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3w ago

Guardati Torti Hit With 2.76 Billion-Peso Fine, Market Ban by Argentina’s CNV

This landmark case marks the first time the CNV has applied a 1.5× multiplier under Article 132 to penalize a brokerage’s misuse of client assets in covering Vicentin obligations.

Sede de la Comisión Nacional de Valores, en el microcentro porteño
La Comisión Nacional de Valores (CNV) decidió aplicarle a Guardati Torti la sanción más importante de la historia del organismo.
De qué se trata la dura sanción de la CNV. 

Overview

  • The securities regulator imposed its highest-ever penalty of 2.76 billion pesos on Guardati Torti S.A., calculated at 1.5× the illicit benefit per Article 132 of the Capital Markets Law.
  • Executives were disqualified and the firm was barred from operating in regulated markets following a multi-year probe.
  • Investigators found that Guardati Torti diverted client funds to honor post-dated Vicentin checks despite knowing the grain company was in default.
  • The firm concealed critical information, obstructed CNV inspectors and issued confusing communications while failing to meet minimum diligence standards.
  • Undisclosed conflicts of interest with related firm GYT Plus S.A. exacerbated governance lapses and were not declared as significant facts.