The Montevideo Stock Exchange, in its capacity as controller of Custody of Valore Mobiliarios that belonged to Sarah Goldringunder investigation for fraud and misappropriation, notified all its customers of their available balances from April 5, 2022 to date
“It is concluded that the securities positions of the clients confirmed by the review are reasonably supported by the security balances in the custodian banks. However, The cash balances in dollars in the custodian banks barely cover 0.7% of the positions of the clients with cash balances, therefore, the returns of the cash balances will be subject to what the existing availabilities allow.“, the statement states.
Last week the Central Bank of Uruguay had decided to dissolve and liquidate the CVM stock brokerage.
https://www.elobservador.com.uy/nota/bcu-resolvio-la-dissolucion-y-liquidacion-de-corredora-de-bolsa-de-sara-goldring-2022123021355
Goldring is being investigated by the specialized prosecutor for economic crimes for fraud and misappropriation after his company had losses in the order of US$ 100 million.
In the email you will receive in the next few hours, The BCU will inform the former clients of CVM that the shares they have will be returned and they will be asked for the name of another broker or company to transfer those shares..
As for cash, the losses were practically total. With this notification, each of the victims will take a real dimension of their situation.
The original idea of Marcos Cukier, one of Goldring’s sons, was to share the losses among the entire client portfolio. This initiative was dismissed by the BCU and the BVM, who dedicated themselves to reconstructing the situation of each one, made up of shares and cash.
The prosecutor’s investigation continues.
