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Uruguay central bank closes operations of brokerage firm Pampa Brokers

Banco Central del Uruguay has withdrawn the operating permit and cancelled all activities of brokerage company Pampa Brokers Sociedad de Bolsa, El País reported.

The case goes back to 2013 when the central bank provisionally suspended Pampa Brokers and removed its then president, Juan Carlos Velázquez, after allegations that the executive withdrew "a significant sum" of funds from customer accounts of the company.

As of 2012, Pampa Brokers received claims from four clients regarding the said accounts for a total of $430,000, the report said.

Customers of the brokerage company were reportedly provided service during the suspension period and received their funds, the central bank told El País.