezerra Januário and Lize Bezerra de Menezes Morais Correia BRL 21,000 each. The decision links those penalties to failures to prepare and submit periodic information to the CVM and, for some defendants, the failure to hold the annual general meeting within the legal deadline. All sanctioned parties may appeal to the National Financial System Appeals Council with suspensive effect.
Brazil Securities Commission (CVM)2026-06-02
Brazil Securities Commission fines BRL 255,000 for irregular portfolio management and sanctions TBM directors over reporting and AGM failures
The Brazil Securities Commission imposed a BRL 255,000 fine on Thiago Yabrudi Brimana for irregular securities portfolio management in breach of CVM Resolution 21 and Law 6,385/76. It also fined six directors of TBM-Têxtil Bezerra de Menezes S.A. for failures in periodic reporting and in holding the annual general meeting within the legal deadline. All sanctioned parties may appeal to the National Financial System Appeals Council with suspensive effect.