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SAO PAULO – The CVM (Securities and Exchange Commission) announced Wednesday (18) the suspension of the Real Estate Development Merit I Real Estate Investment Fund, managed by Planner Corretora of Valores SA The reasons listed in a statement, include acting improperly "including the fact that their performance looks like that of a financial pyramid with evidence of fraud."
Independent real estate badet manager, founded in mid-2012, Merit would distribute revenue in disagreement with the financial result of its portfolio, according to a CVM press release. Among the accounting problems, it was identified that the amount received as an entry fee is recognized by the manager as income of the Fund, "allowing to pay income at a high level incompatible with the investments made, which generates a growing need for attraction "The CVM also listed as irregularities the recent issue of 225 million R $, with an entry fee of 20%," a figure corresponding to twice the rate of Admission billed to new issuers in the previous issue "; and "indications of fraudulent management of the fund's portfolio, including the carrying out of investments in conflict with the provisions of Article 45, CVM Instruction 472/2008."
Fund Quota Trading is suspended at B3 immediately.
If the irregularities are corrected, the case will be submitted to a collegiate body to define the future of the IFI – in which case it is possible to suspend the revocation. If there is no correction of the action considered fraudulent, it is very likely that the FII will be liquidated.
InfoMoney attempted to contact the fund manager, but has not yet received a response.
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