Brazil – CVM Failure to Disclose Stock Sale

Brazil – CVM Failure to Disclose Stock Sale

On 1 December 2020, BRZ CVM imposed fine for failure to disclose stock sale.

  • BRZ CVM found Jonas Spritzer Amar Jaimovick and Spritzer Consultoria Empresarial Eireli (SCEE) violated of art. 12, paragraph 1, 4 of CVM Instruction 358/021.
  • Respondents failed to inform Ideiasnet SA of the sale of shares in the company.

Violative Conduct

  • Ideiasnet was questioned on 9 January 2019, by BZVM re atypical fluctuations in price of the company's shares for trading sessions between 21 December 2018 to 9 January 2019.
  • BRZ CVM SEP found Jaimovick and SCEE were the subject of CVM Deliberation 778 warning market participants about their possible unauthorized securities services.
  • On 16 January 2019, Ideiasnet released notice to the market (Doc. 0776978) informing that per stock bookkeeper, Jaimovick and SCEE reduced equity interests.
  • Their participation in the company's capital stock would be 14.52 percent.
  • At this point, Ideiasnet had not yet received information regarding the reduction of participation, under the terms of art. 12 of CVM Instruction 358/02.


  • Jaimovick and SCEE were fined R$500,000 or R$ 250,000 each for failure to disclose.