The authority’s investigation showed that, of the 41 investigated, 31 were involved in the billion-dollar scheme revealed in 2023
The investigation carried out by the Superintendency of Sanctioning Processes of the Securities and Exchange Commission (CVM) concluded that former executive director Miguel Gutierrez led the R$25 billion accounting fraud scheme at Americanas. The collusion was revealed in January 2023. The information comes from journalist Lauro Jardim, from the newspaper The Globe.
Since 2023, Gutierrez has lived in Madrid, Spain. In June of the following year, he after being placed on Interpol’s wanted list, but .
The investigation was completed at the end of 2025. The CVM points out that, of the 41 investigated, 31 were involved in the scheme. According to the authority, directors, managers and employees from different areas of the company acted without the knowledge of the .
The investigation is now in the defense phase of those mentioned. With the stage completed, the accused can present proposals to try to end the . Afterwards, the panel will judge the case, which could take up to a year.
Americanas was also accused on the grounds that, if it is not punished, it will set an example for other companies that “it is enough to attribute responsibility for signatures to non-statutory directors to avoid any responsibility”. “Furthermore, the victims were shareholders, debenture holders and other security holders, the company’s legal representatives were its statutory directors and the fraud was committed by several of them”, argued the CVM in a report.
The municipality estimates that the scheme was already operating in 2013. Technicians were unable to accurately conclude the beginning of the fraud. according to the CVM, former directors Anna Saicali, José Timóteo de Barros, Márcio Cruz Meirelles, Fábio Abrate participated in the collusion. They are considered the main nucleus of .
In a note sent to Young PanAmericanas reaffirmed that the fraud “was carried out by former company executives denounced in ongoing investigations”. According to the company, they were “responsible for disclosing inconsistent accounting results and for all resulting operations”. The retailer also added that “it will continue to cooperate unconditionally with all investigation fronts and dedicate all efforts to seek the conviction of those responsible and compensation for losses”.
