Banco Cruzeiro do Sul SA, Brazil
“The Federal Public Prosecutor’s Office in São Paulo denounced on Monday, January 7, 2018, 17 members of a criminal organization that worked on several fronts for the practice of financial-administrative illicit crimes at Banco Cruzeiro do Sul SA…between January 2007 and March 2012.”
Subsequently, the bank was liquidated and audits showed “impairment of the institution’s economic and financial situation and serious violation of rules issued by the National Monetary Council and the Central Bank.”
Firm was retained by Counsel on behalf of a Brazilian client who sought confirmation of a tracing exercise to recover property valued over $20 million in the State of New York. This action was necessary given the practice of ‘illicit crimes’ by management of a financial institution in Brazil that resulted in material over-statement of its economic condition. The practice included the fraudulent removal of funds from the bank to acquire the property.