The chief executive of BTG Pactual has been fined for insider trading by Italian regulators in a move that has forced the rapidly growing Brazilian investment bank to amend the prospectus for its high-profile listing next week.
Consob, the Italian financial watchdog, imposed a €350,000 fine and a six-month ban from senior positions at Italian companies on André Esteves for a purchase of shares worth €3.4m in beef producer Cremonini five years ago.
The news marked a blow for the Rio de Janeiro-based bank just as it is gearing up for a public offering that values it at up to $15bn, making it the first significant IPO in Brazil in more than nine months.
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