The CNV imposed the toughest sanction in its history to an Alyc for irregularities linked to the Vicentin case

The National Securities Commission (CNV) applied the most severe sanction in its history to the Liquidation and Compensation Agent (ALYC) Guardati Torti Saafter verifying a series of serious irregularities in the management of client funds, informative breaches and violations of the current regulatory regime.

The resolution, adopted by the Board of Directors of the Agency, included a Record economic finecovered by article 132 of the Law No. 26,831 of the capital marketwhich authorizes sanctioning up to five times the benefit illegally obtained or the damage caused. In addition, the disqualification of certain officials —A fact almost without a history in the history of the CNV – and the Total prohibition to society to operate in the market.

In short, the Total fine imposed by the National Securities Commission (CNV) to GUARDATI TORTI SA and its authorities amounts to $ 2,760,905,884 (two thousand seven hundred sixty million nine hundred five thousand eight hundred eighty -four pesos).

Fund diversion and improper use of comfort resources

According to the investigation and the final summary, Guardati Torti used funds from his clients – obtained under his role as Alyc – to cover checks issued on account and order of Vicentin Sa Within the framework of grain brokerage operations, a activity that the company also develops.

This scheme was still maintained when Vicentin had already entered into cessation of payments, and several of the checks began to be rejected. The CNV determined that Guardati held payments with money from stock market, illegitimately crossing financial activities with the agricultural operation with the agricultural operation.

The case came to light when clients began to report Before the CNV operational and administrative problems: impossibility of operating, restrictions to withdraw balances, delays in transfers of titles, differences with the cash records and lack of institutional response.

Multiple irregularities and direct responsibility

The CNV listed a regulatory breachesamong which are:

• Improper Use of Committee Funds stock market for purposes outside your mandate.

• Priority to its own interests over those of customersbreaking the principles of loyalty and professionalism.

• Lack of collaboration with the agency during inspections.

• Sensitive information concealmentas the link with Gyt Plus SA, its main debtor, and the lack of communication of relevant facts.

• Operational persistence in full crisiswithout suspending their activities, which aggravates the damage to investors.

• Misinformation and delay in providing public clarifications.

The CNV also stressed that Board members were fully aware of irregular actionbut they did not notify the person in charge of regulatory compliance, breaking their duty of diligence.

He President of the CNV, Roberto E. Silvahe said that “we have sanctioned Guardati Torti SA in an exemplary way, since it has breached the law of the capital market and the regulations of this commission, appropriating investor funds. “He added:”Important offenses have the corresponding sanction. This measure demonstrates that serious facts are sanctioned with the entire weight of the law, as regards the jurisdiction of the CNV. ”

The fine imposed was calculated based on the benefit obtained from the sanctioned behaviors, extended by the seriousness of the facts and their impact on the Investor public confidencethe market transparency and the financial system as a whole.