Brazil Regulator Accuses Ex-Americanas CEO of Insider Trades

Gutierrez among eight accused of using privileged information
‘Robust’ evidence of impropriety, securities commission says

Brazil’s Public Prosecutor’s Office previously accused former Americanas SA chief executive officer Miguel Gutierrez and his team of carrying out a multiyear accounting fraud estimated at 25 billion reais ($4.4 billion). — Brazil’s Public Prosecutor’s Office previously accused former Americanas SA chief executive officer Miguel Gutierrez and his team of carrying out a multiyear accounting fraud estimated at 25 billion reais ($4.4 billion).
Photographer: Gustavo Minas/Bloomberg

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By Travis Waldron

October 19, 2024 at 5:40 PM UTC

Updated on

October 19, 2024 at 7:02 PM UTC

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Brazil’s securities regulator accused former Americanas SA chief executive officer Miguel Gutierrez and seven others of insider trading, alleging they improperly used privileged information before the disclosure of a major accounting scandal at the retail giant.

The country’s securities and exchange commission said in a statement late Friday that it gathered “robust” evidence supporting the allegations as part of an investigation that has now concluded. Gutierrez and the other executives will now have the chance to respond, it said.