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Brazil central bank says brokerage firm Gradual will be liquidated

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Brazil central bank says brokerage firm Gradual will be liquidated

Banco Central do Brasil approved the extrajudicial liquidation of brokerage firm Gradual - Corretora de Câmbio Títulos e Valores Mobiliários SA after seeing "serious violations of legal and regulatory rules" committed by the company.

In a statement, the central bank also pointed to the impairment of the broker's economic and financial situation, as well as "the existence of damages that subject its creditors to abnormal risk."

The central bank said it launched measures to determine who's liable for the company's liquidation.

Gradual's owners, Fernanda Lima and husband Gabriel de Freitas Júnior, are under investigation for alleged fraud in debentures, Valor Econômico reported. The brokerage company earlier advised clients that it was closing its operations in the stock market.

According to the central bank, Gradual has "low relevance" in Brazil's financial system, representing only 0.003% of total assets and 0.07% of funds managed by third parties.