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Brazil - Guru of Bolsonaro is appointed as beneficiary of million dollar fraud in the Stock Exchange

Guru of Bolsonaro is appointed as beneficiary of million dollar fraud in the Stock Exchange

Presented by the candidate Jair Bolsonaro (PSL) as his finance minister in the election case, economist Paulo Guedes is cited in a lawsuit recently adjudicated by the Federal Court as beneficiary of a fraudulent scheme that caused a million dollar losses on the Stock Exchange to Fapes, pension fund of the employees of the National Bank for Economic and Social Development (BNDES). The information is from the digital magazine Crusoe , which had access to the records and to the sentence handed down on July 3 by Judge Tiago Pereira, from the 5th Criminal Court of Rio de Janeiro.

According to a report by Filipe Coutinho, the documents gathered in the case indicate that GPG Participações, the economist and his brother, earned R $ 600,000 in just two days of operation in the Stock Exchange through a fraudulent action, conducted by the brokerage Dimarco. In the period under investigation, the pension fund, also under the baton of the Rio de Janeiro brokerage, suffered a loss of R $ 12 million. The clients mentioned as beneficiaries of the scheme, including Guedes, earned R $ 5 million.

Bolsonaro admits that he does not have knowledge in the economic area and gives carte blanche to Paulo Guedes, whom he calls "Posto Ipiranga". Photo: Miguel Ângelo / CNI

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In early July, Tiago Pereira sentenced three Dimarco officials to four years and eight months in prison for fraudulent management. The brokerage firm closed the doors in 2008, but it had already been assessed in this case by the Securities and Exchange Commission (CVM). Although it has not been prosecuted, Paulo Guedes has his name mentioned four times in the sentence. Its company, the GPG, appears 27 times, according to Crusoe .

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According to the magazine, as the focus was on the broker's conduct, the investigation did not advance on the economist. But according to the publication, the magistrate is categorical in concluding that the frauds committed by the brokerage benefited the economic mentor of Jair Bolsonaro and other investors. He succeeded in all 17 operations he did.

According to the report, the brokerage firm - as responsible for the investment options of the pension fund and other clients, such as the company of Paulo Guedes - was high on the stock exchange and, depending on the results, chose who would win with their bets in 2004 According to the investigations, the operations were registered manually, the profits were destined to a few investors and the losses always remained with the Foundation of Assistance and Social Security of the BNDES (Fape) and its 3,4 thousand associates at the time.

According to the investigations, Bovespa believed that the brokerage house was just disorganized and almost amateurish. Photo: B3

"As evidence of the unlawful allocation of contracts in favor of clients chosen by the defendants, it is the finding that two of the investigated principals, Franklin Delano Lehner and GPG Participações LTDA, who made excellent results in the Ibovespa futures market when they operated for Dimarco, with the participation of Fapes, had, at the same time, very poor results when they carried out analogous transactions in other brokerages, which shows that the success of their transactions could not be explained solely by their knowledge and their market capacity ", says sentence of Judge Tiago Pereira.

In another section of the decision, the magazine points out, the magistrate says, without citing names, that clients also participated in the frauds. "The beneficiaries in the spurious transactions, without a doubt, participated intentionally in the planning of the criminal action and locuplearned of its results."

Hand-written operations

The first indications against Dimarco came after successive audits by the São Paulo Stock Exchange pointed to the broker's "impressive disorganization." The operations were recorded manually, in a notebook, without following the basic rules of the Exchange. There were scraped documents and investment requests in no definite chronological order, reports Crusoe .

Before the court ruling, a CVM investigation had already included Paulo Guedes as one of the beneficiaries of the suspicious transactions. Photo: CVM

The initial suspicion has evolved into the discovery of a fraud, according to the magazine. In practice, according to the complaint, Fapes was used to test the profit potential of the transactions. If the transaction was profitable, the orders were directed to those chosen by the broker. When there was loss, the losses were with the pension fund itself.

Before the court ruling, a CVM investigation had already included Paulo Guedes as one of the beneficiaries of the suspicious transactions. But the committee concluded that it was not possible to confirm, in a "concrete way", the participation of him and other investors in the irregularities.

For Judge Tiago Pereira, the administrative proceeding could have been more rigorous. "The set of evidence gathered by the prosecution is so overwhelming that it really impresses the excess of caution adopted in the sanctioning administrative process," says the magistrate in his decision.

"I never caused injury"

In an interview with Crusoe , Paulo Guedes said that its operators had autonomy to distribute the investment orders among several brokerages and that it is normal to have expressive profits and losses in different brokerages. The economist said that he has no relationship with Dimarco and that he was unaware of the process in which he is cited.

"I never did any harm to anyone who was a counterpart," Paulo Guedes told Crusoé magazine. Photo: Play / TV

"I have no idea what this is about.I'm absolutely sure that I have never acted to the detriment of any counterparty in a day-trade operationin companies in which I have a stake.I have never caused any harm to anyone who is a counterpart. operations day-trade , do not even know who is the counterparty "he said. Operations in the day-trademode are those of very short term, which can be done in hours or minutes.

Guedes said he would seek information on the case and associate it with the election period. "If I have been quoted for 30 days, I will know what that quote is, I know that as soon as I started helping in a campaign, quotes began to appear, and I will deal with them, each one at a time," he told the digital magazine.

The  Congress in Focus  tried, in several ways, to contact Paulo Guedes. So far the economist has not returned to the report.

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Stock ExchangeBovespaPresidential RaceCorruptionCVMDimarcoFraudulent ManagementJair BolsonaroFinancial MarketPaulo Guedes