Central Bank decrees extrajudicial liquidation of Sefer Investimentos, target of PF operation in the Master case

Central Bank of Brazil (BC).
Adriano Machado/ Reuters
The Central Bank (BC) decreed this Friday (26) the extrajudicial liquidation of Sefer Investimentos Distribuidora de Títulos e Valores Mobiliários Ltda., based in São Paulo. The company was also being investigated within the scope of the Federal Police's Operation Compliance Zero.
In practice, this means that the institution will have its activities closed under the supervision of the BC, without going through a conventional recovery process.
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According to the monetary authority, the measure was taken because the company presented a compromised financial situation and had committed serious violations of the rules that regulate the functioning of institutions in the sector.
The Central Bank also informed that it will continue to investigate the case to determine responsibilities. Investigations may result in administrative sanctions and the sending of information to other competent bodies.
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In addition, the assets of Sefer's controllers and former administrators became unavailable as of this Friday.
Despite the decision, the BC highlighted that Sefer has a small stake in the National Financial System.
The institution falls within the S4 segment, aimed at smaller companies, and represents less than 0.0004% of the assets of the financial system and around 0.17% of the resources managed by third parties.
What is Sefer Investimentos?
Founded in 1994 and controlled by the holding company Sefer Participações em Instituições Financeiras Ltda., Sefer Investimentos operates in the financial market offering services such as fund management, asset custody, investment distribution and resource management.
On its institutional website, the company claims to have more than 30 years of experience and provides services to dozens of investment funds, in addition to managing billions of dollars in assets.
The distributor has been associated with the Brazilian Association of Financial and Capital Market Entities (ANBIMA) since 2005 and claims to follow capital market self-regulation codes.
The entity, however, records that the institution has already been the target of a procedure to investigate irregularities that ended in 2017.
Sefer was the target of Operation Compliance Zero
Before having its extrajudicial liquidation decreed by the Central Bank, Sefer Investimentos was among the targets of the second phase of Operation Compliance Zero, launched by the Federal Police in January this year.
The investigation investigates the alleged participation of funds and investment brokers in a fraud scheme billionaire that would have been led by Banco Master, later liquidated by the Central Bank. The case is being processed at the Federal Supreme Court (STF).
At the time, all those investigated denied having committed irregularities. In a note released at the time, Sefer also stated that it had not committed any illegal act and declared that it acted exclusively in the management and administration of third-party resources, without granting credit with its own resources.
In addition, the company appeared as one of the main creditors mentioned in the Fictor Group's request for judicial recovery.
The conglomerate reported owing around R$430 million to the brokerage, but Sefer disputed this information and stated that it was not the group's creditor.

Source: G1