Brazil’s securities regulator, the Comissão de Valores Mobiliários (CVM), handed down sanctions on July 14, 2026, against multiple company executives across two administrative proceedings, including a R$40,000 fine against a director at Ammo Varejo S.A. for tardy submission of financial disclosures.
- Fine Amount: R$40,000
- Sanction Date: July 14, 2026
- Company Affected: Ammo Varejo S.A.
- Violation: Late filing of 2023 financial statements under CVM Resolution 80, Article 27
Luiz Conrado dos Santos Carvalho Sundfeld, serving as director of investor relations at Ammo Varejo, received the monetary penalty for untimely delivery of financial demonstrations for the 2023 fiscal year. Additionally, Josué Gomes and João Gustavo Rebello de Paula, holding positions as president and board member, respectively, each received written warnings for failing to convene a shareholder assembly in violation of Brazilian corporate law articles 132 and 142.
The CVM’s ruling also addressed a separate case involving Julio Enrique Varela Gubitosi and Daniil Sergunin related to alleged irregularities at Fertilizantes Heringer S.A.‘s ordinary shareholder meeting in April 2023 and disclosure deficiencies concerning related-party transactions with Eurochem Comércio de Produtos Químicos Ltda. and Fertilizantes Tocantis S.A. The regulator acquitted Sergunin but found Gubitosi guilty of submitting incomplete and inconsistent information about company contracts and improperly denying shareholder registration on the digital assembly platform. Gubitosi received an advertência (written warning) for these infractions.
All sanctioned parties retain the right to appeal to the Conselho de Recursos do Sistema Financeiro Nacional with suspensory effect. The CVM votes proceeded unanimously, with Director João Accioly absent on leave during both proceedings.
