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Brazil central bank orders liquidation of brokerage UM Investimentos

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Brazil central bank orders liquidation of brokerage UM Investimentos

Banco Central do Brasil ordered an extrajudicial liquidation of Rio de Janeiro-based brokerage UM Investimentos SA Corretora de Títulos e Valores Mobiliários, citing the "serious equity situation" at the entity.

In a decree signed by central bank President Roberto Campos Neto, the monetary authority said there were "serious violations" of regulations and "losses that subject its creditors to abnormal risk."

The central bank also ordered the blocking of assets of UM Investimentos' major shareholder Fernando Opitz and direct controllers FDJ Empreendimentos e Participações Ltda., Investplus Empreendimentos e Participações Ltda., and Umuarama Empreendimentos e Participações Ltda., according to a Valor Econômico report.

Six former administrators at the brokerage also had their assets ordered to be blocked.

In 2015, XP Investimentos agreed to acquire UM Investimentos' individual investment portfolio.