trending Market Intelligence /marketintelligence/en/news-insights/trending/JD74-NLBPtOZFpWavObozg2 content
Log in to other products

Login to Market Intelligence Platform

 /


Looking for more?

Contact Us

Request a Demo

You're one step closer to unlocking our suite of comprehensive and robust tools.

Fill out the form so we can connect you to the right person.

If your company has a current subscription with S&P Global Market Intelligence, you can register as a new user for access to the platform(s) covered by your license at Market Intelligence platform or S&P Capital IQ.

  • First Name*
  • Last Name*
  • Business Email *
  • Phone *
  • Company Name *
  • City *
  • We generated a verification code for you

  • Enter verification Code here*

* Required

Thank you for your interest in S&P Global Market Intelligence! We noticed you've identified yourself as a student. Through existing partnerships with academic institutions around the globe, it's likely you already have access to our resources. Please contact your professors, library, or administrative staff to receive your student login.

At this time we are unable to offer free trials or product demonstrations directly to students. If you discover that our solutions are not available to you, we encourage you to advocate at your university for a best-in-class learning experience that will help you long after you've completed your degree. We apologize for any inconvenience this may cause.

In This List

XP Investimentos to reimburse clients defrauded in pyramid scheme

StreetTalk – Episode 69: Banks left with pockets full of cash and few places to go

Street Talk – Episode 69: Banks left with pockets full of cash and few places to go

Street Talk Episode 68 - As many investors zig away from bank stocks, 2 vets in the space zag toward them

Street Talk Episode 66 - Community banks tap the debt markets while the getting is good


XP Investimentos to reimburse clients defrauded in pyramid scheme

Brazil-based XP Investimentos Corretora de Câmbio Títulos e Valores Mobiliários SA said it will reimburse customers affected by a financial pyramid scheme organized by an autonomous investment agent connected to its BankRio/Invest Smart network, Valor Econômico reported.

The scheme purportedly was carried out by André Luiz da Motta e Albuquerque, an independent agent linked to the investment platform since 2016. Albuquerque created a company called AI e Albuquerque Consultoria, which he used to raise funds from investors with the promise of significant profit. The agent also told the clients that the transactions were unrelated to BankRio or XP Investimentos.

The fraud allegedly resulted in about 20 million reais in losses for the investors who channeled funds to Albuquerque's company.

XP Investimentos learned about the fraud Feb. 28 after receiving a complaint from an investor. It later reported the scheme to the CVM securities and exchange commission and the Brazilian central bank.

On the same day, XP Investimentos dismissed Albuquerque, who subsequently died by suicide.

In a statement, XP Investimentos said the fraud is an isolated case, noting that no transaction was carried out within its platform and funds were never remitted to the company. "The company clarifies that it has no connection with what happened. The event was totally isolated and caused by an individual who acted as an investment adviser, but who also performed irregular parallel activities," the note from XP said.

Still, the firm said that it would reimburse affected investors, "even if legally we have no responsibility."

The CVM told Valor that it does not comment on specific cases, but "monitors and analyzes information and transactions involving participants of the capital market, taking the appropriate measures, whenever necessary." Once the CVM detects fraud, it will pass the case to the federal police and the federal prosecutor's office as it constitutes financial crime, the publication said.

As of March 8, US$1 was equivalent to 3.86 Brazilian reais.