The Securities and Exchange Commission (CVM) has imposed a fine of R$50,000 per day on day trader training company Santo Trader and its partner, Oliver Augusto Moreno Spanghero, for irregular provision of securities analysis services.
The municipality had already decided, last June, that the company and Spanghero would suspend offers of investment brokerage services, due to the lack of the license required by law.
The decision, issued on Thursday, cites evidence that two websites, a YouTube channel and an Instagram account were used to publish investment analyzes without a licence. On the channel, the company reveals “how to make money” through daily operations in the capital markets. The last video was from yesterday.
The practice of investment analysis must be approved by the Securities Exchange Commission, in accordance with the law, and failure to comply with this requirement constitutes an offence. In the June decision, customer acquisitions were specified to carry out financial operations through the broker EBC Financial Group, a partner of Santo Trader, based in London.
When contacted, Spanghero had not responded at the time of publishing this note. (*Participant in the Courageous Economic Journalism course under the supervision of Talita Moreira)