Itaú Unibanco Investigates Former CFO for Ethical Violations, 40 Reports Commissioned, 20 Delivered, and 37% Misappropriated

Itaú Unibanco has confirmed an ongoing investigation into its former Chief Financial Officer (CFO) for alleged ethical violations. The bank stated that of the 40 reports commissioned by the ex-CFO, only 20 were delivered. The investigation follows a request from the Comissão de Valores Mobiliários (CVM), Brazil's securities regulator. Itaú has accused the ex-CFO of utilizing financial engineering to misappropriate funds, reportedly receiving an average of 37% of amounts intended solely for suppliers. The bank has also presented a detailed report of the alleged misconduct to the CVM. Additionally, Itaú recently dismissed its marketing director amid these developments, alleging that the ex-CFO had contracted services from a business partner.