Santander executive under criminal investigation in Brazil

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Santander’s arrival Chief Accounting Officer is under criminal investigation in Brazil on charges of abusing funds while working as senior executive in the country’s largest bank.

Documents reviewed by the Financial Times showed that Brazilian Federal Prosecutors have ordered police to launch an investigation by Alexandro Broadoel Lopes, a former ITA Unibanko chief financial officer, this month.

The documents show that the Federal Public Prosecutor Office in Sao Paulo mentioned the case after preliminary investigation of the accused crime.

It followed by the ITA allegation that Broadel was personally benefited from the fees that the banks paid to the bank while working there personally.

Broadel was not charged with any crime, and Brazil’s federal police said they did not confirm or comment on a possible ongoing investigation. The Federal Prosecutor Office said it could not confirm the investigation.

Broadel joined Santanda In October and in the coming months, the Spanish Group is expected to take over as the Chief Accounting Officer – a role that will make him a member of the bank’s senior management team.

He received the necessary approval from the regulators, said Santandar. These include passing the “fit and appropriate” test of the European central bank for senior managers.

Police investigations have been published after the ITA, the largest bank of Brazil by Brazil’s total assets, filed two cases against Broadel and others in December and January, and now demanded the abuse of funds such as police investigation.

According to the documents seen by the FT, the bank also brought this claim to the public prosecutor.

After the initial interrogation, the prosecutor decided that “the events needed to determine the events” were needed to investigate, showing documents, after the initial interrogation.

Santandar said that Broadel was a “highly respected senior executive” who was “because of the CAO at the end of this year”, added that it was “any development observation”. The Spanish NDER MOSTER said before that Broadel “would start as” chief accounting officer in early 2025.

A spokesperson of Broadel in a statement to FT given by Santanda described the allegations Itaú As “baseless and meaningless”.

The statement said, “Alexandro Broadel has always operated himself morally and transparently in all his activities in the bank for 12 years,” the statement said.

The prosecutor reports that it sent to the police and filed a civil claim court, the ITA complained that Broadel had funded the bank through an external consultant to the bank, who appointed NDDar.

The ITA has claimed that Bridedel finally got 40 percent of the fees paid to the consultant, after the transfer of money through multiple entities. According to the citizen case, the total, Broadel has been alleged to illegally received R 4.86MN (834,000).

The ITA has complained that it could not find the appropriate record for 16 of 40 agreements with the consultant and claimed that they were probably fictitious and the work was never implemented.

According to the documents, Broadel also failed to report the ITA internal consent team that he and the external consultant were partners in an organization called the Broadel Consultors Association.

In a report sent to the police, the prosecutor said that Broadel had stated that the amount he received from the consultant was Loans.

However, the prosecutor’s report asked why the relationship between the two was transferred through direct consultants and why the relationship between the two was not announced in the ITA.

Broadel resigned from Ita to take a job in Santandar in July and Brazilian Bank kept him on the garden vacation. Itw dismissed him after the civic case later revealed the allegations against him.

Santander’s board of directors agreed to appoint Broadel’s Group Chief Accounting Officer last June, before the allegations were made.

Broadel’s spokesman said: “The consultant mentioned by Ita Unibanco has already been providing bank services for decades, long before he was invited to join Broadel. [Itaú’s] The services mentioned by the board were known to the Ita Unibanko and were required by different regions of the bank.

“It is deeply surprising that Broadeld should raise doubts about Ita Unibanko’s alleged misconduct only after the bank resigned from its position to take a global position among one of its main contestants. Alexandro Broadel will take appropriate legal action in this case. “

A person close to Santander describes the police investigation as “a criminal case can be lit.”

It refused to comment.