CVM imposes fines on TBM-Têxtil Bezerra de Menezes and the accused for irregular conduct

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Ezequiel Gomes

03.06.2026

CVM imposes fines on TBM-Têxtil Bezerra de Menezes and the accused for irregular conduct — CVM fines TBM and manager

The Securities and Exchange Commission (CVM) ruled on June 2, 2026, on two administrative sanctioning proceedings related to the oversight of the Brazilian capital market. The decisions total more than R$ 525,000 in fines and affect both administrators of TBM-Têxtil Bezerra de Menezes S.A. and an individual accused of irregular portfolio management.

Highlights

CVM fines Thiago Yabrudi Brimana R$ 255,000 for irregular portfolio management, with the possibility of appeal.
In the case of TBM-Têxtil Bezerra de Menezes, administrators received individual fines of R$ 91,000, R$ 70,000, and R$ 21,000 for regulatory violations.
The decisions of the CVM reaffirm regulatory pressure on the managers of publicly held companies, indicating a focus on conduct and governance in the capital market.

This article was translated from the original. Read the original version by our correspondent here.

Sanctioning decisions and applied amounts

According to the Securities and Exchange Commission, PAS CVM 19957.005514/2025-47 was initiated by the Superintendence of Institutional Investor Supervision to investigate the responsibility of Thiago Yabrudi Brimana for alleged irregular activity in portfolio management.

After reviewing the case and following the vote of director Marina Copola, the agency’s board unanimously decided to convict Thiago Yabrudi Brimana, imposing a fine of R$ 255,000 for violating Article 2 of CVM Resolution 21. The accused may still appeal to the National Financial System Appeals Council.

In PAS CVM 19957.011123/2025-61, initiated by the Superintendence of Corporate Relations, the CVM also decided to convict administrators of TBM-Têxtil Bezerra de Menezes S.A. Ivan Rodrigues Bezerra received a fine of R$ 91,000, while Ivan José Bezerra de Menezes, Marcelo Meneghessi, and Ricardo Jucá Machado were each fined R$ 70,000, and Lize Bezerra de Menezes Morais Correia and Davi Bezerra Januário were each fined R$ 21,000.

Regulatory impact on the capital market

The decisions reinforce the CVM’s sanctioning actions regarding both irregular portfolio management and the responsibilities of administrators of publicly held companies. The ruling signals the ongoing regulatory pressure on agents and executives subject to capital market rules.

In the case of TBM-Têxtil Bezerra de Menezes, the sanctioned individuals may file an appeal with suspensive effect to the National Financial System Appeals Council. In the proceeding involving Thiago Yabrudi Brimana, there is also the possibility of appeal, keeping the administrative process open after the agency’s ruling.

In our previous publication, we addressed the decision of the Lisbon Central Criminal Court regarding the enforcement of Ricardo Salgado’s convictions in the EDP and Operation Marquês cases. The court upheld the single sentence of 13 years but suspended its enforcement, considering, based on medical expertise, that the defendant’s health condition prevents him from understanding the meaning and scope of the punishment.

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