Sefer Investimentos, a financial securities administrator in São Paulohe was liquidated after losing R$25 million with the Master Bank and not being able to make the adjustment charged by the Central Bank.
The Central Bank announced the settlement this Friday (26). According to information obtained by Sheetthe company had liabilities greater than assets by R$11 million. In other words, your equity became negative.
BC supervision also detected accounting fraud to hide asset insufficiencies, according to people familiar with the matter. The reporter tried to contact Sefer by phone and email since this Friday morning, but received no response.
The company had around R$25 million deposited in Master. With the liquidation of Daniel Vorcaro’s bank, in November last year, the company set up insufficient provisions, of around R$1.5 million, to cover the loss.
The BC ordered the distributor to adjust the provisions. But, even implementing the adjustments, the equity remained negative.
The distributor had already been the target of second phase of Operation Compliance Zerowhich investigates fraud in the case of Master Bank.
“The decree of extrajudicial liquidation was motivated by the compromise of the distributor’s economic and financial situation, subjecting its unsecured creditors to abnormal risk, as well as by serious violations of the legal rules that govern the institution’s activity”, informed the BC in a note when communicating the decision to the market.
It is yet another institution that was liquidated in the wake of the collapse of Daniel Vorcaro’s conglomerate — a purification process that is being called “cleaning up the financial system”. In addition to Master, Banco Master de Investimento, Letsbank, Master Corretora, Banco Master Múltiplo, Will Financial, Full Bench and Reag Investimentos.
Sefer, based in São Paulo, is in the S4 segment, that is, it is considered small. It has low representation in the National Financial System, with less than 0.0004% of total assets and 0.17% of third-party managed resources.
