Brazil’s Securities Commission (CVM) has accepted a settlement agreement with Diego Paixão Nossa Villar, chief executive officer of construction firm Moura Dubeux Engenharia S.A., resolving an administrative enforcement case involving an alleged securities violation. The CVM board approved the settlement on October 6, 2026, which requires Villar to pay R$ 180,000 to the regulator.
- Settlement Amount: R$ 180,000
- Case Number: PAS CVM 19957.018457/2025-66
- Stock Sale Date: July 29, 2025
- Shares Sold: 15,000 ordinary shares
- Financial Disclosure Date: August 13, 2025 (Q2 2025 results)
The enforcement action centered on Villar’s sale of 15,000 ordinary shares of Moura Dubeux on July 29, 2025, two weeks before the company disclosed its second-quarter 2025 financial results on August 13. The CVM’s Superintendency of Corporate Relations initiated the administrative case to investigate a potential violation of Article 14 of CVM Resolution 44, which addresses trading restrictions during periods preceding material information disclosures.
The CVM’s Specialized Federal Attorney’s Office found no legal impediments to the settlement, and negotiations between Villar and the CVM’s Settlement Committee concluded with his agreement to the monetary penalty. The Settlement Committee deliberated to accept the proposal, and the full CVM board concurred with the committee’s recommendation.
Moura Dubeux Engenharia S.A. is a Brazilian construction and real estate development company listed on Brazil’s public capital markets.
