CVM Names Former Americanas CEO as Architect of Long-Running Fraud as Sanctioning Process Begins

Overview

• The CVM’s sanctioning unit formally accused 31 individuals and the company, began citing defendants on January 15, and identified Miguel Gutierrez—who remains in Spain—as the scheme’s leader.
• Regulators describe what they consider the largest corporate fraud in Brazil’s capital market, valued at about R$20 billion in the filing, while police estimates reach roughly R$25 billion.
• The mechanics centered on fraudulent VPC “B” entries that inflated profits without cash and the concealment of bank-backed liabilities through off-balance “risco sacado” operations.
• Evidence cited includes confessions and documents from former directors, WhatsApp and email exchanges, handwritten notes on adjustments, fabricated materials used to mislead auditors, and pressure on banks over circularization letters.
• Gutierrez faces six accusations, including managing fictitious results, deceiving the market and auditors, and alleged insider sales of roughly R$158 million, with potential penalties such as fines and disqualification and a CVM timeline of about a year to final judgment.