Brazil’s securities regulator accuses eight former US executives of insider trading by Reuters

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

In a statement late Friday, the CVM said that after concluding an administrative investigation, it gathered “strong, convincing and converging elements” to support the accusations against former CEO Miguel Gutiérrez and seven other former executives, including Jose Timotheo de Barros and Anna. Cristina Saicali.

Americanas said the findings of investigations by its independent committee and authorities show it was the victim of a “complex accounting fraud” orchestrated by its former executives, including insider trading.

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

Representatives for Gutiérrez, Barros and Saicali did not immediately respond to requests for comment.

The accounting fraud case at Americanas rocked Brazilian markets last year, raising concerns about regulatory oversight and effective punishment for any wrongdoing.

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