The director of Custody of Movable Securities (CVM), Sara Goldring, resigned on behalf of her company from the position of alternate director of the Montevideo Stock Exchange (BVM), according to a relevant fact reported by the stock market to the Superintendency of Financial Services of the Central Bank (BCU).
The Board of Directors of the BVM is headed by its president, Ángel Urraburu, its vice-president, Álvaro Facchin, and its secretary, Mauricio Bonnet. The independent directors of the BVM include Ignacio Munyo and Gustavo Viñales.
The BCU decided to intervene preventively this week with the suspension of activities at the Custodia de Valores brokerage furniture, which was denounced for fraud and misappropriation by some clients for some US$ 100 million. The BCU defined that the Montevideo Stock Exchange is the controlling body.
The monetary authority also decided to intervene with the suspension of activities of United Broker SA Securities Agent. “Since they are related companies that share shareholders, senior staff and part of the commercial and administrative staff, the Central Bank of Uruguay also decided to intervene,” explained the BCU.
Her response comes after her clients announced that they would sue her for the losses she caused them. Goldring. Between 300 and 400 clients of his company lost most of the money that was in their custody.
“I am sure that the intervention of the Montevideo Stock Exchange will shed light on the operations carried out and will contribute to giving transparency to all my actions. I am willing to continue working, together with my clients, in order to mitigate the damage suffered and reverse portfolio losses. I am not willing to tolerate smear campaigns to manipulate public opinion, false and bad faith accusations, or personal attacksagainst which I will have to defend myself with all the weapons the law provides,” Goldring said in a statement.
