CVM fines BTG Pactual, Banif execs for breaking securities act

- Monday, January 17, 2011

CVM fines BTG Pactual, Banif execs for breaking securities act

Brazilian securities regulator CVM has fined executives from several firms, including BTG Pactual (formerly known as UBS Pactual) and the brokerage unit of Portugal-based bank Banif, for violations of the securities act regulating the industry.

BTG Pactual executives were accused of unfair practices and manipulating the asset portfolio of stock investment fund Kollie between 2002 and 2003, while in the case of Banif, executives were accused of offering to sell stocks that had not been approved by the regulator, a release from CVM said.

In total, the executives agreed to pay a little more than 403,000 reais (US$240,000) in penalties.

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To read the full CVM filing in Portuguese, go to this link