Compliance Radar
Who was sanctioned, and for what?
Fines, court rulings and incidents from Europe, North America, Latin America, Asia-Pacific and Middle East: 1,929 cases from 40 jurisdictions, each with an official source and checked against that source before publication. Filter by country, area of law and sector. Click a chart to drill down one level.
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Where?
by authority- Comissão de Valores Mobiliários (CVM) €41.2m 100 % · 1 case
What for?
by action- Fine €41.2m 100 % · 1 case
Who?
by sectorAll sectors
When?
per quarter, by date of decision| Period | Cases | Total |
|---|---|---|
| Q4 2023 | 0 | – |
| Q1 2024 | 0 | – |
| Q2 2024 | 0 | – |
| Q3 2024 | 0 | – |
| Q4 2024 | 1 | €41.2m |
| Q1 2025 | 0 | – |
| Q2 2025 | 0 | – |
| Q3 2025 | 0 | – |
| Q4 2025 | 0 | – |
| Q1 2026 | 0 | – |
| Q2 2026 | 0 | – |
| Q3 2026 | 0 | – |
| Q4 2026 | 0 | – |
1 case
15 Oct 2024 Florim Consultoria Ltda. (ehem. Silverado Gestão e Investimentos), Santander Caceis Brasil DTVM S.A., Gradual CCTVM S.A. – Massa Falida u. a. (5 Unternehmen)CVM fines Florim, Santander Caceis, BNY Mellon and Deutsche Bank in Silverado FIDC case €41.2m
The Comissão de Valores Mobiliários (CVM, securities regulator) ordered Florim Consultoria Ltda. (formerly Silverado Gestão e Investimentos Ltda.) to pay BRL 244,979,397.58 for fraudulent transactions in managing three receivables funds (FIDC). For deficient controls as administrators or custodians of the funds, Santander Caceis Brasil DTVM S.A. received BRL 2,720,000.00, Gradual CCTVM S.A. – Massa Falida BRL 1,700,000.00, BNY Mellon Serviços Financeiros DTVM S.A. BRL 1,200,000.00 and Deutsche Bank S.A. – Banco Alemão BRL 500,000.00, totalling BRL 251,099,397.58 against companies. BNY Mellon, Gradual, Santander Caceis and Deutsche Bank were acquitted of certain charges.
Administrators and custodians of receivables funds must actively check evidence of receivables and the manager's account access – otherwise they are liable alongside the manager.
Control duties of fund administrators and custodians
- Authority / court
- Comissão de Valores Mobiliários (CVM)
- Area of law
- Capital markets and financial supervision · Market abuse and insider dealing
- Legal basis
- Instrução CVM 08/1979, Ziff. I i. V. m. II c; Instrução CVM 356/2001, Art. 8 § 3 I, Art. 38 III und IV, Art. 39 II und III i. V. m. § 4
- Action
- Fine
- Status of proceedings
- unknown
- Sector
- Financial services and insurance
- Liability of senior managers
- Measures against individuals are not set out here.
- Published
- 16 Oct 2024
Original amount 251,099,397.58 BRL, converted at the ECB reference rate of 15 Oct 2024.
- CVM – CVM multa em quase meio bilhão de reais acusados em processo envolvendo operação fraudulenta na gestão de FIDCs (PAS 19957.006858/2019-25) Press release of an authority
- CVM – PAS 19957.006858/2019-25, Voto do Presidente-Relator (15.10.2024) Decision of an authority
Checked against the official source on 3 Oct 2026 · Direct link