• Investing
  • Stock
  • Editor’s Pick
  • Economy
The Significant Deals
Stock

Brazil securities regulator accuses eight former Americanas executives of insider trading

by October 19, 2024
written by October 19, 2024

BRASILIA (Reuters) – Brazil’s securities regulator CVM accused eight former executives of retailer Americanas of insider trading involving the company’s securities ahead of the disclosure of a high-profile accounting scandal in 2023.

In a statement late on Friday, the CVM said that after concluding an administrative inquiry, it gathered “robust, compelling, and convergent elements” to support the accusations against former CEO Miguel Gutierrez and seven other former executives, including Jose Timotheo de Barros and Anna Christina Saicali.

Americanas said the findings from investigations carried out by its independent committee and authorities show it was the victim of a “complex accounting fraud” orchestrated by its former executives, including misuse of privileged information.

The company said it has strong interest in clarifying the facts and ensuring all those responsible are held legally accountable.

Barros’ lawyer said he had nothing to say, adding that the defense of his client would be made “by proving innocence with objective data.”

A representative for Saicali said she would not comment on the matter. Gutierrez did not immediately respond to a request for comment.

The accounting fraud case at Americanas rattled Brazilian markets last year, raising concerns about regulatory oversight and the effective punishment of any misconduct.

The retailer, backed by three billionaires who founded investment firm 3G Capital, filed for bankruptcy protection after discovering $4 billion in accounting discrepancies.

This post appeared first on investing.com
0 comment
0
FacebookTwitterPinterestEmail

previous post
Tropical Storm Nadine expected to make landfall in Belize, NHC says
next post
NYC-bound Boeing 767 makes emergency stop during take-off in Senegal

You may also like

BASF results down on impairments, restructuring

January 27, 2025

European chipmakers slump as traders gauge DeepSeek AI...

January 27, 2025

Nasdaq futures tumble as China’s AI push rattles...

January 27, 2025

China Vanke’s CEO, chairman resign amid growing liquidity...

January 27, 2025

Fuji Media, rocked by sexual misconduct allegations, says...

January 27, 2025

Italy’s MPS shares fall ahead of Mediobanca board...

January 27, 2025

British Land stock drops following stake sale

January 27, 2025

UMG shares rally after new multi-year pact with...

January 27, 2025

BASF shares indicated 3% lower as impairments drag...

January 27, 2025

Ryanair cuts 2026 traffic forecast amid ongoing Boeing...

January 27, 2025
Fill Out & Get More Relevant News








    Stay ahead of the market and unlock exclusive trading insights & timely news. We value your privacy - your information is secure, and you can unsubscribe anytime. Gain an edge with hand-picked trading opportunities, stay informed with market-moving updates, and learn from expert tips & strategies.

    Recent Posts

    • Trump implies government could cut contracts and subsidies to Musk’s companies

      June 7, 2025
    • Procter & Gamble to cut 7,000 jobs as part of broader restructuring

      June 6, 2025
    • Shein and Temu see U.S. demand plunge as loophole for cheap goods closes

      June 6, 2025
    • Shein and Temu see U.S. demand plunge as loophole for cheap goods closes

      June 5, 2025

    Categories

    • Economy (245)
    • Editor's Pick (3,646)
    • Investing (505)
    • Stock (6,426)

    Latest News

    • Trump implies government could cut contracts and subsidies to Musk’s companies
    • Procter & Gamble to cut 7,000 jobs as part of broader restructuring

    Popular News

    • Yellen says high US tariff wall ‘deeply misguided’, would raise prices
    • Boeing says it has resumed 767, 777 wide-body production

    About The Significant deals

    • Privacy Policy
    • Terms & Conditions

    Copyright © 2025 thesignificantdeals.com | All Rights Reserved

    The Significant Deals
    • Investing
    • Stock
    • Editor’s Pick
    • Economy