The Brazilian Securities and Exchange Commission, the CVM, rejected a proposed settlement with Bluenbenx and its partner, suspected of creating a scheme. In 2019, the company had already been the subject of an Administrative Proceeding by the CVM, which investigated the way in which the company offered its business in the market.
Offering investment baskets with income proposals for investors, Bluebenx ended up drawing attention to a possible fraudulent practice.
Thus, the PAS opened by the CVM summoned the company to provide clarifications, which did not convince much.
CVM rejects proposal for agreement with Bluebenx and its partner
This Wednesday (19), the CVM published that it rejected a proposal for an agreement sent by the company Bluenbenx and its partner, Roberto Cardassi.
The proposal consisted of a payment of a fine in a single installment by the company and its partner, in the amount of R$ 150 thousand.
“Subpoenaed, BLUEBENX and ROBERTO CARDASSI presented defense reasons and a proposal to enter into a Term of Commitment, aiming at the consensual solution of the ongoing sanctioning process, in which they offer to the CVM the payment of the total amount of BRL 150,000.00 (one hundred and fifty thousand reais), in a single installment, distributed as follows: (i) BLUEBENX – R$ 120,000.00 (one hundred and twenty thousand reais); and (ii) ROBERTO CARDASSI – BRL 30,000.00 (thirty thousand reais).”
The company also asked the CVM to waive the need to register the offer made by the company. If the commission denied the request, Bluebenx still requested the instruction to register all products offered.
The CVM found that the company issued an investment token without proper registration in the securities market, with the company and its partners being responsible for the crime. In addition, the autarchy recalled that it sent letters warning that the company was carrying out improper fundraising, but it completely ignored the autarchy’s warnings.
Within the scope of the investigation, the commission evaluated that all the answers offered were inconsistent, not making clear the period of funding, number of investors and value.
In this way, the CVM rejected the agreement proposal sent by Bluenbenx and its partner, due to “non-cessation of the practice and the obstacle to the execution of the agreement maintained by
PFE / CVM ”.
“Due to the foregoing, the Committee, in deliberation held on 11.09.2021, decided to give an opinion with the CVM Board of Directors on the REJECTION of the joint proposal for a Term of Commitment presented by BLUEBENX TECNOLOGIA FINANCEIRA SA and ROBERTO DE JESUS CARDASSI.”.
The CVM’s publication made this Tuesday reinforces that the Specialized Federal Attorney’s Office also found it legally risky to enter into an agreement with the company. It is unclear whether the CVM will issue a public Stop Order and charge the company a fine, but the case certainly gets more complicated for the token provider to continue its operations.