Brazil’s securities regulator, the Comissão de Valores Mobiliários (CVM), accepted a settlement proposal totaling R$2,389,887.14 on September 29, 2026, resolving allegations of market manipulation involving TC S.A. (formerly TC Traders Club S.A.). Three individuals agreed to pay penalties following an investigation into suspected price manipulation of the company’s shares.
- Settlement Amount: R$2,389,887.14
- Pedro Geraldo Bernardo de Albuquerque Filho payment: R$765,000.00
- Thiago Eiki Bonfim Nagumo payment: R$612,000.00
- Felipe Abi ACL de Miranda payment: R$1,012,887.14
- Investigation Start Date: October 2021
The administrative process alleged that Pedro Geraldo Bernardo de Albuquerque Filho, Thiago Eiki Bonfim Nagumo, and Felipe Abi ACL de Miranda engaged in unlawful share trading activities. Albuquerque Filho, who served as president and director of TC S.A., faced separate allegations of trading the company’s shares during prohibited periods. Nagumo allegedly participated in price manipulation through securities transactions beginning in October 2021. Miranda was accused of indirect participation through exclusive investment funds and the production of a video with potentially defamatory content toward TC S.A. in June 2022.
The CVM’s Compromise Agreement Committee (CTC) determined that no legal impediment existed to settle, and negotiations concluded with the three parties committing to the financial penalties. The regulator’s specialized federal prosecutor’s office confirmed the agreement satisfied legal requirements. The settlement resolves the administrative process prior to the potential initiation of formal sanctioning proceedings.
In a separate decision, the CVM rejected a compromise proposal from five executives at Construtora Sultepa S.A. (under judicial recovery), citing legal obstacles and the severity of alleged infractions, including failure to maintain external record-keeper services, improper internalization of corporate records, and delayed regulatory filings.
